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The Indian <keyword id="21219153" type="General" weightage="20" keywordseo="employment-market" source="keywords">employment market</keyword> is projected to experience a 6.33% incremental expansion over the first half of FY 2024-25, according to a report by TeamLease. The report highlighted that 56% of employers expect their workforce to grow, 21% anticipate a decline, and 23% believe their workforce size will remain unchanged. The report provided a detailed analysis of the <keyword id="21680463" type="General" weightage="100" keywordseo="Indian-job-market" source="keywords">Indian job market</keyword> across 23 industries and 20 cities. It highlighted workforce expansion trends, emphasizing the impact of <keyword id="20509550" type="General" weightage="20" keywordseo="economic-conditions" source="keywords">economic conditions</keyword>, organizational dynamics, skill shortages, and <keyword id="20358462" type="General" weightage="20" keywordseo="technological-advancements" source="keywords">technological advancements</keyword> on hiring strategies. The growth in the employment market is attributed to the favourable economic conditions in the country, including a nearly 7% GDP growth forecast for 2024 by most global rating agencies, which would make India the fastest-growing G-20 nation. Strong investment demand, peaking headline inflation, and a greater emphasis on technology and skills by employers are also key factors. In terms of cities, Delhi, Bangalore, and Hyderabad emerged as the top cities with the highest proportion of employers expanding their workforce sizes. These cities attract businesses due to their established infrastructure, large talent pools, and economic vitality. The consistent preference for these major cities underscores their significance as job concentration hubs, despite the growing trend of expansion into new locations. These urban centres play a strategic role in driving employment growth and economic development in India. The report also noted that nearly two out of five organizations are focusing on bridging skill gaps, highlighting a shift towards a more adaptable and skilled workforce in preparation for technological advancements and new skills. The report said that Generative AI (<keyword id="19949719" type="General" weightage="20" keywordseo="GenAI" source="keywords">GenAI</keyword>) is particularly noteworthy, as it has the potential to transform key business processes, impacting workforce dynamics and reshaping talent management. In response, 35% of surveyed organizations reported significant changes in their talent acquisition strategies to integrate advanced AI technologies. On the unemployment front, the report stated out that a significant portion of the unemployed workforce, nearly 83%, consists of youth aged 15-29. Over the past two decades, there has been a significant increase in the educational attainment of these unemployed youths. The proportion of those with at least secondary education rose from 35.2% in 2000 to 65.7% in 2022, indicating a rising educational profile among the unemployed. However, the national <keyword id="20054242" type="General" weightage="20" keywordseo="unemployment-rate" source="keywords">unemployment rate</keyword> has progressively decreased, falling to 3.1% in 2023 from 3.6% in 2022 and 4.2%in 2021. The unemployment rate in urban areas also decreased from 7.2% to 6.5% for persons aged 15 years and above between October-December 2022 and October-December 2023. The <keyword id="19913761" type="General" weightage="20" keywordseo="gig-economy" source="keywords">gig economy</keyword> in India is experiencing rapid growth, with the number of gig workers projected to rise from 7.7 million in 2020 to 23.5 million by 2029-30, demonstrating a compound annual growth rate (CAGR) of almost 12%. The distribution of gig work across skill levels includes 47% in medium-skilled jobs, 22% in high-skilled jobs, and 31% in low-skilled jobs, highlighting the diverse opportunities within this sector. In the media &amp; entertainment industry, digital transformation and changing consumer preferences are driving 48% of employers towards <keyword id="22204807" type="General" weightage="20" keywordseo="workforce-growth" source="keywords">workforce growth</keyword> in the first half of FY 2024-25. However, the other half of the industry faces turbulence and uncertainty.

