Global hiring outlook in Q3 drops amid challenging economy
MILWAUKEE, UNITED STATES — Employers worldwide are reportedly moderating their hiring plans for the third quarter of 2023 due to the challenging global economy.
According to the latest ManpowerGroup Employment Outlook Survey, the Net Employment Outlook (NEO) for Q3 is now at 28%, marking a four per cent decrease compared to last year.
North America, with an outlook of 35%, remains the most optimistic region, followed by Asia Pacific (31%), South and Central America (29%), and Europe, the Middle East, and Africa (20%). Notably, these figures show a year-over-year global weakening of hiring plans.
By countries, the survey reveals the most optimistic hiring outlooks are reported in Costa Rica (43%), the Netherlands (39%), and Peru (38%).
On the other hand, employers in Argentina (6%), Slovakia (10%), Austria (11%), and Italy (11%) report the least optimistic outlooks.
Although global hiring plans are cooling off, IT companies reported the strongest hiring outlook for Q3 with 39%, followed by Energy & Utilities with 34%. The least optimistic hiring plans are found in the Communication Services (22%) and Consumer Goods & Services (22%) industries.
“This data suggests employers are planning more measured hiring for the quarter ahead as they navigate a range of local and macro level challenges from supply constraints to uneven consumer confidence and rising inflation,” said ManpowerGroup Chairman and CEO Jonas Prising
“That said, attracting and retaining business critical talent remains a priority, and our survey respondents around the world continue to be focused on hiring for in-demand roles,” he added.
ManpowerGroup’s latest research is based on a survey of 39,000 employers across 41 countries between April 3 to 28, 2023.
