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U.S. Bureau of Labor Statistics Reports Slow Hiring in March, But Optimism is Still Strong, Cites Manpower Employment Outlook Survey Results
MILWAUKEE (April 6, 2012) – ManpowerGroup (NYSE: MAN), the world leader in innovative workforce solutions, advises employers to incorporate flexible workforce models when faced with slow growth and lingering volatility in global markets, as the U.S. Bureau of Labor Statistics today reported that the overall March jobless rate dropped slightly to 8.2 percent from 8.3 percent in February, and that the U.S. private sector added only 121,000 new jobs last month.
Jobs were added in manufacturing, food and beverage industries, and health care. Retail trade lost jobs from February.
“Last month’s weaker than expected numbers are certainly linked to the agility and cautiousness that companies are exercising,” said Jeffrey A. Joerres, ManpowerGroup Chairman and CEO. “The increased fuel prices and sluggishness in Europe may be adding just enough concern for employers to take a pause in their hiring activity.”
“Just as a financial planner would advise clients to diversify their portfolios, we recommend employers meet fluctuating demand, by balancing their workforces with the right mix of talent – including permanent hires, temporary workers and part-time staff,” Joerres added. “A flexible workforce enables companies to stay profitable as economic volatility persists in the U.S. and worldwide.”
According the Manpower Employment Outlook Survey for Q2 2012, hiring optimism among U.S. employers has gained momentum as positive outlooks were reported broadly across all industries and geographies. U.S. employers have conveyed a positive Outlook for 10 straight quarters.
“We’re seeing improvement in the labor market, but job creation is not occurring fast enough,” said Jonas Prising, ManpowerGroup President of the Americas. “Add to this the talent mismatch we’re seeing in the U.S. We just don’t have enough of the right people, with the right skills for open positions. To tackle the mismatch head on, ManpowerGroup reinforces the need for educators and employers to collaborate so that talent is work-ready, not only graduate-ready.”
ManpowerGroup’s 2011 Talent Shortage Survey found that 52 percent of U.S. companies are struggling to fill key jobs, the highest percentage in the six-year history of the survey. ManpowerGroup advises companies to think long-term because the talent mismatch will inevitably worsen as demand for products and services increase.
ManpowerGroup™ (NYSE: MAN), the world leader in innovative workforce solutions, creates and delivers high-impact solutions that enable our clients to achieve their business goals and enhance their competitiveness. With over 60 years of experience, our $22 billion company creates unique time to value through a comprehensive suite of innovative solutions that help clients win in the Human Age. These solutions cover an entire range of talent-driven needs from recruitment and assessment, training and development, and career management, to outsourcing and workforce consulting. ManpowerGroup maintains the world’s largest and industry-leading network of nearly 3,900 offices in over 80 countries and territories, generating a dynamic mix of an unmatched global footprint with valuable insight and local expertise to meet the needs of its 400,000 clients per year, across all industry sectors, small and medium-sized enterprises, local, multinational and global companies. By connecting our deep understanding of human potential to the ambitions of clients, ManpowerGroup helps the organizations and individuals we serve achieve more than they imagined – because their success leads to our success. And by creating these powerful connections, we create power that drives organizations forward, accelerates personal success and builds more sustainable communities. We help power the world of work. The ManpowerGroup suite of solutions is offered through ManpowerGroup™ Solutions, Manpower®, Experis™ and Right Management®. Learn more about how the ManpowerGroup can help you win in the Human Age at www.manpowergroup.com.
ManpowerGroup is the most trusted brand in the industry, being the only company in our industry to be named to the Ethisphere Institute’s 2011 World’s Most Ethical Companies list for our proven commitment to ethical business practices, including an outstanding commitment to ethical leadership, compliance practices and corporate social responsibility.
In January 2011, at the World Economic Forum Annual Meeting in Davos, Switzerland, ManpowerGroup announced the world has entered the Human Age, where talent has replaced capital as the key competitive differentiator. This concept of talentism as the new capitalism continues to resonate and was echoed as a core theme of the 2012 Annual Meeting of the World Economic Forum in Davos. Learn more about this new age at www.manpowergroup.com/humanage
Gain access to ManpowerGroup’s extensive thought leadership papers, annual Talent Shortage surveys and the Manpower Employment Outlook Survey, one of the most trusted indices of employment activity in the world, via the ManpowerGroup World of Work Insight iPad application. This thought leadership app explores the challenges faced by employers navigating the changing world of work and provides in-depth commentary, analysis, insight and advice on strategies for success.
Follow ManpowerGroup Chairman and CEO Jeff Joerres on Twitter: twitter.com/manpowergroupjj. Joerres is one of only six Fortune 500 CEOs who leverages a Twitter account to get his message out.