Maximum employers expect their workforce to grow in first half FY 2024-25, says Teamlease report

<ul class="summary-list"><li>Donald Trump has pledged to lead a mass deportation campaign once elected.</li><li>That would create a major labor crunch for homebuilders, driving wages and costs higher.</li></ul>Donald Trump's vow to crack down on immigration doesn't bode well for priced-out homebuyers.The Republican presidential candidate has promised to lead the largest deportation campaign in US history if reelected. By one estimate, that could involve deporting up to <a target="_blank" href="https://www.businessinsider.com/trump-deportation-immigration-plan-impact-recession-risk-inflation-stagflation-labor-2024-6">1.2 million</a> people, though as many <a target="_blank" href="https://www.piie.com/blogs/realtime-economics/2024/trump-vs-harris-immigration-future-policy-proposals#_ftn1">11 million undocumented residents</a> live in the country.While there's room to debate the plan's feasibility, what's certain is that a sudden drain of the immigrant workforce could significantly hinder construction in the US, igniting deeper unaffordability for home market buyers.<h3 id="a76ec574-ba23-4a94-92de-608c0047e53f">A critical homebuilder workforce</h3>"If we did see mass deportations, I do think it would have a chilling effect on the labor market," Jim Tobin, CEO of the National Association of Home Builders, told Business Insider.He said immigrants are a critical component of the industry, as they help relieve a serious shortage of skilled labor. Foreign-born construction workers, who make up as much as a third of the sector's labor force, are often concentrated in specific trades required to build a home, such as plasterers and drywall installers, the Home Builders Institute <a target="_blank" href="https://hbi.org/wp-content/uploads/2024/06/Spring-2024-CLMR-HBI-NAHB-FINAL.pdf">reported</a>."We consistently see government data showing that we are anywhere between 200,000 to 400,000 workers short in our industry and that lack of skilled labor slows down the pace of construction, drives up labor costs, and ultimately leads to higher home prices, and a slower pace of home building," Tobin said.A <a target="_blank" href="https://gwbushcenter.imgix.net/wp-content/uploads/Immigrants-and-Opp-3.pdf">2022 George W. Bush Institute</a> study found that US metros with the highest immigrant population growth scored the lowest construction costs.Without the supply of these workers, history suggests housing costs are likely to rise.According to a <a target="_blank" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4729511">research paper</a> released earlier this year, home prices were found to rise in counties impacted by an immigration crackdown that spanned from late 2008 to 2014. The US "Secure Communities" program led to the deportation of over 300,000 undocumented immigrants in that time period, it cited.Given the pace of homebuilding, price effects were muted for two years after enforcement began, the study said. However, three years later, the average new construction property became 17% more expensive among tracked counties compared to the baseline.That translates to a $57,300 jump compared to the average property price before the program's implementation."Three years after SC rollout, the average county has foregone the equivalent of an entire year's worth of additional residential construction: 2,423 fewer buildings are permitted, and 1,997 fewer newly constructed homes enter the market," the authors wrote.Considering how wide-sweeping the Trump campaign's deportation effort could be, experts told BI that homebuilders would likely resort to wage hikes to attract domestic workers. These could be significant, given that the construction industry would be competing against other immigrant-dependent sectors.According to Tobin, mass deportation would also require the industry to redouble its efforts in attracting new domestic interest in the trades. "Whether that's kids coming out of out of high school, or adults that are looking for a new career, transitioning military that are coming out of the service. We would have to look at previously incarcerated."<h3 id="2780f5cd-9b64-4a83-a2ce-4c3dee812acf">What about demand?</h3>Trump's campaign has implied that cracking down on immigration will help ease housing unaffordability by effectively removing one source of demand. It's a talking point recently made by Vice President candidate JD Vance, who blamed "<a target="_blank" href="https://www.cbsnews.com/news/jd-vance-debate-immigration-housing-prices-real-estate-federal-reserve/">millions of undocumented immigrants</a>" for adding pressure on a supply-constrained housing market.While research has suggested immigrant demand plays a role in influencing prices, economists generally doubt that this is a <a target="_blank" href="https://www.nytimes.com/2024/10/11/business/economy/trump-housing-crisis-deportations.html">major driver</a>. Rents and home prices started surging in 2020 and 2021, at a time when net immigration inflows were close to the two-decade average, as tracked by the <a target="_blank" href="https://www.cbo.gov/publication/60569#:~:text=Over%20the%202021%E2%80%932026%20period%2C%20the%20net%20immigration%20of%20people,net%20immigration%20of%20that%20population">Congressional Budget Office</a>.Meanwhile, Trump's platform is also pushing another policy initiative that's unlikely to help housing costs: tariffs. The candidate has pledged to raise duties on virtually all imports to the US, raising them as much as 60% on Chinese imports."If you're going to add tariffs onto building materials, that cost is just going to be passed along to the homeowner or the renter," Tobin said, citing that there's a lack of evidence that tariffs will meaningfully increase production in the US. He pointed to <a target="_blank" class="" href="https://www.nahb.org/blog/2024/08/canadian-lumber-tariffs">a 15% tariff on Canadian softwood lumber</a> that has failed to do this.

