The ManpowerGroup Talent Solutions 2022 Total Workforce Index (TWI) reveals the U.S., Singapore, and Canada as the highest-ranking labor markets across the globe for sourcing, hiring, and retaining talent. The ninth annual TWI report analyzes more than 200 factors to evaluate skills availability, cost efficiency, regulation, and productivity. These findings were combined with big data and expert analysis to assess the workforce engagement of 69 global markets.
HR Technology News: HR Acuity Acquires Anonymous Workplace Reporting Platform Speakfully
Today’s labor markets are characterized by intense competition for skilled workers, with 75% of companies globally reporting talent shortages and difficulty hiring — a 16-year high according to ManpowerGroup’s 2022 Talent Shortage Survey. This year’s revamped TWI places more emphasis on the impacts of remote work, the growing willingness and flexibility of employers to scale back education requirements and choosing to skill candidates on the job. There’s also a heavier focus on the age of the workforce. As older workers leave the labor market, more companies are cultivating sustainable populations of talent by prioritizing the availability of large pools of Gen Z and millennial workers. Additionally, cost of living indices, wage inflation rates, and exchange rate volatility are new factors introduced into the TWI based on the significant impact of these issues on organizations and their workforces. This helps to provide a clearer picture of economic stability as companies make workforce mix and location decisions.
“In a digital-first global economy, skilled talent is the new currency for business and economic growth,” said Dave McGonegal, Vice President of Talent Solutions Consulting & Advisory. “Organizations looking to separate from the pack turn to the Index to help them navigate change in real-time. This includes navigating new markets that will enable companies to compete for much-needed talent proactively and creatively, while still meeting business objectives. Companies need to become employers of choice, regardless of location, and factor in the needs most important to employees.”
HR Technology News: CoAdvantage Announces Acquisition of MomentumHR
- The top five markets for cost efficiency are Thailand, Indonesia, Bahrain, South Africa, and the Philippines. These countries are the most employer-friendly in terms of wage growth, cost of labor, government incentives, and remote work readiness.
- The U.S., United Kingdom, and Israel scored favorably in workforce availability with factors including availability of skilled workers, labor force participation, gender participation, remote work capabilities, and access to remote talent.
- Singapore, Ireland, and Australia rank high for having more favorable regulatory environments for sustainable access to on-site and remote talent, due to relaxed border restrictions and geopolitical situations.
- The U.S., Singapore, and Mexico have the highest potential productivity, including the ability to support remote work, allowing for greater access and ease of work.
- In Central and Eastern Europe, there’s high demand for IT skills, largely due to lost access to Russian talent, which was one of the world’s largest pools of IT talent.
- Switzerland and the Nordic countries rose to the top for life sciences manufacturers, with more advanced production requirements, while Mexico finds limitations due to regulations requiring full-time employment.
When it comes to Technology and Telecommunications, organizations have been challenged by migrations, inflation, and cost of labor, causing them to heavily weigh a range of factors that contribute to long-term sustainability, productivity, and cost efficiency. In heavily regulated industries such as Pharmaceutical, Biotech, and Medical Device Manufacturing companies are finding challenges with cost efficiency and talent availability as specialized skill sets, certifications, and background checks are required for producing medical devices.
HR Technology News: UnifyWork Launches Technology Platform to Power Cleveland’s Talent Network
[To share your insights with us, please write to sghosh@martechseries.com]