Global hiring intentions remain steady for the fourth quarter of 2024, with a net employment outlook of 25%, up 3% from the third quarter but down 5% compared to the fourth quarter of 2023, according to a Sept. 10 report from ManpowerGroup.
Despite the slight quarter-over-quarter increase, the year-over-year decrease signals that some economic uncertainties are affecting hiring plans, the report said.
“Now is the time to prioritize retaining and attracting workers with specialized, flexible skills, and an adaptable mindset to adjust to the evolving requirements,” Jonas Prising, chairman and CEO of ManpowerGroup, said in a statement.
In a survey of more than 40,000 employers across 42 countries, employers in North America (32%) reported the strongest hiring intentions, marking a 5% increase from the third quarter but 3% decrease from 2023. Employers in the U.S. in particular continue to report one of the strongest global outlooks (34%), increasing 4% from the third quarter.
By sector, the IT industry reported the strongest hiring intentions, followed by financials and real estate.
The IT industry seems to be bucking trends in recent months, with growth in job posts and a lower unemployment rate than the national level, according to a CompTIA report. The shift may represent pent-up demand for tech talent to support digital growth initiatives, the report said, which aligns with ManpowerGroup’s findings that AI implementation may be influencing hiring in that area.
Although the job market cooled off throughout the third quarter this year, hiring remains flat and mass layoffs haven’t been announced so far, experts told HR Dive. As employers play the “waiting game” and remain steady on both hiring and firing, retention may be a major focus for now, they said.
As the job market continues to cool, though, employers are more likely to cite employee underperformance for layoffs, according to an LHH report. Employers considering or implementing layoffs in 2024 are pointing to performance issues, financial pressures and a misalignment in employee skills, which HR leaders are turning into opportunities to redeploy workers and address skills gaps.