Global employment seen to rise in Q1 2023, says Teamlease
BANGALORE, INDIA — The global employment outlook for the first quarter of 2023 is projected to be on an upward trajectory, according to staffing solutions firm TeamLease Services.
In its latest report, Teamlease said that the Asia Pacific (APAC) region has a positive employment outlook for Q1 2023, up five per cent quarter-on-quarter.
Specifically, China’s private consumption-led economic recovery, Japan’s 1.2% GDP (gross domestic product) growth, and India’s 6.2% 2023 GDP forecast fuel the region’s intention employment outlook in the next months.
Meanwhile, the intention to hire in the Americas increased by three per cent as the U.S. labor market remained stable even in the presence of economic stress. Jobs and wages also continue to grow despite a slight increase in unemployment in Q3.
Market confidence in the Middle East meant consistent hiring activity — up three per cent — and economic growth. Add to this strong FDI (foreign direct investment) inflows, an increasing presence of global businesses, and the job market in the region is set to see healthy growth.
However, both Europe and Africa showed a low intent to hire in the forecast period — down 3% and 2%, respectively — due to the ongoing energy crisis, tightening monetary policy, global slowdown, and financial downturn.
In terms of industries, e-Commerce and allied start-ups have the highest intent to hire in Q1 with 98%, followed by the IT and telecommunications sectors with 94%.
Meanwhile, IT (93%) and sales (91%) roles continue to be the highest in demand, followed by the demand for engineering roles (80%).
