Professional jobs in retail, consumer goods & services dropped by -27% - as economic uncertainty, inflation, and automation all take their toll on the sector.
New job creation for white-collar roles decreased by -8% globally in November, vs the previous month (October 2024).
The decline was heavily influenced by a drop in hiring activity in financial services – with jobs falling by -11.69% across the globe in November (vs October). Most notable declines were across New York (-16.31%), Singapore (-15.90%) and London (-15.53%).
However when comparing job growth year-to-date, there has been a +17.13% increase in new roles across the globe in financial services – vs the same period last year.
The findings come from the latest Robert Walters Global Jobs Index – published today, Tuesday 17 December, in conjunction with Vacancysoft – the only index of its kind to track job flow for professionals across the globe by looking at external job adverts posted online in real time.
Toby Fowlston – CEO of global talent solutions business Robert Walters, comments:
November was a significant month for a number of reasons—not least because of the anticipated impact the U.S. election verdict could have on companies worldwide. From trade agreements to regulatory changes, businesses are navigating an uncertain landscape.
“However, the financial services sector’s year-to-date performance demonstrates its resilience and the fertile ground created by economic recovery, technological advancements, and global market opportunities.”
Professional services bucks the trend
Out of the nine industries tracked by the Robert Walters Global Jobs Index, the professional services sector was one of the only to report an increase in job roles in November (+7.20%), vs the previous month. Tech, media & telecoms (TMT) reported a muted increase of +1.17%.
In fact, only two countries out of the top 10 for job volumes within the professional services sector reported a decrease in jobs in November compared to the previous month; India (-8.97%) and UK (-6.84%).
Within professional services, the jobs most in demand globally in November were for procurement/supply chain (+19.61%), technology (+18.71%), consultant (+9.95%), accountant (+9.75%), and legal (+8.44%).
Toby comments: “Lessons from the pandemic have driven professional services firms to adopt agile business models – which has allowed them to respond quickly to market changes, ensuring continued job creation even during economic uncertainties.
“The ongoing recovery from global economic activities, coupled with an increase in cross-border transactions, regulatory changes and sustainability and social responsibility mandates, has fuelled the professional services industry's growth as businesses navigate complex compliance and strategy needs.“
Tech turning a corner
The technology sector overtook financial services as the primary driver of new job creation - 37% of all professional jobs in November came from the tech sector, vs 33% coming from financial services.
Whilst the US dominates in this field - 40% of all vacancies from tech, media & telecoms within the Index are in America - the drop off in November has been notable, with vacancies falling by -15.9%.
In contrast, there has been a significant uplift in India, with vacancies now hitting record levels (over 6k jobs posted) - which is +30% higher than October.
Retail slumps in lead up to ‘busy season’
Retail and consumer goods and services dropped to the lowest level in the second half of 2024 - as the holiday season related recruitment surge showed signs of subsiding.
The Robert Walters Global Jobs Index illustrates a marked -27% drop in professional jobs globally across the sector in November, vs previous month
The US reported the biggest drop in November (-32.39%), as well as Germany (-26%) and Mexico (-13.33%).
Toby adds: “Economic uncertainty and inflation has played its part in denting consumer spending. However other facts such as automation and technological advancements, workforce restructuring to focus on efficiency and leaner operations, and money invested into more sustainable practices rather than workforce size – has all had an impact on the number of job roles advertised in the sector.
“One thing we are seeing is a shift towards hiring for specific roles that require advanced skills, such as digital marketing or data science – which often translates to fewer overall hires as companies focus on filling niche positions.”
India (+65%), China (+47.62%), and Israel (+42.11%) bucked global trends in retail job growth – with an indication of overseas products or international e-commerce platforms growing in prominence.
US election temporarily dents appetite to hire
Professional job growth was down by -17.6% in November in the US, vs -8% globally.
Within financial services specifically, the US is the leading country in the Robert Walters Global Jobs Index for job volume, but posted a -14.4% decline in November compared to October.
The Index tracks job growth for professional roles across the nine major industries – seven of which reported a decline in new job vacancies in the US in November (when compared to October).
In the US, job growth for white collar roles was only present in the building materials (+11.11%) and the professional services sector (+13.73%).
Whilst the US dominates tech, media & telecoms for job creation - 40% of all TMT vacancies in the Robert Walters Index are in the US - the drop off in November has been significant, with vacancies falling by -15.9%.
In contrast, there has been a significant uplift in India, with vacancies now hitting record levels (over 6k posted in November) - which is 30% higher than the previous month.
For Media Enquiries:
Rum Gill
PR Manager
E: ruman.gill@robertwalters.com
T: 020 7509 8178
M: 07827 251 971
