Labor Market: Overall Employment Forecast in the First Quarter of 2023

The overall employment forecast for NEO (Συνολικές Προοπτικές Απασχόλησης) for the first quarter of 2023 shows a “positive sign”, amounting to 7%, which is 9% more than in the last quarter of 2022. According to experts, this gives a very optimistic boost to the labor market.

The data is taken from the ManpowerGroup Employment Outlook Survey, according to which 28% of the 520 Greek employers surveyed say they expect an increase in the number of employees, 46% do not expect any changes, and 22% predict a decline.

Employment outlook remains positive for almost all sectors, as Greek employers expect hiring rates to increase in 7 out of 9 sectors in the first quarter of 2023, while no differentiation is expected in the communications sector, with only the Other Services section expected to decline by 6%.

The most competitive/strong sector in Greece are Information Technology, with job prospects reaching 27%, up 22% QoQ and 15% Q1 2022. Followed by industry and construction, with job prospects of 13% (an increase of 29% compared to the previous quarter and a decrease of 6% compared to the first quarter of 2022).

The strongest region, in terms of hiring intent, is Northern Greece, showing the dynamics of the region and recording growth of 21% compared to Q4 2022 and 17% compared to Q1 2022. Positive employment prospects (3%) were recorded in Ευρύτερη Περιφέρεια Ελλάδας, which means an increase of 13% compared to the last quarter of 2022 and a decrease of 2% compared to the first quarter of 2022. Negative employment prospects are noted in the Attica region (-2%).

Employers in organizations with 250+ employees are more optimistic, as they expect the largest NEO +21% employment growth of 7% compared to Q4. 2022 and 11% compared to Q1 2022 A weaker workforce climate (-1%) prevails in companies with 10 to 49 employees.

According to a survey by ManpowerGroup (38,000 employers), the seasonally adjusted* global hiring climate remains favorable in the first quarter of 2023. Hiring intentions are positive in 39 of the 41 markets surveyed, with the overall net employment forecast at 23%, but 6% lower than in the fourth quarter of 2022.

The strongest hiring intentions for the next quarter are in Panama (39%), Costa Rica (37%) and Canada (34%). Weakest of all in Poland (-2%) and Hungary (-8%). Employers in Europe, the Middle East and Africa (EMEA) report a slight decline in hiring expectations (18% vs. 21% in the previous quarter). 36% of employers in the region expect an increase in job prospects (we remind you that the corresponding percentage in Greece is 28%), 20% expect a decrease, and 40% do not expect any changes.

ManpowerGroup conducted a survey from October 13 to November 25 among 38,000 employers in 41 countries to assess hiring intentions in the first quarter of 2023. The survey included an analysis of data obtained in response to one question: “How do you think the total number of employees in your area of ​​responsibility will change in the quarter until the end of March 2023 compared to the current quarter?“.

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