Trump's immigration crackdown could deplete the construction workforce and make housing more expensive     

Google's new report on <keyword id="19904566" type="General" weightage="20" keywordseo="artificial-intelligence" source="keywords">artificial intelligence</keyword> (AI) emphasizes responsible AI development and suggests recommendations for policymakers, companies, and civil society. The report titled "An AI Opportunity Agenda for India" outlines how artificial intelligence can drive <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>, social progress and global leadership for the nation. The report says India with its rapidly growing economy, outstanding tech talent, young demography and vibrant start-up ecosystem, is poised to reap the immense benefits of artificial intelligence. A comprehensive and responsible approach to AI can unlock significant economic growth and societal progress in India. "The potential economic impact of AI in India is substantial - reports estimate that at least INR 33.8 lakh crore of economic value from <keyword id="20037918" type="General" weightage="100" keywordseo="AI-adoption" source="keywords">AI adoption</keyword> can be achieved in India in 2030. While these achievements signify a promising beginning, unlocking the full potential of AI hinges on the strategic decisions we make today," says a Google's press release. The report suggests that to maximize the AI opportunity for India collaborative efforts are needed across government, industry, and civil society. They need to prioritise three key areas which include investments in infrastructure and innovation, building human capital and an AI-powered workforce and promoting wide adoption and universal accessibility. AI is already addressing some of the most pressing challenges like revolutionizing farming practices and improving <keyword id="20646060" type="General" weightage="20" keywordseo="healthcare-access" source="keywords">healthcare access</keyword>. The <keyword id="20214323" type="General" weightage="20" keywordseo="agriculture-sector" source="keywords">agriculture sector</keyword> is getting the benefits of AI through minimizing climate risks, optimizing productivity and sustainability, and providing access to real-time crop pricing information and early warning of potential crop threats. Many <keyword id="23569666" type="General" weightage="20" keywordseo="AI-powered-platforms" source="keywords">AI-powered platforms</keyword> are empowering farmers to boost crop yields and encourage sustainable practices. In the healthcare sector, AI is being used for better diagnosis, bigger access, and personalized care, especially for underserved communities. Google has partnered with <keyword id="23569667" type="General" weightage="20" keywordseo="ARMMAN" source="keywords" meta.keywordsubtype="org" meta.entityname="ARMMAN" meta.hostid="261" meta.entityid="ARMMAN">ARMMAN</keyword> to use AI to identify women at risk of dropping out of their health information program, allowing for personalized interventions to improve maternal health outcomes. ARMAAN seeks to address the pervasive systemic problems underlying maternal and child mortality and morbidity in India.

AI adoption can unleash Rs 33.8 lakh crore of economic benefit to India in 2030: Google Report

