Puerto Rico hiring intentions rise 5% for Q4 – News is My Business

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Melissa Rivera-Roena, ManpowerGroup’s general manager for Puerto Rico and the Dominican Republic (File photo)

ManpowerGroup’s report shows small- and medium-size enterprises leading the hiring growth.

The ManpowerGroup Employment Expectations Survey (MEOS) has revealed a rebound in hiring intentions among employers in Puerto Rico for the fourth quarter (Q4) of the year, showing a 5% increase compared to the previous period. However, this figure remains below the international average.

Melissa Rivera-Roena, general manager of staffing agency ManpowerGroup in Puerto Rico, noted that, for the first time, other labor trends were also measured. The survey revealed that more than half of companies have LGBT+ inclusion strategies, although 95% lack the talent to meet environmental, social and governance (ESG) criteria. It also measured employer perspectives on Generation Z, employee retention strategies and the balance of power in the workplace.

“This quarter, other important aspects of labor trends in companies were measured for the first time with important results that must be analyzed in depth. It is positive that there is a rebound in hiring expectations compared to the previous quarter because we came from very low numbers,” said Rivera-Roena.

She said that 32% of companies plan to increase their workforce, 38% do not plan to make changes, 23% are considering reductions and 3% are uncertain, leading to a seasonally adjusted net employment expectation of 13%. The international average stands at 26%. Compared to the same period last year, the reduction is 23%.

Rivera-Roena explained that medium and small companies showed the highest hiring intentions. Companies with 50 to 249 employees indicated a hiring trend of 34%, those with fewer than 10 workers reported 29% and those with 10 to 29 employees showed 24%.

Alberto Alesi, Manpower Group’s general director for Mexico, the Caribbean and Central America, stated, “For this fourth quarter of the year, the most positive employment expectations in the country are recorded in the eastern and northern regions. The sectors with the most intentions are consumer goods and services, and life and health sciences.”

The eastern region showed an expectation of 32%, followed by the north (25%), south (24%) and metropolitan area (11%). The west and central regions reflected negative intentions, at -1% and -14%, respectively.

In terms of sectors, consumer goods and services showed a hiring expectation of 31%, followed by life sciences and health (30%), others (27%), manufacturing (19%), finance (18%), information technology (10%), and transportation, logistics and automotive (5%). The communication services and energy sectors reported negative trends, at -6% and -32%, respectively.

Rivera-Roena also noted that more than half (54%) of companies have formal inclusion strategies for the LGBTQ+ community, with another 25% in the process of developing initiatives.

She said that 95% of companies reported that they lack the talent needed to meet their ESG objectives. Of these, 56% are focused on improving and training existing talent, while others are considering recruiting external talent or adding responsibilities to existing positions.

Rivera-Roena further explained that 69% of employers believe Generation Z faces a moderate level of daily stress. Meanwhile, when measuring the balance of power in salary negotiations, workplace flexibility and schedule flexibility, the balance leans toward employers by 73%, compared to 22%.

The survey also highlighted the most commonly used workforce retention strategies in Puerto Rico: increasing work-life balance (44%), training managers (44%), improving technological tools (43%), providing more opportunities for job promotion (42%) and reducing work stress (41%).

Latin America findings “Employers in Costa Rica (36%), Brazil (32%), Mexico (30%) and Guatemala (30%) report the most optimistic hiring intentions in Latin America for the fourth quarter of 2024,” said Mónica Flores, president of ManpowerGroup LATAM.

The sectors with the greatest expectations in Latin America are information technology (31%), transportation, logistics and automotive (28%), followed by communication services (29%) and consumer goods and services (29%).

This content was produced by News is my Business staff members. Send questions, comments, and suggestions to [email protected].

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