By Divya Chowdhury
MUMBAI (Reuters) – Companies’ global hiring intentions are expected to hold steady in the fourth quarter of 2024, even though the outlook for the quarter ahead was weaker than the final quarter of 2023, ManpowerGroup (NYSE:MAN)’s Employment Outlook Survey showed.
The global hiring outlook for the fourth quarter of 2024 was slightly higher at 25%, compared to 22% in the third quarter, the survey of over 40,000 employers across 42 countries showed.
Year-on-year, however, it fell 5%, according to the net employment outlook (NEO) metric – an internationally used bellwether of labour market trends, ManpowerGroup said.
More than 40% of employers surveyed expect an increase in hiring plans, while 16% anticipate a reduction, the NEO metric in the survey showed.
“The global labour market is holding steady as we move into the fourth quarter, with relatively low unemployment and layoff activity in many countries,” said Jonas Prising, chief executive of ManpowerGroup.
Employers in India at 37%, followed by Costa Rica at 36% and the United States at 34%, reported the strongest hiring plans, while Argentina at 4% and Israel at 8% had the weakest outlooks.
The information technology and real estate sectors reported the strongest hiring intentions, at 35% and 32%, respectively, ManpowerGroup’s survey showed.
“The continued strong outlook in the IT sector is driving demand for tech talent, especially with AI (artificial intelligence) top of mind for businesses across every industry,” Prising said.
Retaining and attracting workers with specialised and flexible skills is a priority for employers, he added.
North American employers continued to be the most optimistic in their hiring intentions, with the U.S. leading the charge as employers continued to report one of the strongest global outlooks for the IT sector, ManpowerGroup’s survey showed.
Managers in the Asia-Pacific were the second strongest in regional outlooks, while hiring expectations remained at the lowest level in Europe, the Middle East, and Africa, according to the survey.
According to the survey, increasing work-life balance is a top priority for employers, especially in Asia-Pacific, as they focus on increasing worker retention. However, hiring managers said employers still hold the power when it comes to negotiating pay, working location, and flexible working hours.
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