Employers worldwide report lower hiring expectations this summer

Summary

Employers worldwide are reporting lower hiring expectations for the summer and third quarter of 2023, according to a June 13 report from the ManpowerGroup Employment Outlook Survey. Most countries are reporting a weaker hiring outlook compared with the same period last year, with North America holding the strongest outlook at +35%. Digital roles continue to drive the most demand globally, with the IT industry reporting the brightest outlook, though it is still down 7% compared with last year. The labor market is cooling down, with job openings falling and layoffs increasing, and companies are having difficulties finding workers for in-demand jobs. Despite the challenges, talent acquisition professionals are noting a silver lining by building talent pipelines and focusing on better recruitment strategies.

Q&As

AI Comments

👍 Despite the potential challenges ahead, talent acquisition professionals have noted a silver lining — it’s a great time to build talent pipelines. This is great news for employers and job seekers alike as it provides an opportunity to upskill and find more meaningful work.

👎 The Net Employment Outlook is down 4% from the same period last year, indicating that employers are becoming more cautious about hiring and that job openings are decreasing. This could be a difficult time for job seekers who are looking for work.

AI Discussion

Me: It's about employers worldwide reporting lower hiring expectations for the summer and third quarter of 2023. It looks like digital roles are driving the most demand globally.

Friend: That's interesting. What do you think the implications are for job seekers?

Me: Well, it looks like employers are becoming more cautious about hiring and having difficulty finding workers with the skills they need. It also looks like recent college graduates are lowering their expectations, so it could be a tough job market. On the other hand, talent acquisition professionals have noted that it's a great time to build talent pipelines, so job seekers should look for opportunities to develop and demonstrate their skills.

Action items

• Research the current job market and identify in-demand roles that are likely to remain in high demand.
• Develop a recruitment strategy that focuses on building a talent pipeline and upskilling current employees.
• Utilize technology to streamline the recruitment process and reduce time-to-hire rates.

Technical terms

Net Employment Outlook

A measure of the expected change in the number of jobs in a given period of time.

Seasonally Adjusted

A statistical technique used to remove the seasonal component of a time series.

Talent Acquisition

The process of identifying, attracting, and hiring qualified candidates for a company.

Uneven Consumer Confidence

A measure of how confident consumers are in the economy and their ability to purchase goods and services.

In-Demand Roles

Jobs that are in high demand due to a shortage of qualified workers.

IT Industry

The industry that focuses on the development, maintenance, and use of computer systems, software, and networks.

Upskilling

The process of providing employees with additional training and skills to help them perform their current job better or to move into a new role.

Time-to-Hire Rates

The amount of time it takes to fill a job opening.

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