Manpower survey shows a hiring slowdown
Milwaukee-based ManpowerGroup says hiring is starting to cool down.
Manpower surveyed 40,385 employers from 42 countries to get a sense of how they view the future. The company does such surveys every quarter.
“After years of the post-pandemic economy clicking along at breakneck speed, a cooldown was inevitable,” said ManpowerGroup Chairman and CEO Jonas Prising.
“Still, demand remains strong for skilled talent. Given the global talent shortage, we expect hiring managers to get creative in this climate, whether it's up-skilling current staff or through more targeted recruitment, as businesses gauge conditions over the coming months.”
Here are some key points from the survey.
Manpower survey says 41% of employers plan to add jobs
Of those surveyed 41% anticipate a hiring increase between now and June. Roughly 37% reported no change in hiring during that time and 19% anticipate a decrease in hiring.
Year over year, the net employment outlook declined 2% annually and 4% quarterly.
Employers in India show the strongest hiring expectation
In the US, 34% of companies surveyed expect to be hiring in April through June, which is up 4% from a year ago and puts the country second on the list. The country with the highest expectation of hiring was India at 36% of companies.
IT, finance and real estate have the strongest outlook
About 34% of businesses in information technology reported the strongest hiring outlook, followed by 29% of financial and real estate companies, 26% of health care and life science companies, and 21% of industrial and material companies.
STEM, top level management lagging in female candidates
Forty-three percent of employers said their companies were on-track in increasing the number of women candidates in STEM fields and 42% reported being on-track in the number of women candidates for top-level management positions.
“Top-level management and STEM (Science, Technology, Engineering and Mathematics) roles are the most likely to lag in the number of women candidates, presenting the greatest opportunity for employers to make a significant impact on their workforce,” the report stated.
What’s being done to retain workers?
Recruitment and hiring can be expensive and the obviously cheaper option for companies is to keep the workers already on the payroll.
According to the survey, 37% of companies are promoting flexible work policies, 30% are developing internal leadership development programs, and 29% are creating an inclusive organizational culture.