Global Employment Outlook for Q4 Remains Strong Amid Cooling in Hiring
- Despite concerns of a recession, employers globally are poised to continue hiring much needed talent reporting a Net Employment Outlook of +30%.
- Optimism is strongest among organizations in
Brazil (+56%) andIndia (+54%); weakest inHungary (-5%) andGreece (-5%). - The greatest hiring demand is in Information Technology (IT).
Used internationally as a bellwether of economic and labor market trends, the Net Employment Outlook – calculated by subtracting the percentage of employers who anticipate reductions to staffing levels from those who plan to hire – now stands at +30%, down slightly (-3%) from Q3, yet 6% higher than this time last year.
Of the 41 countries and territories, only hiring managers in
"Despite economic and geopolitical clouds on the horizon, employer hiring intentions remain strong. Organizations continue to focus on attracting and retaining people as competition for employees remains fierce, even two years after the pandemic first began. That means holding onto — and developing — the talent they have," said
- Organizations in the IT industry report the most optimistic Outlook (+42%); followed closely by Banking, Real Estate, and Insurance (+37%).
- The brightest hiring intentions for next quarter are in
Asia Pacific (+40%) and South andCentral Americas (+39%), with the greatest expectations inBrazil (+56%) andIndia (+54%). - Employers in
Europe , theMiddle East , andAfrica (EMEA) anticipate relatively stable hiring (+21%), yet Outlooks for countries nearUkraine fall by as much as -17% since last quarter.
- Employers in
Canada (+30%) and theU.S. (+33%) report moderate decreases in their Outlooks compared to last quarter, -8% and -5%, respectively, whilePuerto Rico reports an overall Outlook of +32%. - Both
Canada and theU.S. expect hiring to be weaker compared to intentions year-over-year, -6% inCanada and -13% in theU.S. - In the
U.S. , the strongest hiring outlook is seen in IT (+42%).
Central and
- Hiring managers in
Brazil report bullish intentions (+56%), followed byCosta Rica (+52%), andColombia (+46%); The lowest confidence is seen inArgentina (+9%). - Intentions decline versus the previous quarter (-3%) but improve based on the same time last year (+21%).
- Only two sectors report quarterly improvements: Restaurant and Hotels (+10%) and Primary Production (+2%).
- Intentions remain the same when compared with Q4 2021 while easing -3% since last quarter.
- Outlooks vary across the region with employers most keen to hire in
Sweden (+34%),France (+34%),Norway (+33%), andBelgium (+33%), and the most cautious inHungary (-5%),Greece (-3%), andPoland (+1%). - Countries closest to
Ukraine are taking a frugal approach in hiring intentions; for example,Hungary dropped 17% since last quarter, and now report an Outlook of -5%.
India (+54%),China (+46%), andAustralia (+38%) report the most positive Outlooks.- APAC is the only region where hiring intentions improve from last quarter (+6%) and shows a 20% increase from Q4 2021.
China andHong Kong continue to bounce back from COVID-19 lockdowns prevalent last quarter, both growing 15% since Q3.
To view complete results for the
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SOURCE
Sheila Leyne, sheila.leyne@manpowergroup.com