The latest ManpowerGroup Employment Outlook
Survey reveals hiring optimism continues to moderate
- Globally, the Net Employment Outlook for Q2 2024 is +22%,
declining by -2% annually and -4% quarterly.
- Organizations in North America
(+31%) reported the strongest hiring intentions, followed by
Asia Pacific (+27%), Central and
South Americas (+19%) and Europe,
the Middle East, and Africa (+15%).
- The survey found the IT sector has the highest hiring Outlook
globally, followed by Financials & Real Estate, and Healthcare
& Life Sciences.
MILWAUKEE, March 12,
2024 /PRNewswire/ -- Employer hiring intentions
continue to moderate for the second quarter of 2024. According to
the latest ManpowerGroup Employment Outlook Survey, the Net
Employment Outlook (NEO) stands at +22% for Q2, down -2%
year-over-year and -4% from Q1. The research is based on data
collected from more than 40,000 employers in 42 countries between
January 2-31, 2024.
"After years of the post-pandemic economy
clicking along at breakneck speed, a cooldown was inevitable." -
Jonas Prising
"After years of the post-pandemic economy clicking along at
breakneck speed, a cooldown was inevitable," said ManpowerGroup
Chairman and CEO Jonas Prising.
"Still, demand remains strong for skilled talent. Given the global
talent shortage, we expect hiring managers to get creative in this
climate, whether it's upskilling current staff or through more
targeted recruitment, as businesses gauge conditions over the
coming months."
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.
Q2 KEY FINDINGS
- Global Outlooks softened by -2% since Q2 2023 and -4% from Q1
2024.
- The strongest Net Employment Outlook level is anticipated in
North America (+31%),
followed by Asia Pacific (+27%),
Central and South Americas (+19%) and Europe, the Middle
East, and Africa
(+15%).
- By country, the strongest Net Employment Outlook levels are
reported in India (+36%), the U.S.
(+34%), and China, Costa Rica, and the
Netherlands all at +32%, with the weakest in Romania (-2%), Israel (-1%), and Argentina (+1%).
- Employers in India (+6%),
Hungary (+5%), Belgium (+4%), and the U.S. (+4%) reported the
largest year-over-year increases in Net Employment Outlook levels,
while Panama (-25%), Hong Kong, Israel, Norway, and Romania, each at -14%, posting the lowest
levels.
- The IT industry continued to have the brightest global hiring
outlook at +34%, followed by Financials & Real Estate (+29%),
and Health Care & Life Sciences (+28%).
GLOBAL HIRING PLANS BY REGION
North America: Despite a
slight decline from Q1 2024 (-3%), North American employers remain
the most optimistic with a +31% Outlook, which is up +1% from Q2
2023.
- Employers in the U.S. (+34%) reported the strongest hiring
intentions, followed by Canada
(+22%), and Puerto Rico
(+14%).
- The U.S. reports the strongest industry Outlooks for IT at +51%
and Financial Services & Real Estate at +50%.
Central & South
America: At +19%, hiring projections declined both
annually (-8%) and quarterly (-9%).
- Strongest intentions are by employers in Costa Rica (+32%), Mexico (27%), and Guatemala (+26). Argentina (+1%), Chile (+10%), and Panama (+15%) have the weakest Outlooks.
- Industrials & Construction and Transport & Logistics
industries lead in projected payroll gains.
Asia Pacific (APAC):
Hiring managers across the regional anticipate the second
strongest regional Outlook (+27%), unchanged year-over-year,
but a -3% decline from last quarter.
- Employers in India (36%) and
China (32%) report the strongest
Outlooks in the region, while the most cautious Outlooks were
reported by employers in Japan
(11%) and Taiwan (12%).
- The strongest Outlooks globally for the Communication Services
industry sector are reported by employers in the Hong Kong (60%) and Energy & Utilities in
China (37%).
Europe, the
Middle East, and Africa
(EMEA): Employers in EMEA temper hiring efforts resulting in a
+15% regional Outlook, decreasing by -4% year-over-year, and -6%
since Q1 2024.
- The Netherlands and
South Africa lead with +32% and
+29% respectively. Weakest is Romania with -2% expected workforce
decline.
- The strongest hiring intentions globally for the Consumer Goods
& Services industry are reported by employers in Switzerland (41%); Health Care & Life
Sciences in South Africa (45%);
and Transport and Logistics & Automotive in the Netherlands (44%).
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 June and will report hiring expectations
for the third 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 NEO
data has been digitized in 42 markets for the Q2 2024
report. Survey responses were collected from January 2-31, 2024. Both the
question 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.
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 (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, 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/hiring-confidence-dips-as-employers-weather-economic-headwinds-302086464.html
SOURCE ManpowerGroup