Global Employer Hiring Outlooks Hold Steady for Q4
- Globally, employers expect modest hiring to continue for Q4 with hiring relatively flat year-over-year.
- The survey found the IT sector has the brightest Outlook globally, followed by Financials & Real Estate, Communication Services, Health Care & Life Sciences, and Energy & Utilities industries.
- Employers cited professional development (training, upskilling, reskilling), clear goals and objectives, and positive work culture (including performance recognition) as the important drivers of increased workforce productivity.
"The data for Q4 reveals employers continue to plan measured hiring despite economic uncertainties," said
Used internationally as a bellwether of economic and labor market trends, the NEO is calculated by subtracting the percentage of employers who anticipate reductions in staffing levels from those who plan to hire.
KEY FINDINGS FROM THE Q4 SURVEY
- Employers across all 41 countries report net positive hiring intentions with Outlooks ranging from +11% to 41% for the fourth quarter.
- Overall, the strongest hiring intentions were found in
Costa Rica (+41%),Brazil (+38%), andSwitzerland (+38%); with employers inArgentina (+11%), theCzech Republic (+11%), andJapan (+11%) reporting the least optimistic Outlooks. - Businesses in the IT industry continue to report the brightest Outlook (39%), followed by Financials & Real Estate (33%), Communication Services (31%), Health Care & Life Sciences (31%), and Energy & Utilities (31%).
- When asked to rank the top drivers of workforce productivity, employers point to: professional development through training, upskilling, and reskilling (40%), establishing clear goals and objectives for staff (37%), and cultivating a positive work culture that includes performance recognition (36%). The lowest factors identified: leveraging new, AI-enabled tools (18%), in-person collaboration (19%), growing adoption of existing tech (20%).
- In evaluating candidates beyond their technical skills, employers ranked: communication, collaboration and teamwork (39%); accountability and reliability (33%); reasoning and problem-solving (29%); active learning and curiosity (23%); and resilience, stress tolerance, and adaptability (23%) as key soft skills.
- To overcome talent shortages, employers report being more willing to hire applicants who are older and seeking employment changes (34%), have been unemployed due to caretaking responsibilities (27%), have non-linear career paths (27%), and/or have been long-term unemployed (26%).
GLOBAL HIRING PLANS BY REGION
- Employers in the
U.S. (+36% NEO; +1% Quarter-over-Quarter, +3% Year-over-Year) andPuerto Rico (+36% NEO; +1% QoQ; +4% YoY) reported increases in their Outlooks compared to last quarter and the same time last year. - Employers in
Canada (+27%) reported decreased Outlooks both QoQ (-3%) and YoY (-4%). - The
U.S. reports the strongest Outlook globally for the Financials & Real Estate industry (51%).
India (+37% NEO; +1% QoQ; -17% YoY) andSingapore (+36% NEO; +2% QoQ; +0% YoY) reported the strongest Outlooks.- The most cautious Outlooks were reported in
Japan (+11% NEO; -2% QoQ; +1% YoY).
Central and
- Hiring managers in
Costa Rica again report strongest intentions (+41% NEO; -2% QoQ; -10% YoY), followed byBrazil (+38% NEO; +5% QoQ; -9% YoY), andGuatemala (+36% NEO; +1 QoQ; -2% YoY). - The lowest confidence is seen by employers in
Argentina (+11% NEO; +6% QoQ; +10% YoY). - This region has the strongest hiring intentions globally for the following sectors:
-
- Health Care & Life Sciences:
Costa Rica (68%) - Energy & Utilities:
Puerto Rico (63%) - Information Technology:
Puerto Rico (57%) - Consumer Goods & Services:
Guatemala (48%)
- Health Care & Life Sciences:
- The strongest Outlooks were found in
Switzerland (+38% NEO; +11% QoQ; +18% YoY),The Netherlands (+35% NEO; -4% QoQ; +7% YoY),Portugal (+35% NEO; +8% QoQ; +8% YoY), andSouth Africa (+35% NEO; +1% QoQ; +5% YoY). - The weakest Outlooks are in the
Czech Republic (+11% NEO; -5% QoQ; -1% YoY),Hungary (+13% NEO; +1% QoQ; +18% YoY), andSlovakia (+15% NEO; +5% QoQ; +7% YoY). - The strongest hiring intentions globally for the following sectors are found in this region:
-
- Communication Services:
Switzerland (66%) - Industrials & Materials:
The Netherlands (45%) - Transport, Logistics, and Automotive:
Switzerland (62%)
- Communication Services:
To view the complete results for the fourth quarter 2023
ABOUT THE SURVEY
SURVEY METHODOLOGY
The methodology used to collect the data for the Employment Outlook has been digitized in 41 markets for the Q4 2023 report. Survey responses were collected in
ABOUT
ManpowerGroup® (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing, and managing the talent that enables them to win. We develop innovative solutions for hundreds of thousands of organizations every year, providing them with skilled talent while finding meaningful, sustainable employment for millions of people across a wide range of industries and skills. Our expert family of brands – Manpower, Experis, and Talent Solutions – creates substantially more value for candidates and clients across more than 70 countries and territories and has done so for 75 years. We are recognized consistently for our diversity – as a best place to work for Women, Inclusion, Equality, and Disability, and in 2023
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FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements, including statements regarding labor demand in certain regions, countries and industries and economic uncertainty. Actual events or results may differ materially from those contained in the forward-looking statements due to risks, uncertainties and assumptions. These factors include those found in the Company's reports filed with the SEC, including the information under the heading "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2022, which information is incorporated herein by reference.
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SOURCE
John Julitz, +1 (414) 502-9314, [email protected]