Global Job Market Heats Up in Q4, Led by Retail and Tech Hiring

Global companies are ramping up hiring for professional roles as they enter the final quarter of the year, particularly in sectors like retail, technology, and healthcare.

According to a recent survey by recruitment firm Robert Walters, job vacancies for professional positions rose nearly 9% globally in October, reversing a 5% decline in September. 

This increase suggests a return to more typical hiring patterns for the final quarter, with many companies looking to use up their hiring budgets or prepare for seasonal hiring spikes.

Notable growth was observed in the United States, where vacancies for professional roles increased by 11%, while the U.K. saw a more modest rise of 4%. 

However, Canada and Mexico experienced much larger increases, with job vacancies surging by 18% and 22%, respectively. This growth is partly attributed to businesses wanting to position themselves closer to U.S. clients, a trend that may intensify in the coming months due to geopolitical changes and trade agreements, according to Reuters.

Retail and consumer goods sectors saw the most significant gains, with job vacancies up 29%, followed by a 15% increase in the basic materials sector, 14% in technology, and 13% in healthcare. 

In contrast, demand for roles in real estate grew by only 5%, and the financial services sector showed the weakest growth, with vacancies rising just 1%.

Robert Walters’ CEO Toby Fowlston noted that the slow job growth in major hubs like New York and London could be attributed to the U.S. election and the U.K. budget, both of which contributed to a more cautious hiring outlook in those regions.

Although financial services vacancies are up 10% compared to a year ago, the growth has been uneven across countries. The U.S. saw a 12% rise in vacancies, while countries like Switzerland, the U.K., and France have seen declines, with job openings falling by 7%, 6%, and 5%, respectively.

The survey data, which mainly tracks publicly listed companies with a market capitalization of over $100 billion and privately owned firms with annual sales of at least $50 billion, highlights ongoing shifts in the global job market as companies adjust their hiring strategies in response to economic and geopolitical factors.