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Global Hiring Activity - Trends & Signals Q1 2023

Q1 2023 Global Hiring Report shows a continuous decline in job postings, coupled with over 500 companies announcing layoffs globally
Active jobs declined 27.8% in Q1 2023, with new job postings declining by 19.1%, whereas Job closures compared to new postings saw an increase of 36.3% during the quarter
The US witnessed a sequential decline of 28.6% in Q1 2023 and other major countries such as the UK and India also saw a decline in active jobs during the quarter

Overview of the various trends and signals in Q1 2023:

Sectors such as Retailing, Healthcare, and Technology continued to hire actively although active jobs declined by around 30% sequentially in Q1 2023. Travel & Tourism, Foodservice, and Business and Consumer Services were among the key industries with higher job postings. Active jobs saw a significant decrease of 27.8%, with new job postings declining by 19.1%. Job Closures compared to new postings saw an increase of 36.3% during the quarter.

Key themes driving hiring trends were Cloud, Artificial Intelligence, and Big Data. Digitalization, Ecommerce, and Renewable Energy were among the top themes with higher job postings. Company newly created initiatives examples such as Autodesk Inc – Design & Manufacturing Industry Cloud and The U.S. Pharmacopeial Convention (USP) – Materials Strategy including RACI charts. Some of the new roles include ‘CMC Clinical Portfolio Operations (CPO)’ by Moderna and Exelixis Inc's ‘Strategic Sourcing & Procurement (SS&P)’.

In terms of skills, there was ongoing demand for proficiency in Office Productivity Applications and Application Lifecycle Management. There was an increased demand for Enterprise Social Networking and Collaboration Platforms with new job postings increasing by around 66% YoY in Q1 2023.