Why Global employment outlook looks positive for the first time in 8 years

Why Global employment outlook looks positive for the first time in 8 years

The latest research by ManpowerGroup claims there are no negative employment Outlooks reported for the first time since 2009 according to the latest ManpowerGroup Employment Outlook Survey.

The company said in its latest report that hiring confidence is strongest in Japan, Taiwan, Costa Rica, India and Hungary.

“We are seeing sustained hiring confidence from employers around the world after some years of caution,” said Jonas Prising, Chairman & CEO, ManpowerGroup. “Countries including SpainItaly and Greece are back on track and job prospects across the world are looking up. In the UK, employers in financial services and construction report the strongest Outlooks, reinforcing their need for access to talent.

ManpowerGroup added that “Across the world, lower unemployment, strong hiring intentions and demand for increasingly specific skill sets all point to a growing skills mismatch. In this tight labor market organizations need to work harder than ever to reskill existing employees and upskill future talent. It’s time to get smart about how to attract, retain and develop the workforce of tomorrow.”

Global Hiring Plans by Region

  • EMEAStaffing levels are expected to grow in 24 of 25 countries surveyed. Employers in HungaryGreece and Romania report the strongest hiring plans in the EMEA region and employers in SwitzerlandCzech RepublicItaly and Belgium report the weakest, yet still positive Outlooks.
    • In the UK, employer hiring intentions continue to be favorable in the face of uncertainty around Brexit negotiations. The Q4 Outlook remains stable at +6%, improving 1% quarter-on-quarter and year-on-year. The strongest UK Outlooks are seen in the construction sector at +11% and finance and business services at +9%.
    • Employers in Greece are reporting the eighth consecutive quarter of positive hiring intentions. The Outlook of +15%, the strongest planned hiring since Q3 2008, is driven by continued growth in the finance and business services sector, at +21%.
    • French employers report positive hiring intentions for the sixth consecutive quarter. The employment Outlook for the last quarter is the strongest reported in more than two years. New President Macron’s focus on labor market reform could provide greater mobility and help employers find the workers they need.
  • Asia Pacific: Hiring is expected to increase in all eight Asia Pacific countries and territories during Q4 2017. Hiring sentiment is strongest in Japan and Taiwan, while the weakest Outlooks are reported in Australia and China.
    • Japan’s employers report the strongest fourth-quarter forecast among all 43 countries and territories for Q4 2017, driven by robust Outlooks in the Mining & Construction and Transportation & Utilities sectors.
    • Following six consecutive quarters of declining hiring intentions, employers in India reported a Q4 Outlook of +19%, up from +15% in Q3, which was the weakest Outlook in India since 2005.
  • Americas: Positive Outlooks are reported in all 10 countries surveyed. Employers in Costa Rica report the most optimistic hiring intentions across the Americas region, while Brazil and Peru reported the weakest Outlooks.
    • Employers across the United States remain positive, with nearly one in five (21%) planning to hire in Q4. US employers are continuing to expand in the durable goods manufacturing sector, reporting an Outlook of +18%, the strongest hiring intentions since 2007. Employers in Professional & Business Services also reported the strongest hiring intentions than at any point since 2009.
    • Despite the Brazilian Outlook being the weakest in the region at +1%, Q4 2017 represents its second consecutive quarter of positive forecasts following nine consecutive quarters of negative reports.