Global Hiring Outlook for Fourth Quarter of 2024 Remains Steady Despite Weaker Quarter Ahead: ManpowerGroup Survey
By Divya Chowdhury
ManpowerGroup's Employment Outlook Survey reveals that companies' global hiring intentions are expected to hold steady in the fourth quarter of 2024, with a slightly higher outlook of 25% compared to the previous quarter. However, year-on-year, the net employment outlook (NEO) metric fell by 5%.
Employers across 42 countries were surveyed, with more than 40% expecting an increase in hiring plans and 16% anticipating a reduction. The IT and real estate sectors reported the strongest hiring intentions, while North American employers remained the most optimistic.
According to Jonas Prising, CEO of ManpowerGroup, the global labour market is stable with low unemployment rates in many countries. Employers in India, Costa Rica, and the United States reported the strongest hiring plans, while Argentina and Israel had the weakest outlooks.
Overall, the IT sector continues to drive demand for tech talent, especially in the field of artificial intelligence (AI). Employers are focused on retaining and attracting workers with specialized and flexible skills.
In terms of regional outlooks, North American employers are the most optimistic, followed by managers in the Asia-Pacific region. Hiring expectations in Europe, the Middle East, and Africa remain at the lowest level.
Employers are prioritizing work-life balance and increasing worker retention, especially in the Asia-Pacific region. However, employers still hold the power when it comes to negotiating pay, working location, and flexible hours.
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Analysis: The global hiring outlook for the fourth quarter of 2024 shows a steady trend with a slight increase compared to the previous quarter. The IT and real estate sectors are leading in hiring intentions, while North American employers are the most optimistic. Companies are focusing on retaining and attracting workers with specialized skills, and employers continue to have leverage in negotiating pay and work conditions. Understanding these trends can help individuals make informed decisions about their careers and financial future.