The latest Robert Walters Global Jobs Index has recorded job creation for white-collar roles decreased by -8 per cent 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 per cent across the globe in November (vs October). Most notable declines were across New York (-16.31 per cent), Singapore (-15.90 per cent) and London (-15.53 per cent).
However when comparing job growth year-to-date, there has been a +17.13 per cent increase in new roles across the globe in financial services – vs the same period last year.
“November was a significant month for a number of reasons – not least because of the anticipated impact the US election verdict could have on companies worldwide,” said Toby Fowlston – CEO of Robert Walter. “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,” he added.
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 per cent), vs the previous month. Tech, media & telecoms (TMT) reported a muted increase of +1.17 per cent. 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 per cent) and UK (-6.84 per cent).
Within professional services, the jobs most in demand globally in November were for procurement/supply chain (+19.61 per cent), technology (+18.71 per cent), consultant (+9.95 per cent), accountant (+9.75 per cent), and legal (+8.44 per cent).
“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,” said Fowlston. “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.“
The technology sector overtook financial services as the primary driver of new job creation – 37 per cent of all professional jobs in November came from the tech sector, vs 33 per cent coming from financial services. 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 per cent drop in professional jobs globally across the sector in November, vs previous month. The US reported the biggest drop in November (-32.39 per cent), as well as Germany (-26 per cent) and Mexico (-13.33 per cent).
“Economic uncertainty and inflation has played its part in denting consumer spending,” said Fowlston, “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,” he concludes.
