Workforce availability is an essential consideration when evaluating potential markets. Consider this: If the labor pool in the market you are considering cannot meet the volume of talent required, does it matter that the market may be more cost-efficient, have more flexible regulations or a higher production capacity?
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. 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 and consistent growth raises the ranking of Singapore to first globally, rising from second in 2019 and third in 2018. While the United States rises from fourth to second and Israel remains in third. Macau’s rise from ninth to fourth is a significant boost and due to changes in the weightings that impacted the way each factor influenced these rankings year over year.
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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