Global hiring intentions remain steady in Q3 2024
WISCONSIN, UNITED STATES — Global hiring intentions for the third quarter of 2024 remain steady, with a Net Employment Outlook (NEO) of 22%, according to the latest ManpowerGroup Employment Outlook Survey.
While unchanged from the previous quarter, this figure represents a 6% decline compared to Q3 2023, reflecting ongoing economic uncertainties impacting hiring plans.
Regional hiring trends: North America leads, EMEA lags
Employers in North America reported the strongest hiring intentions with a 27% NEO, followed by Asia Pacific at 23%, South and Central Americas at 22%, and Europe, Middle East, and Africa (EMEA) at 18%.
Notably, Costa Rica (35%), Switzerland (34%), Guatemala (32%), and Mexico (32%) had the strongest hiring plans, while Argentina and Romania reported the weakest outlooks at 3%.
Sector spotlight: IT, finance, and healthcare lead
The IT industry continues to lead with a 29% hiring intention, followed closely by Financials & Real Estate and Health Care & Life Sciences, both at 27%.
The survey also highlighted the significant impact of artificial intelligence (AI) and machine learning (ML) on hiring plans.
More than half (55%) of employers expect to increase headcount due to AI and ML over the next two years, and nearly half (48%) have already adopted AI technologies, including generative conversational AI.
AI and machine learning driving workforce transformation
“Though labor markets are holding strong in many markets, ongoing economic uncertainty continues to give employers pause,” said Jonas Prising, ManpowerGroup Chairman & CEO.
“Most are incrementally more cautious than this time last year, prioritizing hiring for the core skills they need. At the same time – the promise of AI advances is front of mind for businesses across every industry. This data shows organizations are focusing on upskilling their current workforce and maximizing the potential of AI to drive efficiencies and boost productivity.”
Challenges in AI adoption
Despite the optimism surrounding AI, employers cited several challenges, including high costs (33%), concerns about privacy and regulations (31%), and a lack of employees with AI skills (31%).
The survey also revealed that AI optimism varies by seniority, with senior leaders (69%) being the most optimistic and the factory floor and frontline workers (57%) being the least optimistic.
The ManpowerGroup Employment Outlook Survey collected data from over 40,000 employers across 42 countries between April 1 and 30, 2024. The next survey, set to be released in September, will report hiring expectations for the fourth quarter of 2024.
