Global Hiring Rises in 4Q24, Led by Retail and Tech

According to a survey conducted by the recruitment firm Robert Walters, global hiring for professional roles increased by 9% in October, driven by strong demand in the retail, technology, and healthcare sectors. 

Canada and Mexico experienced particularly notable growth, while the financial services and real estate sectors lagged behind. These trends reflect seasonal hiring patterns and adjustments to ongoing geopolitical shifts, highlighting regional differences in job market dynamics.

Hiring trends in the final quarter of the year typically follow a predictable pattern, with companies increasing job openings to meet seasonal demands or utilize remaining recruitment budgets. Toby Fowlston, CEO of Robert Walters, explained that October's hiring data aligns with these traditional cycles, suggesting a return to conventional recruitment practices as businesses close out the year.

Canada and Mexico saw significant month-on-month increases in professional job vacancies, rising by 18% and 22%, respectively. Fowlston attributed this growth to corporate strategies aimed at relocating operations closer to U.S. clients, potentially influenced by recent geopolitical developments and trade renegotiations.

From a sectoral perspective, the retail and consumer goods industry experienced the most substantial growth, with job vacancies rising by 29%. Technology and healthcare also showed strong gains, with increases of 14% and 13%, respectively, while the basic materials sector posted a 15% increase. Conversely, the financial services sector demonstrated only modest growth, with a 1% rise in job openings, and real estate recorded a 5% increase.

Geographically, the United States reported an 11% rise in job vacancies, while the United Kingdom saw a more modest increase of 4%. These findings underscore the variability in demand across industries and regions, with businesses responding to both seasonal pressures and longer-term market adjustments. Reuters noted that the surge in hiring within specific sectors, alongside the influence of geopolitical and trade factors, reflects businesses' evolving strategies to adapt to market conditions.