Global Hiring Intentions Remain Muted Year-over-Year, Hold Steady Quarter-over-Quarter
The Net Employment Outlook for Q4 2024 is 25%, up 3% from Q3, down 5% compared to Q4 2023
“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 drives demand for tech talent, especially h AI in 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.
To view the complete results for the fourth quarter 2024 ManpowerGroup Employment Outlook Survey of Asia Pacific, CLICK HERE.
For Global findings, please fill in the information to download the full report