Hiring To Remain Stable In 2024 Despite Talent Shortage

talent

In response to the limited availability of talent, employers are modifying their benefit packages in an effort to retain the best.

In the meantime, in the midst of a talent shortage and an anticipated positive net employment outlook for the first quarter of 2024, employers worldwide continue to encounter challenges in locating suitably qualified candidates, according to the most recent ManpowerGroup Employment Outlook Survey.

Furthermore, employers in 41 countries and regions continue to anticipate a measured hiring tempo in the first quarter, with a net employment outlook of +26%, according to a survey of 40,077 employers.

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At 37% each, India and the Netherlands have the most robust recruiting intentions, followed by Mexico (34%), the United States (35%), and Costa Rica (35%).

Hiring expectations for January – March in the Asia Pacific region:

• India – 37%

• China – 33%

• Australia – 29%

• Hong Kong – 29%

• Singapore – 29%

• Taiwan – 19%

• Japan – 10%

With regard to Hong Kong, among the 525 employers who were surveyed, 44% anticipate a rise in payrolls, while 40% do not foresee any alteration, 15% anticipate a decline, and 1% remain uncertain. When seasonal variation is accounted for, the employment outlook improves by 29%.

Furthermore, the communication services sector is the most optimistic in Hong Kong (+63%), followed by the transportation, logistics, and automotive sector (+34%) and the information technology sector (+32%).

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A talent scarcity continues to be a global problem.

In addition, employers worldwide continue to lag behind in their efforts to fill vacant positions due to the talent shortage, which is most pronounced in Japan (85%).

Top 5 skills global employers report most difficulty finding are those related to:

1. IT & data

2. Engineering

3. Sales & marketing

4. Operations & logistics

5. Manufacturing & production

Moreover, in an effort to retain top talent amidst a diminishing talent pool, employers are modifying the benefits packages they provide. Employers in Hong Kong are expected to implement the following strategies: wage increases of 39%, increased flexibility of 33%, and joining incentives of 32%.

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Employers in Hong Kong indicated that the prospect of recession and the recruitment of skilled personnel have a greater influence on their strategic HR priorities for the coming year than the AI transition.

Employers in Hong Kong, conversely, estimate that in order to incorporate more sustainable practices, all technical skills will need to evolve by a minimum of 55%, given that the existing sustainability skills are rudimentary in comparison to those required for the green transition.