<ul class="summary-list"><li>Declining workforce participation among younger men could weigh on the US economy for years.</li><li>The trend could be a drag on economic growth, housing, and Social Security funds, experts say.</li></ul>America's job market is <a target="_blank" href="https://www.businessinsider.com/employment-young-men-labor-force-jobs-unemployment-insurance-hiring-2024-5#:~:text=America's%20young%20men%20aren't,was%20often%20closer%20to%2095%25.">mysteriously short of young men</a>.It's a trend experts say will drag on the economy and could take years to fix, mainly because men have already been dropping out of the workforce for decades.According to Carol Graham, a senior fellow of economic studies at the Brookings Institute, the labor force participation rate of prime working-age men has been <a target="_blank" href="https://www.businessinsider.com/us-men-working-less-recessions-employment-productivity-2024-4">declining over the last twenty years</a>. Today, 11% of men aged 25-54 <a target="_blank" href="https://www.businessinsider.com/young-men-working-less-no-college-degree-student-loan-debt-2024-5">don't have a job and aren't looking for one</a>, more than triple the percentage recorded in 1955, when just 3% were out of the workforce, according to data from the Bureau of Labor Statistics.That amounts to around 7.2 million prime working-age <a target="_blank" href="https://www.businessinsider.com/employment-young-men-labor-force-jobs-unemployment-insurance-hiring-2024-5">men who aren't working</a>. That's introduced a host of problems for the economy, leaving key industries understaffed, and adding to the strain on government services and social safety nets, Graham and other experts told Business Insider."Some of them drop out [of college] and are just sort of forlorn and have no purpose or meaning in life. They're not very likely to be married. They're very likely to be living in their parent's basement," Graham said. "They're lonely, they're isolated."The economic burden can also compound through generations, she added, given that men who have exited the workforce tend to be lower-income and are more likely to report <a target="_blank" href="https://www.businessinsider.com/disconnected-youth-a-tale-of-2-gen-zs-in-america-2024-4">mental and physical health problems</a>, which impact their children's ability to build wealth.Zack Mabel, a research professor at Georgetown University, theorizes that falling labor force participation among young men could impact the economy for at least several decades."At this point, it's a long trend over the course of multiple decades that does not appear to be improving, and could have real long-term consequences," he said.<h3 id="21b7ceb6-5c10-4411-8bf5-94b94fe51a82">Straining the economy</h3>The economy appears to already be feeling the <a target="_blank" href="https://www.businessinsider.com/young-men-work-less-financially-independent-salary-marriageability-2023-6">decline in male workforce participation</a>. Despite a small post-pandemic rebound, US GDP per employee fell 1% in 2022, the first decline seen since the <a target="_blank" href="https://data.worldbank.org/indicator/SL.GDP.PCAP.EM.KD?locations=US">World Bank</a> began recording productivity data over 30 years ago.The overall labor force participation rate, meanwhile, has slumped to 62%. Besides the years following the pandemic, US workforce participation rate hasn't been that low since the 70s, <a target="_blank" href="https://data.worldbank.org/indicator/SL.TLF.CACT.NE.ZS?locations=US">World Bank data</a> shows.The trend could weigh on key industries, like infrastructure and <a target="_blank" href="https://www.businessinsider.com/us-is-experiencing-factory-boom-but-finding-workers-is-difficult-2023-7">manufacturing</a>, where women are often less likely to seek work due to social stigma, Mabel said. That means it could be hard for those industries to find workers, which is a big problem considering the need for labor in growing areas like <a target="_blank" href="https://www.businessinsider.com/semiconductor-chips-jobs-hiring-arizona-tech-phoenix-tsmc-intel-china-2024-1">semiconductors</a>, he added."In a situation where you have millions of men … foregoing college, and as a result are less productive and less able to hold onto a stable job, yes, that certainly would raise concerns our national productivity would suffer as a result," Mabel said.And while the housing market may be booming now, it is also possible that men leaving the labor force will weigh on that market as well. Meredith Whitney, a longtime Wall Street forecaster, predicts home prices could drop as much as 30% over a period of years thanks to men working less, being less interested in starting families, and being more likely to live with their parents.Those trends all weigh on household formation, which is the most important factor in determining home prices over the long term, Whitney said.42% of men who have exited the workforce <a target="_blank" href="https://www.brookings.edu/wp-content/uploads/2017/08/es_81717who_is_out_of_the_labor_force_analysis.pdf">live with at least one parent</a>, a 2017 Brookings study found."This is such a seismic shift in the social structure," she told BI. "It's hard to say how long it lasts."Government benefits are also hugely taxed by men who are not in the workforce.Men who have dropped out of the workforce, for one, are significantly more likely to suffer from opioid addiction, Graham said. 44% of men who were out of the workforce said <a target="_blank" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6364990/">they needed to take pain medication</a> — more than double the portion recorded in employed men, where just 20% took pain meds, a separate Brookings study found.57% of men not looking for work said they had a physical, mental, or behavioral reason, according to a survey conducted by <a target="_blank" href="https://bipartisanpolicy.org/report/bpc-artemis-survey/">BPC-Artemis</a>.11% of men who have exited the labor force rely entirely on government welfare programs for income, according to Brookings data."They cost the health system. They go to the emergency room and they're sick, they're not going to be able to pay the bills," Graham said. "That's coming out of somewhere."The welfare burden is exacerbated by the fact that unemployed men aren't contributing to benefit programs such as through Social Security taxes."Potentially, more and more people would benefit and depend on resources that we don't actually have the means to provide ... And that then would really present itself as a huge societal conundrum," Mabel warned.There's no clear answer for how to get young men back into the workforce. The causes appear to be <a target="_blank" href="https://www.businessinsider.com/employment-young-men-labor-force-jobs-unemployment-insurance-hiring-2024-5#:~:text=And%2052%25%20of%20men%2016,enough%20to%20draw%20them%20in.">multifold</a> — disabilities, incarceration, and wages not being enticing enough, to name a few —but possible solutions could lie in helping train men for the jobs that are available, according to Graham, or finding ways to give young men role models, such as by hiring more male teachers, Mabel said."There's clearly an economic cost for more than one generation if the trends continue," Graham told BI. "There are lots of ways it costs society in addition to their individual human lives."

