- Cost Efficiency
The markets that rank highest in the Total Workforce Index™ are those with the highest relative performance across all four categories. The ability to perform well across two or more of the four main categories, in addition to having a minimal regulatory impact and large workforce availability, make these ten markets the most generally favorable for workforce engagement.
The top ten markets are led by three Asian Pacific (APAC) markets again in 2019, namely: Singapore, Hong Kong and New Zealand. However, the markets of the EMEA region continue to curry some favor in the remainder of the top ten. Estonia remains in the eighth highest ranked potion globally while the United Kingdom, Ireland and Israel rank fourth, seventh and ninth respectively. While the Philippines holds tight to the tenth spot for the second year following a return to the top ten in 2018.
Following three consecutive years in the top ranked position (2015-2018), New Zealand continues its decent. Dropping in the rankings from first (2017) to second (2018) and now to third (2019), due in part to a decrease in score in the productivity category. However, with the addition of new factors like new language proficiencies and visa-free passport index scoring, other countries simply rose in comparison to New Zealand. This fact shows the need for additional analysis, beyond simple rankings, as it is often perceived that a decrease in ranking correlates directly to a negative change in that market.
Singapore rises to secure the top ranked position and Hong Kong moves into second, from the top ranking in the 2018. New Zealand drops from first (2017) to second (2018) and now lands at the third ranked position due in part to a decrease in score in the productivity category. Over the past six years, only one market has been featured in the top five year-after-year. New Zealand has consistently secured a place in the top five despite the addition of more than 60 unique factors to the index over time.
As specific factors become a higher priority to employment organizations, the weightings of these factors are increased as well and have a strong compound impact on rankings, yet New Zealand has remained consistently in the top five each year. Other markets featured in the top five over the past three years include Hong Kong, Singapore and the United States. This trend is indicative of a mature, stable and valuable workforce market. Because, despite changes to the factors and weightings attributed to each market by the Total Workforce Index™, these markets continue to show that they are good investments in workforce engagement due to strong skills and positive hiring dynamics.
Worth noting is the fact that the overall rankings are influenced equally by the scores for each market in all four categories. If a global market were to perform ‘very good’ to ‘excellent’ in two or more of the four categories, the result would be that this market rises to one of the top ranked positions.
Markets with more variation in scoring and performance across all four categories typically fall in the middle of the spread and will not score as well overall when categories are evenly weighted. That said, the weighting of the Total Workforce Index™ categories is fully customizable in a consultative setting. For example, if an organization chooses to weigh cost efficiency and regulation influencers lower than availability and productivity, the top 10 would instead reveal a unique top 10 better suited for that organization’s workforce strategy. Additional analysis of the reasons behind the data rankings will be useful to organization seeking to use the Total Workforce Index™ to inform their business and hiring strategy.
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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