68% of Western European firms hired international MBA graduates in 2023, and almost half of European firms have plans to do the same in 2024 too, according to new research by the Graduate Management Admission Council (GMAC).
The researchers found that only East and Southeast Asia had a higher percentage of firms hiring internationally in 2023 – at 79%. Whilst only 40% of employers in the United States hired internationally in 2023.
Interestingly, 47% of Western European firms had the highest percentage of employers planning to hire internationally in 2024, higher than the global average of 39%. However, just 16% of employers in the United States had plans to hire internationally in 2024.
The report, entitled Corporate Recruiters Survey, gathered insights from nearly 1,000 company recruiters and staffing firms, spread across over 30 different countries. It focuses on current trends in skills demand, hiring, compensation, and perceptions of MBA and business master’s graduates.
The report investigates the recruitment plans of corporate firms – 51% of which are from the Global Fortune 500 – for business school graduates across a range of sectors such as manufacturing, technology, finance, consulting, and more.
The findings showed that 58% of Western European employers planned to hire more MBA graduates over the next five years, despite the effects of external factors like inflation, increased cost of living and geopolitical tensions. And just 3% of Western European employers predict a decrease in MBA grad hiring.
Many European employers had already begun increasing their hiring of MBA grads, with a third hiring more MBA graduates in 2023, compared to 2022.
The researchers also surveyed companies on all macro-economic factors that are likely to be influencing their hiring decisions. Globally, businesses cited the financial status, inflation and recession fears as the biggest factors influencing hiring. Additionally, international and national conflicts, public health issues and the policies made by country leaders were all likely to impact hiring in 2024.
“Geopolitical tensions, increased adoption of new technologies and of course the covid pandemic have all had a dramatic impact on global economic conditions in recent years”, says Nalisha Patel, Regional Director for Europe at GMAC.
“Inflation has been one result of the ever-increasing volatile environment we live and work in, and has also contributed to that volatility itself. Though we are seeing inflation impact global hiring, we are also seeing positives signs for business school graduate’s future careers, with inflation slightly decreasing and job hiring looking likely to increase in 2024”
A more in-depth look at the impact of inflation on hiring across various regions, found that in Western Europe, just 30% of companies said they were seeing inflation have a major influence on their hiring plans – the exact same figure as the global average.
Developing regions such as Africa (57%) and East and Southeast Asia (42%) experienced higher impacts on hiring from inflation than the global average. Whilst employers based in the United States faced the lowest influence of inflation on hiring, at just 18%.
Featured Photo by Invest Europe on Unsplash.