A shortage of young men in the workforce could weigh on housing, Social Security, and growth for years to come 

Small and medium enterprises (<keyword id="20086849" type="General" weightage="20" keywordseo="SMEs" source="keywords">SMEs</keyword>) are driving a major surge in <keyword id="21881529" type="General" weightage="100" keywordseo="job-applications" source="keywords">job applications</keyword> across key sectors, with more than 35 million job applications recorded in the first eight months of 2024, according to a report by jobs and professional networking platform apna.co. The growth is fueled by rising demand in sectors like BFSI (Banking, Financial Services, and Insurance), BPO (Business Process Outsourcing), and hospitality. The report highlights that the surge in job applications is largely for roles such as Sales &amp; Marketing Managers, Accounting Technicians, Telecallers, Back Office Executives, and Business Development Associates. These positions are critical for the expansion of businesses in these sectors, and the growing demand reflects a strong upward trend in hiring. "SMBs and MSMEs employ more than 110 million people, making them the backbone of our economy. Their success is crucial for our nation's journey towards achieving a USD 5 trillion economy," said Nirmit Parikh, Founder &amp; CEO of apna.co. Parikh emphasised that the demand for skilled workers in these sectors is expected to continue growing, creating vast opportunities for <keyword id="20019820" type="General" weightage="20" keywordseo="job-seekers" source="keywords">job seekers</keyword> across India. <h2>Major growth in Tier-2 and Tier-3 cities</h2>An interesting trend noted in the report is that over 55% of the total job applications for SMB roles came from tier-2 and tier-3 cities, including Jaipur, Indore, Ahmedabad, Lucknow, Kochi, and Bhubaneswar. As businesses expand into these cities, the talent pool is evolving to meet the growing demand, fostering a symbiotic relationship between employers and job seekers. Out of the 35 million job applications received, 14 million came from women, marking a 30% year-on-year increase in female participation. Women are increasingly taking on roles across diverse fields like finance, accounts, marketing, and graphic design, reflecting their rising involvement in the workforce. As SMEs and MSMEs continue to grow, the <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword> they generate are set to further contribute to India’s economic goals, fueling progress toward the USD 5 trillion economy target. (With inputs from PTI)

Small businesses generated 35 million job applications till Aug 2024, 14 million were from women: Report

