First ManpowerGroup Employment Outlook Survey
for 2024 finds Net Employment Outlooks improve in 27 countries,
weaken in 12, and remain unchanged in two when compared to the same
time last year.
- Globally, employers expect continued, yet moderating hiring in
Q1 2024 with a Net Employment Outlook of 26%, up +3%
year-over-year, but down -4% from last quarter
- 75% of employers say they are struggling to find the talent
they need, on par with 2022 levels, driving employers to offer
solutions such as flexibility, increased wages, while looking at
new talent pools
- Employers in the IT sector have the most optimistic hiring
outlook, followed by the Financials & Real Estate sector,
Communication Services, and Health Care & Life Sciences
MILWAUKEE, Dec. 12,
2023 /PRNewswire/ -- Employers anticipate measured
hiring in the first quarter of 2024, while persistent talent
shortages continue to impede hiring efforts, according to the
latest ManpowerGroup (NYSE: MAN) Employment Outlook Survey.
The research is based on data collected from more than 40,000
employers in 41 countries between October 1
to October 31, 2023. The Net Employment Outlook (NEO)
for Q1 is 26%, up +3% year-over-year, but down -4% from last
quarter.
"The latest survey reveals that while employer hiring confidence
has moderated slightly amid global economic concerns, labor markets
remain tight and demand for skilled talent is still strong across
multiple sectors," said ManpowerGroup Chairman and CEO,
Jonas Prising. "As companies
continue to transform their business models, many are holding onto
the talent they have, and struggling to find the new talent they
need. This data suggests organizations are committed to offering
flexible work options, recognizing that this can give them a
competitive edge for attracting and retaining workers. As AI
adoption gains traction, employers are turning to upskilling their
workforce to maximize potential productivity gains."
Used internationally as a bellwether of 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.
EMPLOYMENT OUTLOOK SURVEY KEY FINDINGS
- While global Outlooks have weakened by -4% since Q4 2023, they
have increased by +3% compared to Q1 2023
- The strongest hiring is anticipated in North America (34%), followed by Asia Pacific (30%), South and Central Americas
(28%), and Europe, Middle East, and Africa (23%)
- By country, the strongest hiring plans are reported in
India (37%), the Netherlands (37%), and Costa Rica (35%), and the U.S. (35%), while
the weakest outlooks are in Hungary (10%), Japan (10%), Czech
Republic (8%), and Argentina (2%)
- Employers in Hungary (+20%),
Poland (+18%), and the Netherlands (+17%) reported the largest
year-over-year increases in hiring outlook, while Argentina (-10%), Peru (-10%), Israel (-11%), and Panama (-18%) saw the steepest declines
- The IT industry had the brightest global hiring outlook at 36%,
followed by Financials & Real Estate at 34%, Communication
Services at 31%, Health Care & Life Sciences and Industrials
& Materials both at 28%
TALENT SHORTAGE SURVEY KEY FINDINGS
- 75% of employers report difficulty finding skilled talent,
matching 2022's levels, and decreasing 2% from 2023's survey
- To find, attract, and recruit talent, employers are offering
more work flexibility (65%), raising wages (30%), and looking at
new talent pools (28%)
- The top five most in-demand skills are IT & data,
engineering, sales & marketing, operations & logistics, and
manufacturing & production
- When asked about Artificial Intelligence (AI), employers cite
training staff, finding qualified talent, and redefining roles as
the top challenges to fully leverage the technology
- As companies adopt more sustainable practices, employers
estimate at least 54% of all technical skills will need to evolve
to keep pace with the green transition
To view the complete results for the first quarter 2024
ManpowerGroup Employment Outlook Survey, including regional and
country data, visit: https://go.manpowergroup.com/meos. The next
survey will be released in March and will report hiring
expectations for the second quarter of 2024.
ABOUT THE SURVEY
The ManpowerGroup Employment Outlook
Survey is the most comprehensive, forward-looking employment
survey of its kind, used globally as a key economic indicator. The
Net Employment Outlook is derived by taking the percentage of
employers anticipating an increase in hiring activity and
subtracting from this the percentage of employers expecting a
decrease in hiring activity.
SURVEY METHODOLOGY
The methodology used to collect the
data for the Employment Outlook has been digitized in 41
markets for the Q1 2024 report. Survey responses were
collected in October 2023. The
question asked and the respondent profile remains unchanged.
Size of organization and sector are standardized across
all countries and territories to allow international
comparisons.
ABOUT MANPOWERGROUP
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 ManpowerGroup was named one of the
World's Most Ethical Companies for the 14th time – all confirming
our position as the brand of choice for in-demand talent.
For more information, visit www.manpowergroup.com, or follow us
on LinkedIn, X (formerly Twitter), Facebook, and
Instagram.
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. ManpowerGroup disclaims any obligation to
update any forward-looking or other statements in this release,
except as required by law.
MEDIA CONTACT:
John
Julitz
+1 (414) 502-9314
john.julitz@manpowergroup.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/hiring-outlooks-continue-to-moderate-post-pandemic-while-talent-shortages-persist-302012371.html
SOURCE ManpowerGroup