Hungarian employers expect employment indicators to improve in the last quarter of this year: 25% of Hungarian companies plan to expand their workforce during this period, while 17% expect to reduce it, according to a labor market survey by Manpower Hungary published on Wednesday by MTI.
ManpowerGroup surveyed more than 40,000 employers in 42 countries around the world, including 525 employers in Hungary.
The seasonally adjusted net employment outlook, calculated from the difference between the number of companies forecasting an increase and those forecasting a decrease in staffing levels, reached an average value of +8 percent, which is 4 percentage points higher than in the previous quarter. This data broke the three-quarter trend of gradual decline, indicating renewed optimism among domestic companies, the report said.
The announcement quoted Péter Varga, managing director of Manpower Hungary, who said that based on expectations for the last quarter, the Hungarian labor market has passed its lowest point and domestic companies are already expecting a further upturn in employment.
However, he also indicated that this upturn will be stronger once the economy is back on a clear growth path. At present, the positive shift is mainly due to certain sectors. He cited the automotive industry as an example, which, following the US-EU customs agreement, can once again plan under more stable market conditions, while major investors in the sector are bringing new capacity into production. Another sector expected to see a strong upturn by the end of the year is finance and real estate, whose prospects may be positively influenced by the preferential mortgage program that is now being launched.
It was highlighted that the largest increase in employment is expected in logistics and the automotive industry, as well as in finance and real estate. Employers also expect above-average growth in communication services and in the raw materials and manufacturing industries. At the same time, there is a trend towards staff reductions in the energy and utilities sector.
They pointed out that the proportion of companies planning to increase their workforce is highest among medium-sized companies employing 50-249 people and 250-999 people, while companies with more than 5,000 employees indicate a slight intention to reduce their workforce.
The representative survey also revealed that, according to domestic companies, the factors that have the greatest impact on retaining staff are flexible working hours, followed by appropriate recognition of employees and achieving a work-life balance.