Navigating Uncertainty: 2024 Hiring Outlook for Small and Large Companies in the Labor Market

Large multinationals and national companies are proceeding with caution when it comes to hiring expectations for the remainder of 2024, as the labor market continues to deteriorate. In contrast, small and medium-sized enterprises (SMEs), especially those in the industrial sector, are facing a more critical situation with 11,000 layoffs already and projections of reaching 300,000 by the end of the year.

Consultants have observed a slight reactivation of job searches among the main private employers, although this varies across different productive sectors depending on their economic activity and future prospects. Selection processes have been at a standstill for the past year due to uncertainty surrounding the economy and the impact of the elections. Companies that had plans to hire staff in the second half of 2023 suspended their searches, while others who had not yet launched job ads were waiting for a clearer picture of the situation post-elections. The job portal Bumeran predicted that 2024 would see the lowest number of hires in the last three years due to ongoing uncertainties.

According to ManpowerGroup’s ‘Employment Expectations Survey,’ conducted among 700 large companies for the third quarter, Net Employment Expectation (ENE) showed a 3% increase for July to September. Some industries, such as healthcare and life sciences, IT, finance and real estate, are more optimistic about increasing their payrolls than others like consumer goods and services or transport logistics or automotive industries expect no hiring or even reductions.

Specialists in various fields have noted slight improvements in employment trends in some sectors such as health care, e-commerce oil & gas mining fintech banks agro-food automotive appliances electronics remain less optimistic about recovery towards