In 2024, companies around the globe anticipate a 42% increase in hiring, which is 4% less compared to the previous quarter.
The ManpowerGroup report shows diverse hiring trends. While 39% of businesses plan to maintain their current staff levels, 16% might reduce their workforce.
Another 3% are unsure about their hiring plans.
India and the Netherlands are leading in job growth expectations with a 37% increase each.
Following them are Costa Rica and the USA at 35%, Mexico at 34%, and Belgium, China, Puerto Rico, and Switzerland at 33%.
Brazil is close behind with a 32% increase. On the other hand, Italy, Greece, Hungary, Japan, the Czech Republic, and Argentina face lower job growth, with Argentina at just 2%.
There are notable improvements in Hungary, Poland, the Netherlands, Portugal, Spain, and Germany. Hungary leads with a 20% increase.
In specific industries, the USA expects 74% growth in communication services. Costa Rica forecasts a 69% increase in healthcare and life sciences.
Puerto Rico anticipates a 64% rise in information technology and a 49% increase in industry and materials. Guatemala expects a 44% growth in consumer goods and services.
Canada and France face an 8% drop in job growth. Argentina, Peru, Israel, and Panama also expect declines.
In Latin America and the Caribbean, Costa Rica leads with a 35% increase in jobs. Mexico and Puerto Rico follow closely.
Brazil and Guatemala each expect a 32% rise. Colombia, Panama, and Peru are also optimistic, though Argentina lags with only a 2% increase.
According to the Economic Commission for Latin America and the Caribbean, regional growth is slowing.
They predict only a 1.4% increase in jobs by the end of 2023. This is lower than the 5.4% growth seen in 2022. They expect this slow growth to continue into 2024.
The Global Net Employment Outlook stands at 26% for early 2024.
Employers report stronger hiring intentions
This figure measures the difference between the number of employers who plan to hire more staff and those who plan to hire less.
In 27 countries, employers report stronger hiring intentions compared to last year. However, in 12 countries, these intentions are weaker, and in two, they remain unchanged.
North America shows the strongest hiring intentions at 34%. Asia Pacific, South and Central America, and Europe, the Middle East, and Africa follow.
In the Americas, overall job prospects are positive for early 2024. Yet, there is a decline in ten countries compared to the previous quarter and five compared to last year.
The IT industry continues to lead in job growth despite a 3% global decrease in hiring expectations.
Following IT are finance and real estate, communication services, healthcare, industry, energy, transportation, and consumer goods.
The ManpowerGroup used digital methods to collect data in 41 markets for their first quarter 2024 report.
They gathered responses from October 2 to 31, 2023. The survey questions and participant profiles stayed the same. This standardization allows for fair international comparisons.