The balance between productivity and cost is a delicate one to strike in any market. Consider this: In many cases the market with lower wages may become more expensive, based on the length of the work day and number of days in the week as well as the associated overtime costs.
The primary data sources for this index are all based on statistics from the ministries of labour for each of the markets within scope, the Central Intelligence Agency (U.S.), World Data Bank, Trading Economics, and internal data collected as part of ManpowerGroup global reporting efforts.
Workforce markets with longer workdays (or more hours in the workweek) offer increased opportunities for higher levels of productivity without the additional cost associated with overtime premiums. However, these top ranked markets did not receive top ranking based on the number of available work hours at the regular wage alone. Other workforce considerations considered include: more stable labor markets, higher levels of infrastructural and technological efficiency and a multitude of other factors.
In some cases, productivity is even directly driven by labor-market growth. The United Arab Emirates, for example, has a largely migrant workforce. It’s become a hub for the Middle East, attracting skills from other markets such as India and as far as the United States. This market is demonstrating very large growth and is expected to expand its workforce by 30% over the course of the next decade.
Singapore experienced labor productivity growth which may have risen to its highest level in over seven years. This growth has been seen mainly in externally-oriented sectors such as manufacturing, wholesale trade, finance and insurance. Continued growth increases the ranking of Singapore to second globally, up one position from 2018.
Size of the bubble reflects the Relative Availability of each market, while the color reflects Relative Regulation
As workforce experts, ManpowerGroup find work for millions of people around the globe every year, helping hundreds of thousands of companies attract, assess, develop, and retain skilled workers.
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