• Active jobs decline 3% as closures rose 12% QoQ in Q3 2022
• Technology and banking and payments industries posted most jobs
• Future of work and ESG themes had more job postings as well as closures.
• Over 300 firms, including Wipro, HCL and Goldman Sachs announced layoffs

The global job market continued to decline in Q3 2022, as companies that benefited and hence over hired during the COVID-19 pandemic boom carried on with mass layoffs during the quarter. While active jobs declined by 3%, job closures rose 12% compared to the previous quarter with future of work and ESG themes trending , finds the Job Analytics Database of GlobalData, a leading data and analytics company.

GlobalData’s latest report, “Global Hiring Activity – Trends & Signals Q3 2022,” reveals that North American companies increased job postings within the region from 90.6% in Q2 2022 to 91.8% in Q3 2022. Similarly, Asia-Pacific (APAC) companies increased job postings within the region from 69.3% in Q2 2022 to 76.2% in Q3 2022.

Technology and banking and payments industries posted the highest number of jobs while the automotive industry had the highest sequential growth.

Sherla Sriprada, Business Fundamentals Analyst at GlobalData, comments: “Global hiring trend suggests that now companies are focused on hiring talent domestically as part of restructuring plans and layoffs. For instance, Meta announced a hiring freeze and the restructuring of some teams to reduce expenses and realign objectives while Goldman Sachs laid off 25 investment bankers in Asia. Wipro also laid off 300 staff members found to be moonlighting for competitors.”

Technology, foodservice, travel & tourism, construction, and banking and payments posted and closed more jobs than other industries. Charter and TCS were among the top recruiters in terms of change in job postings and closures in Q3 2022 as compared to the previous quarter. Foodservices firms Omni Hotels and SSP Group were among the top recruiters during the same period.

Sriprada concludes: “In terms of themes, ‘Future of Work’ and ‘ESG’ had high number of postings and closures in Q3 2022 over Q2 2022. Companies continued to focus on ESG initiatives and digital transformation. For example, JPMorgan’s Digital, Data and Product (DDP) organization is a new team focused on the delivery of digital and data-driven products to commercial banking customers and employees through ‘Commercial Banking – Digital, Data and Product: Finance Transformation VP’ role.”