Global Hiring Intentions Steady for 4Q24: ManpowerGroup

Global hiring intentions are steady for 4Q24, rising to 25% from 22% in 3Q24, despite a 5% year-on-year decline, according to ManpowerGroup’s latest Employment Outlook Survey. The Information Technology (IT) and real estate sectors are leading in hiring plans at 35% and 32%, respectively. North America and Asia-Pacific show strong optimism, while Europe, the Middle East, and Africa are less positive. The focus on work-life balance is growing, but employers still hold significant negotiating power.

The survey, which covers over 40,000 employers across 42 countries, shows a slight increase in the global hiring outlook indicating that more than 40% of employers anticipate an increase in hiring, while 16% expect a reduction. Despite this, the net employment outlook (NEO) metric, a key indicator of labor market trends, has decreased year-on-year.

"The global labor market is holding steady as we move into the fourth quarter, with relatively low unemployment and layoff activity in many countries," Jonas Prising, CEO, ManpowerGroup, noted.

The survey highlights the strongest hiring plans in India (37%), Costa Rica (36%), and the United States (34%). In contrast, Argentina (4%) and Israel (8%) reported the weakest hiring outlooks.

Prising attributed the strong IT sector outlook to the high demand for tech talent driven by the growing focus on artificial intelligence. Regional variations in hiring intentions are notable. North American employers are the most optimistic, particularly in the IT sector. The Asia-Pacific region follows with strong hiring expectations, while Europe, the Middle East, and Africa report the lowest levels of optimism.

The survey also notes that increasing work-life balance is a priority for employers, especially in the Asia-Pacific region, as they aim to boost worker retention. Despite this, hiring managers report that employers still hold significant leverage in negotiations over pay, working location, and flexible working hours.