<ul><li><keyword id="4550079" type="General" weightage="100" keywordseo="Genz" source="Orion">GenZ</keyword> employees are expected to dominate the workforce soon</li><li>Most employees say they want job satisfaction</li><li>Employees also value <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword></li></ul> Decades back, it was common for corporate employees to continue working at one place for their entire lives. Gradually, this started changing and people began switching jobs for <keyword id="19993653" type="General" weightage="20" keywordseo="career-growth" source="keywords">career growth</keyword>. Today, as GenZ is now a part of the workforce, the job-switch trend is commonplace. However, if you think that the younger generation is switching jobs just to get a better pay cheque, you might be wrong. According to a new survey, <keyword id="19919711" type="General" weightage="20" keywordseo="gen-z" source="keywords">Gen Z</keyword> employees feel job satisfaction is more important than a fat pay cheque. Moreover, for many Gen Z professionals, work-life balance has become the make-or-break factor. The report also shows that almost half of them—47%, to be exact—are considering leaving their current jobs within the next two years, searching for something more fulfilling. <h2>What does your GenZ employee want?</h2>The study, carried out by the talent platform Unstop, surveyed over 5,350 Gen Z workers alongside 500 HR professionals to get a better picture of what this generation wants from the workplace. The study revealed that Gen Zers know what they value most in their careers. <div type="Article" hostid="261" msid="113255941" title="SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?" mstype="2" mssubtype="0"></div> 77% of the respondents said that they would rather work for a company that offers growth and opportunities than settle for a higher salary. Almost half (43%) want jobs where they can get practical experience and develop new skills. And 72% say job satisfaction outweighs the need for bigger salaries. Work-life balance is another critical factor. Nearly half (47%) of young professionals say it’s something they carefully consider when looking at new opportunities. For them, an ideal workday involves completing their tasks efficiently, without feeling overloaded, and leaving enough time for personal growth. <h2>Recruiters misunderstanding GenZ priorities </h2> <a href="https://www.businessinsider.in/tech/news/ai-is-entering-classrooms-in-italy-new-learning-tools-to-be-tested-in-15-classrooms-across-four-regions/articleshow/113364057.cms" data-type="tilCustomLink" target="_blank">The study</a> also found out that HR teams often misunderstand these priorities. While 78% of Gen Z workers are switching jobs to boost their career growth, 71% of HR professionals assume it's mostly about higher pay. In reality, only 25% of Gen Zers see salary as the top motivator when changing jobs. The survey also uncovered another key ambition for Gen Z: a clear career path with opportunities for advancement. While many recruiters (44%) believe that company culture is more important to Gen Z than career progression, the truth is that this generation seeks a mix of both—a positive work culture, but also a chance to climb the ladder. Unstop’s report dives into more than just job-hopping. It touches on concerns about entering the job market, mental health expectations, and the distinct working styles of Gen Z, which move away from the "one-size-fits-all" approach of older generations. <div type="Article" hostid="261" msid="113284215" title="Was willing to focus my life on software: Bill Gates on when he dropped out of college" mstype="2" mssubtype="0"></div> "For the youngest generation in the workforce, work isn't just a place you go to every day to get your account credited regularly. It has to fit into several key aspects of your life seamlessly," Ankit Aggarwal, Founder and CEO of Unstop, said as per a PTI report. He added, "They (Gen Z) are reminding us that work should be a part of life, and not the other way around... It's a call to action for employers and recruiters. Those employers who adapt to these fast-changing expectations will be preferred by the new generation of employees." <h2>GenZ growing at the workplace</h2>Gen Z is also on the cusp of becoming a dominant force in the global workforce. By 2025, they’re expected to make up 27% of workers worldwide, according to the World Economic Forum. Adobe predicts this number will grow to 30% by 2030. In fact, Gen Z is projected to outnumber Baby Boomers in the workplace as early as this year (2024). A Glassdoor report recently said that by the end of this year, Gen Z workers will surpass Baby Boomers in numbers within the U.S. workforce.

