Despite a Global Talent Shortage, Hiring Expected to Continue to Grow In 2022
As the ManpowerGroup Employment Outlook Survey enters its 60th year of producing the most comprehensive, forward-looking employment survey of its kind, we find a key theme that could have been part of the very first survey back in 1962…employers need skilled workers. It’s the finding, recruiting, and retaining them that keeps hiring managers up at night.
“The post-pandemic hiring recovery that has been underway for some time will continue to carry momentum into 2022 with employers predicting strong demand for talent across key sectors,” said Jonas Prising, ManpowerGroup Chairman & CEO. “Companies all over the world need skilled workers to meet their business objectives and fully participate in the economic global recovery. Talent shortages continue and employers are competing with a talent pool that has not full returned to labor markets due to the pandemic. Organizations need to embrace bold thinking on where, when, and how work gets done to meet what workers want while balancing the requirements of business.”
Here are some of the key findings that emerged for Q1 hiring intentions, hybrid working plans, and vaccination expectations to return.
Return to the New Normal
In the 2022 Q1 survey of more than 39,000 employers, all 40 countries and territories reported positive outlooks for the first time since before the pandemic. While some countries and regions continue to rebound faster than others, the overall global optimism is a good sign for labor markets and employers. It also marks good news for employees as more organizations are stepping up their game to meet the demands of a workforce that wants higher pay, better working conditions, and greater flexibility.
Flexibility is the Key
Even as demand continues to grow to levels not seen since before the pandemic, the future of work continues to change as employers compete to attract and retain talent. While COVID spurred the acceleration to more hybrid workplaces, the mere definition of “hybrid working” is evolving. What is starting to take shape is not simply a dynamic of working remotely a few days, with the rest of the time spent in the office. Not every industry, such as manufacturing or hospitality, can easily accommodate such arrangements.
As we continue to see the supply of jobs outstrip the supply of labor, employers will need to continue to balance the needs of workers with the skills and requirements necessary for the hybrid workplace,” Prising said.
The data shows more industries are embracing hybrid work, with more than half of all employers worldwide in the Finance & Accounting, Administrative, and Human Resources industries adopting some form of a hybrid schedule. Perhaps most surprisingly, though 55% of all Manufacturing employers are still having employees work on-site all the time, nearly 3 in 10 employers in that sector are implementing hybrid work for their people in order to retain staff.
Digital Roles are Most in Demand
While employers have always needed to hire quality people, the way we work continues to evolve. The 2022 Q1 survey found IT, Technology, Telecoms, Communications and Media reporting the strongest hiring outlook. But demand is strong in other industries as well, with Banking, Finance, Insurance and Real Estate and Restaurants and Hotels not far behind. Even in sectors where needs weren’t as strong, hiring intentions are eclipsing levels seen during the worst of the COVID-19 outbreak. The upside is every business in every sector globally has room for improvement.
Vaccines Becoming the Norm
In early 2020, COVID sent many workers home to a new reality of remote and hybrid working. Now, as businesses continue efforts to return to in-person work, many are requiring their employees be vaccinated. 61% of all employers globally reported that they are mandating vaccines for some or all of their workforce. Just 15% are leaving the decision of whether to get vaccinated up to individuals. Additionally, the Q1 results found 70% of employers in the Primary Production sector, consisting of organizations in Agriculture, Forestry, and Fishing; Mining and Quarrying; Electricity, Gas and Air Conditioning Supply; Water Supply; Sewerage, Waste Management and Remediation Activities, will be or are planning to mandate vaccinations. The Information Technology, Banking, and Construction sectors are also among the top industries mandating employees be vaccinated.
To see the full survey results, including more in-depth analysis about hybrid working, which industries are expecting the most growth to kick off the new year, employers' feelings about vaccine mandates, and more, visit: go.manpowergroup.com/meos.