MUMBAI, India — Companies’ global hiring intentions are expected to hold steady in the fourth quarter (Q4) of 2024, even though the outlook for the quarter ahead was weaker than the final quarter of 2023, ManpowerGroup’s Employment Outlook Survey showed.
The global hiring outlook for the fourth quarter of 2024 was slightly higher at 25 percent, compared to 22 percent in the third quarter, the survey of over 40,000 employers across 42 countries showed.
Year on year, however, it fell 5 percent, according to the net employment outlook (NEO) metric an internationally used bellwether of labor market trends, ManpowerGroup said.
More than 40 percent of employers surveyed expect an increase in hiring plans, while 16 percent anticipate a reduction, the NEO metric in the survey showed.
“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, chief executive of ManpowerGroup.
Employers in India at 37 percent, followed by Costa Rica at 36 percent and the United States at 34 percent, reported the strongest hiring plans, while Argentina at 4 percent and Israel at 8 percent had the weakest outlooks.
The information technology and real estate sectors reported the strongest hiring intentions, at 35 percent and 32 percent, 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 specialized 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 US 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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