Issue link: https://read.uberflip.com/i/1503407
Data Classification Level ManpowerGroup Talent Solutions: Global QMR Q2 2023 | 5 • Global economy, although slowing, is performing better than originally anticipated. • Inflationary pressure has moderated but remains above central banks' targets and tighter monetary policy is expected to continue in second half of the year. • North America & Europe may still see a shallow & short recession. • Labor markets show resiliency and remain tight with unemployment still at low level. • Employers turning to skills-first approach to navigate talent shortage and improve retention. Global Workforce Key Trends Less than one-fourth of employees are engaged at work • Employee engagement in South Asia (33%), the United States and Canada (31%), and Latin America and the Caribbean (31%). • Engagement levels in the U.S. and Canada have recently declined. • Europe has the lowest employee engagement globally (13%). • Globally, 31% of managers are engaged, compared with 20% of individual contributors. • Global stress maintains a record high and is higher in younger workers and those in exclusively remote or hybrid work locations. Demand for blue collars/light industrial workers Demand for IT professionals Global Hiring Demand -4% Changes Between Q1 2023 & Q2 2023 Changes Between Q2 2022 & Q2 2023 +1% -27% -9% -6% +4% Source: TalentNeuron, Gallup , World Economic Forum Generative AI set to transform economies and industries • 75% of organizations that are planning to introduce AI over the next five years. • Augmenting or replacing human: Structural labour market churn of about 23% – a combination of 10.2% job growth and 12.3% decline. ManpowerGroup Talent Solutions: Global QMR Q2 2023 | 5