The global labor market remains strong with steady hiring expected for the remainder of 2022, according to the Q4 ManpowerGroup Employment Outlook Survey (NYSE: MAN) of 40,700 employers published today.
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 Greece and Hungary report negative Outlooks for the quarter. Findings also reveal uneven economic growth across markets responding differently to disruptions from the conflict in Ukraine, looming concerns over a possible recession, rising inflation, and higher costs of living. Regardless of those challenges, demand for skilled workers remains at record highs.
“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 ManpowerGroup Chairman & CEO Jonas Prising. “Digital roles continue to drive most of the demand globally with the greatest need for talent with technology skills. The rotation of consumer spending from goods to services continues to create more employment opportunities across hospitality sectors while employers in finance, banking, and insurance compete for skilled workers to fill in-demand roles.”
- 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 and Central Americas (+39%), with the greatest expectations in Brazil (+56%) and India (+54%).
- Employers in Europe, the Middle East, and Africa (EMEA) anticipate relatively stable hiring (+21%), yet Outlooks for countries near Ukraine fall by as much as -17% since last quarter.
Global Hiring Plans by Region
North America: Employers in the region remain optimistic in the final quarter of 2022 (+32%).
- Employers in Canada (+30%) and the U.S. (+33%) report moderate decreases in their Outlooks compared to last quarter, -8% and -5%, respectively, while Puerto Rico reports an overall Outlook of +32%.
- Both Canada and the U.S. expect hiring to be weaker compared to intentions year-over-year, -6% in Canada and -13% in the U.S.
- In the U.S., the strongest hiring outlook is seen in IT (+42%).