The employment outlook for next quarter slumped to a six-year low, as employers are cautious about hiring staff because of the faltering global economy, with the slowdown in China weighing particularly heavily on Taiwan’s employment prospects, according to a survey released by ManpowerGroup yesterday.
The nation’s first-quarter net employment outlook dropped for a third consecutive quarter to 29 percent for the January-to-March period, a fall of 6 percentage points from this quarter, the survey found.
On an annual basis, the outlook plunged 15 percentage points, the survey showed.
Less than one-third of Taiwanese firms plan to hire new employees next quarter, the survey indicated.
“The first quarter is usually the peak hiring season, but the job market remains depressed due to a global economic slowdown,” ManpowerGroup Taiwan’s All Ng (吳璧昇) said in a statement. “Most employers are continuing to exercise caution and are refraining from large-scale hiring in the hopes that they see meaningful indicators of a market upturn following the Lunar New Year holiday.”
The outlook of the manufacturing sector — a pillar of the nation’s economy — also dropped to its weakest level in six years, ManpowerGroup said.
The manufacturing sector’s net employment outlook sank to a six-year-low of 18 percent for next quarter, the survey showed.
The figure represents a sequential decline of 4 percentage points, or an annual contraction of 13 percentage points, ManpowerGroup said.
“Falling export orders make the prospects for the manufacturing sector uncertain. It is possible that demand for mobile devices, machinery, and equipment will be spurred by the trend for Internet of Things devices and smart technology,” Ng said. “Most employers intend to adopt a wait-and-see approach until the Lunar New Year holiday ends.”
Among the six sectors surveyed, the finance, insurance and real-estate sectors have the most optimistic hiring plans over the next three months, the survey showed.
The net employment outlook for the finance, insurance and real-estate sector rose 2 percentage points sequentially to 43 percent next quarter, as employers plan to hire more staff as they expand in China and other Asian markets, the survey said.
The services sector was the second-most optimistic about its hiring plans, with the wholesale and retail trade sector third, the survey showed.
Despite the weak figures, the nation’s figures are among the best worldwide, second only to India’s 42 percent, ManpowerGroup said.
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