Manpower Mesogeion 2-4 Athens Tower 115 27 ΑTHENS T: 210 32.24.301 F: 210 32.48.644 www.manpower.com.gr Under embargo until 00:01 8 December, 2009 Media Contact: Metaxia Kladis / The PR Team 210 610 67 67 – 6932 36 33 30 firstname.lastname@example.org Nadia Dionysopoulou/ The PR Team 210 610 6767 – 6936 50 43 84 email@example.com Manpower Employment Outlook Survey Indicates Weak Hiring Plans in Greece for the First Quarter of 2010 Greek Employers Post a Cautious Net Employment Outlook of +1% th Athens, December 8 , 2009. Manpower Greece released today its quarterly Manpower Employment Outlook Survey, revealing that employers are anticipating a cautious job market for the first three months of 2010. However, despite the reported limited employment opportunities for job seekers, the overall climate returns to positive after three consecutive quarters, with a Net Employment Outlook of +1%. The Survey is conducted by interviewing a representative sample of 751 employers across Greece. Greek employers interviewed report mixed hiring intentions for the quarter ahead, as 14 percent said they expect to hire more people, a further 13 percent of the employers expect to reduce their workforce, while 71 percent anticipate no change over the coming quarter. The survey data reveals a slight improvement of 1 percentage point in the Net Employment Outlook over the previous quarter’s hiring projections. However, on a year-over-year comparison, hiring intentions decline by a slight 2 percentage points. The Net Employment Outlook is derived by taking the percentage of employers anticipating total employment to increase, and subtracting from this the percentage expecting to see a decrease in employment at their location in the next quarter. “Overall, cautiousness is the word that will characterize the Greek employment market in the quarter ahead. Changes in hiring plans will be moderate, both in cases of hiring and laying off, as Manpower Employment Outlook Survey 1Q 2010 / Page 2 for most businesses the hard work and decisions of aligning their strategies and operations with the conditions of the global downturn was done during the previous year,” stated Dr. Venetia Koussia, Managing Director of Manpower Greece. “The slight upward trend that was first observed in the previous quarter is continued. However, the nature and dynamics of the labor market do not allow for over-optimism. The recovery of the job market to a pre-recession pace will be delayed until business see more demand for their services,” added Dr. Koussia. Industry comparisons Employers in six of the nine industry sectors surveyed in Greece predict headcount growth for the coming three months, but optimism varies across the sectors surveyed. Agriculture, Hunting, Forestry & Fishing sector employers report the country’s most optimistic hiring intentions, with an upbeat Net Employment Outlook of +13%, followed by employers in the Finance, Insurance, Real Estate & Business Services sector, who report a +10% Outlook. The gloomiest Outlook stands at -18% and is reported by the Construction sector employers. On a quarter-over-quarter comparison, hiring projections are weakened for three out of nine sectors, with sharp decreases of 21 percentage points in the Construction sector and 12 percentage points in the Public & Social sector. On a year-over-year comparison, hiring intentions are weakened in seven out of nine sectors, with the exception of the Tourism sector and the Agriculture, Hunting, Forestry & Fishing sector, where employers report Outlook improvements of 22 and 12 percentage points, respectively. “The contraction experienced in almost all sectors of the Greek economy is manifested in the notable slowdown of hiring in the Construction sector. This sector will continue to suffer, as long as overall unemployment rates go up. With regards to the notable improvement reported in the hiring plans of employers in Agriculture, Hunting, Forestry & Fishing, it could be attributed to a series of measures announced by the new government, aiming to reinforce this specific sector,” said Dr. Venetia Koussia. “Another notable finding is the different course of action manifested in the hiring plans of the Finance & Business Services sector and the Transport, Storage & Communication sector. The former was among the first to adapt to the needs of a declining labor market and now, over a year later, is showing signs of notable improvement (rightsizing). Employers in the latter, a sector fueled by continuous demand for web-based products, services and applications, did not show the quick reflexes needed to adapt in the crisis and is reporting a negative Outlook for the fourth consecutive quarter. However, as this is a highly dynamic sector, with significant room for growth, it could be said that this quarter’s much needed re- organization will be the basis for the sector’s improvement over the quarters to come,” added Dr. V. Koussia. Regional comparisons Manpower Employment Outlook Survey 1Q 2010 / Page 3 On a regional level, employers in Greater Attica forecast some slow-paced hiring activity in Quarter 1 2010, with a Net Employment Outlook of +2%, while in North Greece, employers