Back to the Future: Hiring Intentions Begin to Recover for Q4 Yet Employers Plan to Shift to New Work Models for the Long-Term
Employers Now Expect Slower Recovery to Pre-Pandemic Hiring – One Third Believe After July 2021 or Never
The impact of the COVID-19 health, economic and social crisis continues to weigh heavily on the global labor market yet early signs of recovery are beginning to emerge according to the latest ManpowerGroup Employment Outlook Survey of over 38,000 employers in 43 countries conducted in July 2020.
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Key findings:
- Hiring intentions improve since last quarter in 37 of 43 countries though 41 decline year-over-year. Taiwan, the U.S., Turkey and Japan report the strongest Outlooks while Panama, Costa Rica, South Africa and Colombia report the weakest.
- Employers believe labor market recovery will take longer than first anticipated: When asked in April 54% expected a return before April 2021, now down to 31%. 13% believe hiring will not return until after July 2021 and 18% believe there will be no return to normal (vs.13% when asked in April)
These results reveal that employers now expect the recovery to take longer than they first anticipated and are preparing to go back to the future of work not the past,” said Jonas Prising, ManpowerGroup Chairman & CEO. “On one hand the lasting legacy of the pandemic will be new work models with more flexible work, more focus on health and wellbeing, and more skills development. On the other – a two speed recovery with some industries including Manufacturing, Professional Services and Construction beginning to bounce back while others like Hospitality and Travel are impacted for the long term. Though the full impact of various job-retention schemes introduced to support workers remains to be seen, we can be certain that helping people adapt from declining industries to growth roles will be critical. It is the responsibility of business, government and educators to support people with swift, targeted upskilling programs so that value creation is shared with the many, not just the few.”
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