In Belgium and most notably in Brussels, the job market is experiencing notable trends as we move into the latter part of 2024. According to recent surveys, 45% of Belgian employers plan to increase their workforce in the fourth quarter, indicating a strong hiring outlook, especially in sectors like energy, healthcare, and communication services. This growth is buoyed by a continued focus on recruitment despite economic uncertainties and wage pressures from earlier in the year. Employers are particularly optimistic in Brussels, where hiring intentions are notably high. Additionally, a record 100,000 new jobs were created in Belgium earlier in the year, driven by post-pandemic economic recovery, particularly in the services sector. However, the pace of job creation is expected to stabilize due to ongoing structural challenges.
At the same time, nearly 60% of Belgian workers have expressed a desire to change jobs in 2024. This is driven by a quest for better work environments and career growth rather than salary increases. Many employees prioritize benefits such as flexible working conditions, company cars, and health insurance over wage hikes. The ManpowerGroup Employment Outlook Survey shows that employers in the country remain optimistic, with a net employment outlook of +31%. Hiring is especially strong in sectors like Energy and Utilities (+48%), Healthcare/Life Sciences (+45%), and Communication Services (+38%). These sectors are expected to experience significant job growth as companies prioritize filling vacancies that remained open earlier due to talent shortages. Additionally, Belgium achieved a milestone by creating 100,000 new jobs this year, a record-high over the past 70 years. This was largely driven by the robust recovery in the services sector following the pandemic.
However, concerns about inflation and rising wages are still pressing issues, as employers struggle to balance costs with the need to offer competitive benefits to retain talent. Moreover, employee satisfaction plays a pivotal role in job retention, with 59% of Belgians expressing the desire to change jobs in 2024. Workers are increasingly looking for better workplace environments and clear career progression paths, while salary considerations are becoming less critical. Benefits like company cars, flexible working arrangements, and health insurance are increasingly prioritized.
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