Net employment expectations for the fourth quarter of 2024 are 8%, one percentage point higher than the previous quarter.
Hiring intentions in Chile show a slight increase for the fourth quarter of 2024, with a Net Employment Outlook (NEO) of 8%, one percentage point higher than the previous quarter, according to the latest ManpowerGroup Employment Outlook Survey.
The Survey, which collected data from more than 40,000 employers in 42 countries between 1 and 31 July 2024, reveals that while NEO has increased by 1% compared to the previous quarter, the country ranks second to last in the world, together with Hong Kong and Israel, in terms of employment expectations, 17 points below the global average (25%).
Used internationally as an indicator of labour market trends, the Net Employment Outlook (NEO) is calculated by subtracting the percentage of employers planning to reduce their workforce from those planning to hire.
KEY FINDINGS
- Global hiring prospects have strengthened from Q3 to Q4 2024, rising from 22% to 25%, but are down -5% year-on-year.
- The most competitive sector in Chile is Information Technology, with an employment outlook of 38%. This quarter marks the highest NEO recorded for this sector since the survey began in Chile in the second quarter of 2024.
- The sector with the greatest increase since the previous quarter is Industry and Materials, with an increase of 22 percentage points, going from -6% in the third quarter to 16% in the fourth quarter. At a global level, Chile ranks first in terms of quarterly growth in this sector, exceeding its global average by 20 points.
- The most competitive region in the country is the Metropolitan Region with a NEO of 8%, despite the fact that expectations in the region decreased 1 point since the last quarter.
- 3 out of 4 areas of the country (North Zone, South Zone and Metropolitan Zone) expect an increase in staffing levels in the next quarter, while 1 region (Central Zone) foresees a decrease.
GLOBAL RECRUITMENT PLANS BY REGION
North America:
North American employers remain the most optimistic with 32% expecting to hire this quarter, up 5% from the previous quarter but down -3% from Q4 2023.
- U.S. employers reported the strongest hiring intentions in the region (34%), increasing 4% quarter-over-quarter.
- US employers continue to report one of the strongest global expectations for the IT sector.
Asia Pacific (APAC):
Hiring managers across the region forecast the second most favorable regional expectations (27%) globally, up from the previous quarter (+4%) but down from the same period last year (-5%).
- Employers in India (37%), Singapore (29%) and China (27%) continue to report the strongest expectations in the region, while employers in Hong Kong (8%) reported the most cautious expectations.
- Singapore reported the best global expectations for the financial and real estate sector, at 64%.
Central and South America:
At 23%, hiring forecasts improved compared to the previous quarter (+1%), but decreased compared to the previous year (-8%).
- The strongest intentions are reported by employers in Costa Rica (36%), Brazil (32%), and Guatemala (30%).
- Employers in Guatemala report the strongest hiring prospects globally for the Consumer Goods and Services sector (56%), while Costa Rica reports the strongest intentions in both the IT (53%) and Industrials and Materials (43%) sectors.
Europe, Middle East and Africa (EMEA):
They have the lowest hiring outlook among all regions at 18%. Although hiring intentions weakened by -3% compared to the same period last year, they have strengthened by +2% since Q2 2024.
- Companies in Switzerland (34%), South Africa (31%) and the Netherlands (28%) have the strongest hiring plans, while Romania (3%) and Israel (4%) are forecasting weaker hiring activity.
- Globally, the Energy and Utilities sector shows the strongest hiring prospects in Switzerland, at 66%. In Ireland, employers report the best overall prospects for both the Transport, Logistics and Automotive (50%) and the Industrial and Materials (47%) sectors.
