AmCham Slovakia

The most competitive sector in Slovakia is transport, logistics and automotive, with an employment outlook of 49%, 46 percentage points higher than in the previous quarter and 38 percentage points higher than in Q4 2023. Slovakia ranks second globally in terms of expectations in the transport, logistics and automotive sector, beating the sector average by 23 points.

In fact, this quarter's net index is the highest recorded for the Slovak transport, logistics and automotive sector since tracking began in Q4 2011.

The net labour market index in Slovakia, adjusted for seasonal fluctuations, is + 19%. Compared to the previous quarter, this is an increase of 4 percentage points, also representing a year-on-year increase of 4 percentage points.

The global net labour market index for the second quarter of 2024 is at + 25%, down 5 percentage points from a year ago and 3 percentage points higher than last quarter.

"By 2030, Generation Z will make up 58% of the workforce. That is why it is crucial to monitor trends in recruiting young talent and listen to this new generation", says Zuzana Rumiz, General Manager of ManpowerGroup Slovakia.

COMPARISON OF RECRUITMENT PLANS BY SECTOR

In the fourth quarter, companies operating in the transport, logistics and automotive sectors plan to create the most new jobs - a net labour market index of +49%. This is an increase of up to 46 percentage points compared to the previous quarter. Year-on-year, this is an increase of 38 percentage points.

The second strong sector is information technology, where the net labour market index is + 33%. Compared to last quarter, this sector has deteriorated by 1 percentage point. In third place is the consumer goods and services (+ 28%), which is up 15 percentage points from last quarter.

In addition to employers planning to hire new employees in the fourth quarter, there will be layoffs in some sectors. The big changes will again occur in the communication services sector (-29%). Also from a global perspective, this sector is the second weakest of all (+ 16%) but up 5 percentage points compared to last quarter (Q3 2024 + 11%). Year-on-year, it is down 15 percentage points.

REGIONAL COMPARISON

In Slovakia, a positive hiring mood prevails, as employers in all regions will hire more people than they will lay off. Hiring is strongest in Central Slovakia this quarter, where the net job index is + 27%. Eastern and Western Slovakia are performing similarly well (+ 17%)

In Bratislava, the net labour market index is + 13%, down 2 percentage points compared to last quarter. This part of Slovakia is also the part with the weakest hiring.

COMPARISON BY COMPANY SIZE

Small firms employing fewer than 10 employees with a net labour market index of + 30% plan to hire the most employees. This is followed by firms employing between 50 and 249 employees (+ 28%), with firms 250-999 employees in size achieving a net labour market index of + 25%. This quarter, small firms with 10-49 employees (+ 16%) and large firms with 1,000-4,999 employees (+ 6%) will be more cautious with hiring. Firms sized over 5,000 employees will reduce headcount this quarter (- 4%).

GLOBAL LABOUR MARKET DEVELOPMENTS

• Globally, the net labour market index rose by 3 percentage points quarter-on-quarter (+ 25%), but fell by 5 percentage points year-on-year.
  
• Employers in South Africa and North America have the strongest hiring plans (+ 32%), followed by the Pacific (+ 27%) South and Central America (+ 23%), and Europe, Middle East and Africa (+ 21%).
  
• Globally, employers in India (37%), Costa Rica (36%), the U.S. (34%), and Brazil (32%) have the strongest hiring plans.
  
• Job prospects are weakest in Argentina (4%) and Israel (+8%)
• Globally, the Information Technology sector has the strongest hiring prospects (35%), followed by Finance & Real Estate and Healthcare & Pharmaceuticals (32%). The Energy & Utilities sector is the weakest performer (+ 8%).

ATTRACTING, DEVELOPING AND RETAINING YOUNG TALENT

By 2030, Generation Z will make up 58% of the workforce. That's why it's crucial to monitor trends in recruiting young talent and listen to this new generation," says Zuzana Rumiz, General Manager of ManpowerGroup Slovakia. The main trends in recruiting young professionals include the digitalisation of the recruitment process, work flexibility, investment in professional development, and the importance of employer branding and social media.

The modernisation of recruitment processes and onboarding are also part of attracting young talent. Young professionals are tech-savvy, expect fast and efficient processes, and place a premium on digital tools and flexibility. When recruiting, it is important to focus on digitization and automation in the form of implementing software solutions, platforms with training, coaching and all employee documentation in one place.

According to a 2023 LinkedIn study, more than 80% of companies use at least one form of automation in their recruiting.
Recruiting young talent, especially Generations Y (millennials) and Z, requires new approaches that consider their specific values and expectations.

• Young people place a high value on company values and culture - they want to work for companies that are transparent and socially responsible.
  
• Generation Z and millennials value flexibility in working life, whether it is flexible working hours or the ability to work remotely.
  
• Companies that use technology to improve work processes are more attractive to young people.
  

In a ManpowerGroup survey, we asked employers how confident they are that their 18-17 year old workforce has the skills and experience to do the job.

The strongest sector was clearly communications services, which reflects the nature and focus of the industry. Most employers are more or less confident that their young employees have the necessary skills and experience to do the job.

In the ManpowerGroup survey, we went even deeper and asked employers how stressed their employees (aged 18-28) feel at work. The strongest sector was communications services, with a whopping 92% of employers in this sector responding that their employees feel stressed at work on a daily basis. This sector outperformed even challenging industries such as healthcare and heavy industry on this question.

Work-life balance is now one of the most important factors for employee health, productivity and overall employee satisfaction. Generation Z enters the workforce with different values and expectations from previous generations. Generation Z considers work-life balance as one of the most important priorities when choosing an employer. This generation is highly conscious when it comes to mental health. For them, work-life balance is essential to maintain mental health and well-being.

ABOUT THE SURVEY

The ManpowerGroup Employment Outlook Survey is the most comprehensive, forward-looking employment survey of its kind, used globally as a key economic indicator. The Net Employment Outlook is derived by taking the percentage of employers anticipating an increase in hiring activity and subtracting from this the percentage of employers expecting a decrease in hiring activity. Full results of the ManpowerGroup Employment Outlook survey are available at https://go.manpowergroup.com/meos. Detailed results for Slovakia can be found at www.manpower.sk/magazin/tag/prieskumy.

In the context of the labor market survey, 525 Slovak employers were asked: “How do you expect the total number of employees in your company to change in the following quarter by the end of December compared to the current quarter?”

ABOUT MANPOWERGROUP
ManpowerGroup® (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing, and managing the talent that enables them to win. We develop innovative solutions for hundreds of thousands of organizations every year, providing them with skilled talent while finding meaningful, sustainable employment for millions of people across a wide range of industries and skills. Our expert family of brands – Manpower, Experis, and Talent Solutions – creates substantially more value for candidates and clients across more than 75 countries and territories and has done so for over 70 years. We are recognized consistently for our diversity – as a best place to work for Women, Inclusion, Equality, and Disability, and in 2023 ManpowerGroup was named one of the World's Most Ethical Companies for the 14th year – all confirming our position as the brand of choice for in-demand talent. www.manpowergroup.com

MANPOWERGROUP SLOVAKIA
In Slovakia, ManpowerGroup takes care of the HR and payroll agenda of more than 1,000 employees every month, who work for ManpowerGroup's clients. Thanks to its network of five offices, ManpowerGroup finds 6,000 new employees for 500 clients annually. For more information, visit www.manpower.sk

Unless otherwise stated, all data are seasonally adjusted. The formula with which the data is adjusted from seasonal fluctuations is improved from quarter to quarter, and with the new formula the data for the previous quarters are also recalculated, taking into account the more data available to us.