Majority Gen Z employees feel job satisfaction is more important than salary, say work-life balance is crucial

<ul class="summary-list"><li>Deloitte and EY are trimming employee numbers as the consulting sector faces a slowdown in demand.</li><li>EY's latest financial report showed performance and hiring fell to their lowest levels in 14 years.</li></ul>Deloitte and EY have trimmed staff as demand for professional services provided by the two Big Four firms declines.In the UK, 250 employees working on advisory services have been fired from Deloitte in recent weeks, <a target="_blank" class="" href="https://www.ft.com/content/c6c83d6d-505d-4d41-87c7-b41ff21acf84?accessToken=zwAGJTUewe1AkdPGyD1tUF1NQdOHx7Qf8hrPhA.MEUCIGd8bE8IuIvMTake0_-aZzM_Mv-Cfutx9xqi5I9luWaUAiEAkzeuXXlkfmq9JMk3JCAM4Pg7a7sh0m0toIpNriMtp5s&amp;sharetype=gift&amp;token=136ca422-d562-4f29-9b6c-1e3b0d9c4520">The Financial Times</a> reported.A source with knowledge of the matter told Business Insider that about 1% of the UK workforce had left the company as part of internal "performance management processes."It was the third time in 13 months that the Big Four firm had laid off workers, the FT reported. Deloitte declined to comment on the latest layoffs.Deloitte is the world's largest professional services firm in the world by revenue and employees. Its most recent financial report, published in September, revealed that hiring and earnings have slowed in the last year.Deloitte's global workforce expanded to 460,000 in the 2024 financial year, an increase of 3,000. Tens of thousands of new hires were made in the previous two years.Global revenue was up 3.1% to $67.2 billion. In the 2023 fiscal year, the firm reported a 14.9% increase.Consulting revenues contracted significantly, with year-on-year growth falling from 19.1% in the 2023 fiscal year to 1.9% in 2024.Big Four counterpart EY has been headed in a similar direction, its <a target="_blank" class="" href="https://www.ey.com/content/dam/ey-unified-site/ey-com/en-gl/campaigns/value-realized/documents/ey-gl-value-realized-report-latest-10-2024.pdf">annual report</a> published Thursday showed. It showed employee numbers fell by 2,450 in the year to June 30 — the first decrease in 14 years.Revenue was up 3.9% on the previous year to $51.2 billion. This amounted to the firm's poorest performance since 2010.<div type="image" title="Brit weather" height="4000" width="6000" msid="114554164" hostid="261" sizebytes="650946"></div>Major consulting firms are experiencing a <a target="_blank" class="" href="https://www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3">slowdown in demand</a> for advisory services. Professional services firm Accenture cut its revenue forecast for 2024 from between 2% and 5% to between 1% and 3%. The firm cited the "uncertain macro environment" for its reduced expectations and said that clients continue to cut back.The trend has hit particularly hard given many of the firms went on a hiring spree during the pandemic as businesses looked for advisory support to handle to the impacts of the pandemic. In the 2023 fiscal year, Deloitte expanded its UK team alone by 7,000 employees.Aside from workforce reductions, consulting firms are also introducing new policies as they face up to an industry slowdown.PwC has <a target="_blank" class="" href="https://www.businessinsider.com/pwc-reduces-half-day-friday-benefit-for-uk-staff-2024-7">ended</a> its "Summer Fridays" perk that allowed UK staff to take Friday afternoons off for three months of the year. They were only permitted to do so for two months in 2023 and six weeks in 2024.In March, Deloitte launched "the biggest overhaul of its global operations in a decade," the FT reported. The overhaul will take a year to implement and will see the business cut itself down from five to four divisions in an effort to slash costs.For the second year running, EY has <a target="_blank" class="" href="https://www.businessinsider.com/ey-graduate-hires-start-dates-delayed-slowdown-strategy-consulting-2024-10">delayed start dates </a>for some new hires. The firm has also reduced the number of internships available next summer and cut pay by roughly 2% for some of its US partners.<h2 id="5e979be9-8ab7-4413-ac9d-f18c1186eab5">The worst may be over</h2>The firm told Business Insider that the decision to delay was made to help ensure new joiners would have "the quality and breadth of assignments to ensure a successful start and strong professional trajectory."The worst of the slowdown in the sector is likely already over, said James Callander, managing director of Freshminds, a UK-based consulting recruitment firm.Callander said the policies and workforce reductions that have been implemented will balance the amount of talent with the amount of work. He added that there's often a lag between the data on workforce numbers and the reality of the business.Callander was optimistic that the market would pick up by 2025: "Companies and businesses going through change and growth will always require professional advice."Do you work at Deloitte or another Big Four firm? Contact this reporter in confidence at <a target="_blank" href="mailto:pthompson@businessinsider.com">pthompson@businessinsider.com</a>

