Global Hiring Outlook Steady for Q4 2024

By Divya Chowdhury

MUMBAI (Reuters) – Companies’ global hiring intentions are expected to hold steady in the fourth quarter of 2024, according to ManpowerGroup (NYSE:MAN)’s Employment Outlook Survey, despite a weaker outlook than Q4 2023.

The global hiring outlook for Q4 2024 is slightly higher at 25%, compared to 22% in Q3, based on a survey of over 40,000 employers across 42 countries.

However, on a year-on-year basis, it represents a decline of 5%, according to the net employment outlook (NEO) metric, an internationally recognized indicator of labour market trends.

More than 40% of employers surveyed expect to increase their hiring plans, while 16% anticipate reductions.

Jonas Prising, CEO of ManpowerGroup, stated, “The global labour market is holding steady as we move into the fourth quarter, with relatively low unemployment and layoff activity in many countries.”

Employers in India (37%), Costa Rica (36%), and the United States (34%) reported the strongest hiring intentions, while Argentina (4%) and Israel (8%) had the weakest outlooks.

Sectors such as information technology and real estate reported the strongest hiring intentions at 35% and 32%, respectively. Prising noted that the robust outlook in the IT sector drives demand for tech talents, especially with AI being a priority for many businesses.

Retaining and attracting workers with specialized and flexible skills remains a key priority for employers.

In the survey, North American employers showed the most optimism in hiring, with the U.S. leading in the strong outlook for the IT sector. Managers in the Asia-Pacific region followed, while hiring expectations were lowest in Europe, the Middle East, and Africa.

Moreover, increasing work-life balance is a top priority for employers, particularly in the Asia-Pacific region, in their efforts to retain workers. However, hiring managers indicated that employers still have leverage in negotiations over pay, location, and flexible hours.

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