The Net Employment Outlook for Q4 2024 is 25%,
up 3% from Q3, down 5% compared to Q4 2023
- Employers in North America
(32%) reported the strongest hiring intentions, followed by
Asia Pacific (27%), South and
Central Americas (23%), and Europe, Middle
East, and Africa
(21%).
- Across sectors, the IT industry continues to report the
strongest hiring intentions at 35%, followed by Financials &
Real Estate at 32%.
- Larger organizations continue to report stronger hiring
intentions, with companies of 250-999 employees reporting the
highest Outlook at 32%.
MILWAUKEE, Sept. 10,
2024 /PRNewswire/ -- Global hiring intentions are
holding steady for the fourth quarter of 2024, with a Net
Employment Outlook (NEO) of 25%, though Outlooks remain weaker
compared to Q4 2023 according to the latest
ManpowerGroup Employment Outlook Survey. The Survey, which
gathered data from over 40,000 employers across 42 countries
between July 1-31, 2024, reveals that
while the NEO has increased by 3% from the previous quarter, it
represents a -5% decline compared to the same period last year.
This year-over-year decrease indicates that economic uncertainties
continue to impact hiring plans, albeit with signs of
quarter-over-quarter improvement.
"The global labor market is holding steady as we move into the
fourth quarter, with relatively low unemployment and layoff
activity in many countries," said Jonas
Prising, ManpowerGroup Chairman & CEO. "While the
gradual quarter-over-quarter improvement shows employers are
cautiously optimistic about hiring, the drop from a year ago
suggests employers remain prudent in the midst of uncertainty. The
continued strong Outlook in the IT sector is driving demand for
tech talent, especially with AI top of mind for businesses across
every industry. Now is the time to prioritize retaining and
attracting workers with specialized, flexible skills, and an
adaptable mindset to adjust to the evolving requirements."
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.
Q4 KEY FINDINGS
- Global hiring Outlooks have strengthened from Q3 to Q4 2024,
increasing from 22% to 25%, but are down -5% year-over-year.
- The strongest hiring plans are reported in India (37%), Costa
Rica (36%), and the United
States (34%), while the weakest Outlooks are in Argentina (4%) and Israel (8%).
- Employers in the IT (35%) and Financials & Real Estate
(32%), sectors report the strongest hiring intentions.
- Larger organizations continue to show stronger hiring
intentions, with companies of 250-999 employees reporting the
highest Outlook at 32%. Companies with less than ten employees
report the weakest at 13%.
- Employers in 31 countries report stronger hiring Outlooks
compared to Q3 2024, with Outlooks weakening in 11 countries and
remaining unchanged in four.
GLOBAL HIRING PLANS BY REGION
North America: North
American employers remain the most optimistic with a 32% Outlook in
Q4, an increase of 5% from Q3 2024 but still down -3% from Q4
2023.
- Employers in the United States
(34%) reported the strongest hiring intentions in the region,
increasing 4% quarter-over-quarter.
- U.S. employers continue to report one of the strongest global
Outlooks for the IT sector.
Asia Pacific (APAC):
Hiring managers across the region anticipate the second strongest
regional Outlook (27%), an increase from the previous quarter (+4%)
but decreased when compared to the same time last year (-5%).
- Employers in India (37%),
Singapore (29%), and China (27%) continue to report the strongest
Outlooks in the region, while the most cautious Outlook was
reported by employers in Hong Kong
(8%).
- Singapore reported the
strongest global Outlook for the Financials & Real Estate
sector at 64%.
Central & South America: At 23%, hiring
projections improved quarter-over-quarter (+1%), but declined
year-over-year (-8%).
- Strongest intentions are reported by employers in Costa Rica (36%), Brazil (32%), and Guatemala (30%).
- Employers in Guatemala report
the strongest hiring Outlook globally for the Consumer Goods &
Services sector (56%), while Costa
Rica reports the strongest intentions in both the IT (53%)
and Industrials & Materials (43%) sectors.
Europe, the
Middle East, and Africa
(EMEA): Employers in EMEA report the lowest hiring Outlook
among all regions at 21%. While hiring intentions weakened -3%
compared to the same period last year, they have strengthened by
+2% since Q3 2024.
- Employers in South Africa and
Switzerland (both 32%),
Ireland and the Netherlands (both 30%) report the
strongest hiring plans, while those in Israel (8%) and the Czech Republic (11%) anticipate the weakest
hiring activity.
- Both the United Kingdom (28%)
and France (22%) report Outlooks
surpassing the EMEA average.
- Belgium reports the strongest
global Outlook for the Healthcare & Life Sciences sector (62%),
while South Africa leads in Energy
& Utilities (55%).
To view the complete results for the fourth quarter 2024
ManpowerGroup Employment Outlook Survey, including regional and
country data, visit: https://go.manpowergroup.com/meos. The
next survey will be released in December and will report hiring
expectations for the first quarter of 2025.
ABOUT THE SURVEY
The ManpowerGroup Employment Outlook
Survey is the most comprehensive, forward-looking employment
survey of its kind, used globally as a key labor market indicator.
The Net Employment Outlook (NEO) 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 NEO
data has been digitized. Survey responses were collected from
July 1-31, 2024, and 40,340 employers
across 42* countries were asked about their fourth quarter
hiring intentions. Both the questions asked, and the respondent
profile remain unchanged. The size of the organization and sector
are standardized across all countries and territories to allow
international comparisons. All NEOs referenced have been seasonally
adjusted for easier interpretation, comparison, and
consistency.
*Note: Chile joined the
program in Q2 2024. There is currently no historical data, and the
data has not been seasonally adjusted.
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 more than 75 years. We are recognized consistently for our
diversity – as a best place to work for Women, Inclusion, Equality,
and Disability, and in 2024 ManpowerGroup was named one of the
World's Most Ethical Companies for the 15th 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, Facebook, and Instagram.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking
statements, including statements regarding labor demand
in certain regions, countries and industries, as well
as 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 U.S. Securities and
Exchange Commission (SEC), including the information under the
heading "Risk Factors" in its Annual Report on Form 10-K for
the year ended December 31, 2023, whose 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.
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SOURCE ManpowerGroup