Deloitte and EY trim staff amid slowing demand following years of rapid growth for Big Four firms

One of the fundamental focuses of this <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> was to boost skill development, job creation, and <keyword id="19898684" type="General" weightage="100" keywordseo="employment" source="keywords">employment</keyword>, with youth being one of its four cornerstones, in addition to women, the poor, and farmers. And to this front, the FM announced major changes, particularly to benefit first-timers or new additions to the workforce. New entrants across all formal sectors will be eligible for receiving one month worth of wages in three instalments, with a ceiling of Rs 15,000. This is expected to benefit 210 lakh young people who have a maximum annual salary is Rs 1,00,000. <h2>New in the workforce? You'll be paid</h2>Both employers and employees will be incentivised by means of <keyword id="20587419" type="General" weightage="20" keywordseo="EPFO-contributions" source="keywords">EPFO contributions</keyword> for the first 4 years of employment. What makes this scheme particularly lucrative for employees is that the government will reimburse EPFO contributions, Rs 3,000 per month, per additional employee, to the employer. For this purpose, all additional employees who have a maximum salary of Rs 1 lakh will be considered. In order to promote upskilling, the budget also promised loans of up to Rs 7.5 lakh, which will be backed by government' guarantee. It is estimated that this will benefit 25,000 students every year. Youngsters will also be able to get loans of up to Rs 10 lakh for pursuing higher education in domestic educational institutions. Apart from this, around 1,000 industrial training institutes will be upgraded, in order to train 20 lakh youth over the next 5 years. E-vouchers will be provided to 1 lakh students every year for interest subvention (bringing down the total interest cost) of up to 3% of the total loan amount. Says Krishnendu Chatterjee, VP and Business Head at TeamLease Services, "The government's commitment to employment and employability is clear with its Rs 1.48 lakh crore provision. This initiative, based on EPFO enrollment, focuses on recognizing first-time employees and includes direct benefit transfers of the first month's salary in three installments for salaries up to Rs 1 lakh". "Special emphasis is placed on the industrial and manufacturing sectors. Additionally, employers will receive incentives for job creation, with the government reimbursing up to Rs 3,000 per month for two years towards EPFO contributions for each new employee", he continued. <h2>Internship in top companies </h2>The budget also laid out a comprehensive scheme for assisting 1 crore young people to secure a 12-month internship in one of the top 500 companies of the country, over the next 5 years. For this, a monthly allowance of Rs 5,000 and a one-time help of Rs 6,000 will be provided. All training costs, along with 10% of the internship costs will be borne by the CSR funds of respective companies. Sunil Deshmukh, Chair of Global Board of Directors, Institute of Management Accountants noted that " with a Rs 2 lakh crore package for employment and skilling and Rs 1.48 lakh crores allocated to education, employment, and skill development, the budget comprehensively addresses job creation and skill enhancement. First-time workforce entrants will receive a direct transfer of up to ₹15,000, enhancing employability and stimulating economic growth. Overall, these measures demonstrate a strong commitment to economic reform and growth, creating a favorable tax environment that supports <keyword id="94495" type="General" weightage="20" keywordseo="Innovation" source="Orion">innovation</keyword>, investment, and long-term development.'

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