Why is the demand for recruitment in some industries decreasing?

Recently, Navigos Group has recorded some fluctuations in the labor market compared to the same period when the Covid-19 pandemic was stable through a report and analysis of the recruitment situation in Vietnam in the first 4 months of 2023. This report is compiled based on the recruitment needs of businesses on the recruitment channels VietnamWorks and Navigos Search.

According to the report, recruitment demand of industries in the first 4 months of 2023 decreased by an average of 18% compared to the pre-pandemic period; and decreased by an average of 16% compared to the post-pandemic recovery period (2022).

Recruitment demand in the tourism , restaurant and hotel sectors decreased in the first 4 months of 2023

Tourism, restaurants, hotels have the deepest decline

Navigos Group experts said that tourism, restaurants, and hotels are considered to be the sectors deeply affected by the Covid-19 pandemic.

In the first 4 months of 2022, the demand for human resources in this field decreased by 55% compared to the pre-pandemic stabilization period. In the first 4 months of 2023, the decline rate was 43%, the highest in all fields.

The textile and footwear sector ranked second, with a 39% decline due to the impact of the global economic recession. High inflation in domestic and international consumer markets has impacted the purchasing power, orders and unit prices of businesses.

Construction and real estate decreased by 34%, according to a representative of Navigos Group, due to the impact of state policies when there was a tightening of credit and corporate bonds.

With information technology, recruitment demand in the first 4 months of this year decreased by 20% although this field is always considered a trend in Vietnam and the world . The reason is also considered to be due to the impact of the recession from the world economic fluctuations from 2022 to present.

Meanwhile, recruitment demand in the banking and financial services sector increased by 10% compared to the same period, which was stable before the Covid-19 pandemic. "This increase comes from the industry-wide trend of digital transformation, retail banking development, increased service income, ecosystem diversification, and the boom in investment trends on electronic channels. However, this growth is still low compared to early 2022. It is forecasted that this sector will still face many challenges in 2023," said a representative of Navigos Group.

Many businesses will cut more than 5% of their workforce from now until the end of 2023.

According to the survey report on business difficulties and economic prospects at the end of 2023 by the Private Economic Development Research Board, the wave of layoffs will likely continue in the last months of 2023 due to business difficulties. About 5,200 out of nearly 9,560 surveyed businesses said they would cut more than 5% of their workforce from now until the end of 2023.

Navigos Group predicts that until the world economy bottoms out and recovers, businesses will try to implement cost-cutting measures to preserve human resources or may tighten further if the situation gets worse. Thus, recruitment needs in the near future may not have any breakthroughs.

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