SHANGHAI 12th December 2023 - ManpowerGroup Greater China has launched the Q12024 Employment Outlook Survey (hereinafter referred to as "MEOS") toforecast companies’ hiring intentions during the period from January to March2024.

Mainland China is expectedto have a stable employment outlook in Q1 2024.

In Q1 2024, Mainland China isanticipated to maintain a stable hiring environment, with a Net EmploymentOutlook (NEO) of 33%, ranking sixth globally. Thisfigure is 7 points higher than the global average. The outlook remains stablecompared to the previous quarter but has improved by 8 points since the samequarter last year. Shenzhen recorded the highest NEO at +49%, followed byShanghai at +44%. Notably, Shenzhen has consistently shown the most optimisticemployment expectations for two consecutive quarters, with a quarterly increaseof 7% and a yearly increase of 14%.

ManpowerGroup recently recognizes theproactive fiscal and precise monetary policies aimed at strengthening economicrecovery and restoring confidence in the employment market. However, concernspersist regarding deflation and sluggish consumption.

Q1 2024Employment Outlook of 12 Regions and Cities

Net Employment Outlook (seasonally adjusted %)

Health Care & Life Sciences industryhas the brightest hiring outlook

The most competitive sector is HealthCare and Life Sciences, which saw a 9 percentage point increase compared tothis time last year, followed closely by Energy and Utilities sector at 39%.

ManpowerGroup highlights the robustdemand for medical services and health products in the Health Care and LifeSciences sector, driven by population aging and seasonal epidemics, which hasled to increased investment and positive employment outlooks.

Q1 2024 Employment Outlook of 9 Sectors

Net EmploymentOutlook (seasonally adjusted %)

5000+ employees have the most positiverecruitment expectations

Chineseemployers in large enterprises with 5000+ employees remain the most optimistic,with a NEO of 44%, despite a 7% decrease from the previous quarter.

ManpowerGroupbelieves that the government has implemented targeted policies and measures,including fiscal taxes, financial credit, supply and price stability, aimed atstabilizing production and operation for large enterprises and alleviating theburden on small and medium-sized enterprises. These initiatives are expected toboost development confidence and increase employment demand for businesses.

Q1 2024 Employment Outlook forOrganizations of Six Sizes

Net EmploymentOutlook (seasonally adjusted %)

The IT/data talent shortage persists

The expansionof Mainland China’s digital economy and the implementation of new energy andcarbon strategies have increased the demand for IT & Data, ESG Risk /Advisory / Governance, and other hard skills. These skills have beenconsistently challenging for employers to find for two years. Additionally, Sustainability/ Environmental skills have moved up from the top four last year to the thirdplace.

Top 5 SkillsEmployers Report Most Difficulty Finding 

As employersplan their strategic HR priorities for the coming year, they reported that AI& technology transitions and recruiting for skilled roles areimpacting their plans most, even more than the possible recession.

Key Drivers of HR Strategies for2024

Employers in all 41 countries and regions expect to increase headcount

ManpowerGroup conducted a comprehensive survey on hiring intentions in41 countries and regions. After seasonal adjustment, the NEO for the AsiaPacific region has maintained relative stability at +30%. Similarly, theAmericas also continues to demonstrate positive employment prospects, withNorth America reporting a NEO of +34% and Central and South America at +28%.However, Europe, the Middle East, and Africa remain the lowest among the globalregions, with a NEO of +23%.

Q1 2024 Employment Outlook for 41Countries and Territories

Net EmploymentOutlook (seasonally adjusted %)

To viewcomplete results for the ManpowerGroup Employment Outlook Survey, please visit //4547tiyu.com/MEOS/. With MEOS beginning in 1962, thisyear’s results mark the 61st consecutive year of the survey.

NOTES TO READERS

The methodology used to collect the data for the Employment Outlook hasbeen digitized in 41 markets from the Q1 2022 report. Respondents in priorquarters were contacted via telephone and data is now being collected online.Respondents are members of double opt-in online panels and are incentivized tocomplete the survey. In line with standard findings of online surveys, morepeople are now taking a position – selecting that their workforce will eitherincrease or decrease vs. no change. Because the Net Employment Outlook is basedonly on the people saying increase or decrease, the result of this higher levelof engagement means the methodology shift may contribute to a higher Outlook.With a sample of 1,000 there is a margin of errorof +/-3%. The question asked and the respondent profile remains unchanged. Thesize of the organization and sector are standardized across all countries toallow international comparisons.

ABOUT THESURVEY

The survey data was collected in October 2023.TheEmployment Outlook Survey is the most comprehensive, forward-looking employmentsurvey of its kind, used globally as a key economic indicator. The NetEmployment Outlook is derived by taking the percentage of employersanticipating an increase in hiring activity and subtracting from this thepercentage of employers expecting a decrease in hiring activity.

ABOUT MANPOWERGROUPGREATER CHINA

ManpowerGroup Greater China Limited (Stock Code: 2180.HK) started itsbusiness in Hong Kong and Taiwan in 1997. Since that time, it has acceleratedits market expansion and now provides services to its clients in over 270cities in the Greater China markets and operates in more than 20 offices.ManpowerGroup Inc. (NYSE: MAN), our largest shareholder, is a world leader inworkforce solutions and services-- with a long operating history of more than 75years.

Empowered by the world-wide reputation and global perspectives ofManpowerGroup Inc., ManpowerGroup Greater China has rooted its operations inlocal markets across Greater China for over 20 years. In 2015, ManpowerGroupGreater China Limited and CITICPE established a strategic joint ventureheadquartered in Shanghai, to penetrate and accelerate business in GreaterChina. Through our service network of over 240 cities, we offer comprehensiveand full range workforce solutions to more than 20,000 companies in the GreaterChina Region.