The EMEA region is home to a majority of the markets included within the Total Workforce Index™. This creates an interesting dynamic between the markets in this region as factors are weighted and markets move in ranking based on the current workforce dynamics and business priorities. However, some of the most mature workforce markets consistently rise to the top of the rankings due in part to the higher availability of more complex skills and stable regulatory environments.
The United Kingdom is one such market, slipping to second ranking in the region overall, as Ireland, another dominate workforce market in the EMEA region, rises to claim the top ranking. Irelands favorable regulatory environment coupled with the high productivity and cost efficiency make this market most appealing for increased investment in this region in 2020. The Netherlands and Sweden make an appearance in the top five this year due to the emphasis on skills availability and remote workforce enablement factors included in this edition of the index.
Size of the bubble reflects the Relative Availability of each market, while the color reflects Relative Regulation
The Total Workforce is a combination of all the workers engaged in either Contingent or Permanent work within each country. Below, we explore the top five markets in this region overall, as well as the rankings by category.
Average wage, though a great tool comparison, is predominantly driven by the ratio of highly skilled jobs to lower skilled jobs. Markets with a higher volume of highly skilled jobs will average higher wages than markets with a high volume of low skilled jobs. Therefore, not all markets with lowest wage are the lowest for rates for a given skill.
Manufacturing wages are a leading indicator of rising costs as they typically rise before the wages of professional skills. Manufacturing wages are particularly sensitive to inflation and statutory burdens. Therefore, though the cost of manufacturing skills may be much lower than more highly skilled jobs, they are generally the first to reflect the rising cost of wages in a market. Due to increased digitization and automation, some markets are showing higher wage increases than others. Specifically, those driven by other industry products such as automotive and pharmaceutical.
Employment tax is a basic statutory burden that employers need to add to wages when calculating the cost of skills in a workforce market. It is typically the first metric of consideration beyond the wages themselves. Wages largest component of total labor cost. However, taxes are the best indicator for total cost. They are also more representative of the labor cost per market than insurance as insurance appears more standardized, while taxes are unique to each market.
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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