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Job Market Q4-2023

The HR industry expect the job market to see significant activity in Q4 despite challenges such as talent shortages and inflation.

According to the ManpowerGroup Employment Outlook Survey, 49% of major companies are planning to increase their staff in Q4. This trend is indicative of employers’ intentions to adopt a calculated approach to hiring, to attract and retain the right talent for their organizations.

With growth projections varying from industy to industry, Robert Half sees specific roles such as budget analysts, finance managers, and compensation & benefits managers experience a substantial increase in demand, reflecting the evolving needs of the job market and the emphasis on financial management and employee welfare.

On their end, the Society for Human Resource Management (SHRM) forecasts a persistence in labor shortages, with 102 million job openings predicted, a slight drop from 2022 but considerably higher than the pre-pandemic average. SHRM projects the number of hires to be around 63 million, a decrease from the previous year and slightly below the historical average.

Despite the challenges, HR pundits remains cautiously optimistic for the overall outlook, with employers and industries adapting to the evolving market dynamics and focusing on strategic hiring to fill critical roles.

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