Swiss firms on track with early 2024 hiring plans

© Keystone / Gaetan Bally

Hiring plans by Swiss companies remain on track for early 2024, despite the economic slowdown. Domestically-oriented sectors are more optimistic for the coming quarter than export-oriented ones.

The Net Employment Outlook (NEO) stands at 33%, down 6% on the previous quarter, but up 6% year-on-year, according to ManpowerGroup’s employment outlook survey published on Tuesday.

Overall, 44% of respondents anticipate an increase in headcount, 41% expect the status quo, and 13% anticipate a decrease.

The most buoyant job markets are expected in Central Switzerland (45%) and Zurich (44%), both with a 7% increase on the previous quarter. Year-on-year, these regions even report increases of 30% and 19% respectively.

Next, job prospects reach 36% in the north-west of the country, 28% in the central region, 26% in Ticino and eastern Switzerland, and 22% in the Lake Geneva region.

By sector, the information technology (IT) sector shows a hiring forecast of 62%, an increase of 38% over one quarter and 16% over one year. The finance and real estate sector follows at 54%, with increases of 28% and 36% respectively. The communications services sector is also in good spirits (46%), but less so than in the previous quarter. However, hiring prospects are 16% up on last year.

Transport and industry more pessimistic

Conversely, hiring forecasts are more moderate in export-oriented sectors. In the transport, logistics and automotive sectors, the Net Employment Outlook is 25%, down 37% since last quarter. In the energy and industry sector, the outlook stands at 23%, down 30% on the previous quarter.

“Despite the looming spectre of a potential recession, inflationary pressures and rising business costs, the Swiss employment landscape remains resilient,” emphasized Benjamin Hügli, head of sales at ManpowerGroup Switzerland.

The shortage of qualified personnel, which has declined somewhat, remains a major challenge for employers. More than seven out of ten companies are struggling to fill vacancies. According to the study, the skills most in demand are in IT and data analysis (29%), production and manufacturing (22%), engineering (21%) and operations & logistics (20%).
To remedy this situation, half of all employers say they prefer to work flexibly. Less than a third plan to increase salaries or call on older workers or cross-border commuters.

Responses to the survey were collected last October.

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