report a cautious Outlook of +1%. Quarter-over-quarter, employer forecasts are unchanged in Greater Attica, but there is a slight 3 percentage point improvement in the Outlook for North Greece. Year-over-year, employers in North Greece report a relatively stable hiring climate, but in Greater Attica, the Outlook has declined by 4 percentage points. International comparisons Nearly 71,000 employers have been interviewed across 35 countries and territories to measure anticipated employment trends between January and March 2010. Hiring activity is expected to be mostly positive throughout the Asia Pacific and Americas, but employer forecasts in the Europe, Middle East & Africa (EMEA) region are mixed. Employers in 25 of the 35 countries and territories Manpower surveys expect to add to their workforces in Quarter 1 2010. Where quarter-over- quarter comparisons are available, Outlooks improve in 25 of 35 countries and territories. Hiring expectations are also stronger in 19 of 33 countries and territories where year-over-year comparisons can be made. Quarter 1 employment forecasts are most favorable in India, Brazil, Singapore, Taiwan, Costa Rica, Australia and Peru. Conversely, employer hiring expectations are weakest in Ireland, Romania and Spain. The next Manpower Employment Outlook Survey will be released on the 9th of March 2010 to report hiring expectations for the second quarter of 2010. The Manpower Employment Outlook Survey is available free of charge to the public through Manpower Greece. To receive e-mail notification when the survey is available each quarter, interested individuals are invited to complete an online subscription form at http://investor.manpower.com/investors/alerts.cfm ### Note to Editors Commentary is based on seasonally adjusted data where available. Full survey results for each of the 35 countries and territories included in this quarter’s survey, plus regional and global comparisons, can be found in the Manpower Press Room at www.manpower.com/meos. In addition, all tables and graphs from the full report are available to be downloaded for use in publication or broadcast from the Manpower Web site at http://www.manpower.com/library. Manpower Employment Outlook Survey 1Q 2010 / Page 4 About the Survey The Manpower Employment Outlook Survey is conducted quarterly to measure employers’ intentions to increase or decrease the number of employees in their workforce during the next quarter. It is the most extensive forward-looking survey of its kind, unparalleled in its size, scope, longevity and area of focus. The Survey has been running for more than 45 years and is one of the most trusted surveys of employment activity in the world. The Manpower Employment Outlook Survey is based on interviews with nearly 71,000 public and private employers worldwide and is considered a highly respected economic indicator. The Manpower Employment Outlook Survey is currently available for 35 countries and territories: Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Colombia, Costa Rica, Czech Republic, France, Germany, Greece, Guatemala, Hong Kong, Hungary, India, Ireland, Italy, Japan, Mexico, Netherlands, New Zealand, Norway, Peru, Poland, Romania, Singapore, Spain, South Africa, Sweden, Switzerland, Taiwan, the United Kingdom and the United States. The program began in the United States and Canada in 1962, and the United Kingdom was added in 1966. Mexico and Ireland launched the survey in 2002, and 13 additional countries were added to the program in 2003. New Zealand joined the program in 2004, China, India, Switzerland and Taiwan were added in 2005, and Argentina, Peru, Costa Rica and South Africa joined in 2006. Colombia, the Czech Republic, Greece, Guatemala, Poland and Romania joined in 2008 and Hungary and Brazil were added in 2009. For more information, visit the Manpower Inc. Web site at www.manpower.com and enter the Research Center, or contact Bruce Bock, Sr. Global Communications Manager at firstname.lastname@example.org About Manpower Inc. Manpower Inc. (NYSE: MAN) is a world leader in the employment services industry; creating and delivering services that enable its clients to win in the changing world of work. With over 60 years’ experience, Manpower offers employers a range of services for the entire employment and business cycle including permanent, temporary and contract recruitment; employee assessment and selection; training; outplacement; outsourcing and consulting. Manpower's worldwide network of 4,100 offices in 82 countries and territories enables the company to meet the needs of its 400,000 clients per year, including small and medium size enterprises in all industry sectors, as well as the world's largest multinational corporations. The focus of Manpower's work is on raising productivity through improved quality, efficiency and cost-reduction across their total workforce, enabling clients to concentrate on their core business activities. Manpower Inc. operates under five brands: Manpower, Manpower Professional, Elan, Jefferson Wells and Right Management. More information on Manpower Inc. is available at www.manpower.com.
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