United States,
Singapore, and Canada retain top spots as China enters the top ten for the first
time
MILWAUKEE, Sept. 12,
2024 /PRNewswire/ -- In a year marked by
unprecedented technological leaps, geopolitical upheaval, and an
increasing focus on sustainability, the 11th annual
Total Workforce Index™ (TWI) from Talent Solutions, a global leader
in workforce solutions and part of the ManpowerGroup (NYSE: MAN)
family of brands, reveals a shifting and competitive global talent
landscape.
The TWI, which evaluates over 200 factors across 64 global labor
markets, has introduced new measures for artificial intelligence
(AI), sustainability, peace, and stability, significantly impacting
this year's rankings. While the United
States, Singapore, and
Canada retain the top three spots
for the fourth consecutive year, these new metrics have reshaped
the competitive global workforce environment.
Malaysia maintains its
fourth-place position for the second consecutive year, while
Ireland and the United Kingdom each move up one spot to fifth
and sixth, respectively. After ranking 22nd in 2022 and
12th last year, the United
Arab Emirates continues its ascent, rising to seventh,
driven by high rates of tertiary education, remote readiness, and
ongoing innovation investments. Switzerland jumps two spots to eighth, and
Australia slips to ninth.
China enters the top ten for the
first time, propelled by population growth, a large tech workforce,
and innovation factors.
"Cost and ease of doing business once drove workforce planning.
While those factors are still important, economic, geopolitical,
and climate-related risks have significantly impacted business
operations and decision-making. At the same time, technological
disruption and emerging innovations are not just changing job roles
– they're transforming entire industries and the future of work,"
said Becky Frankiewicz, Chief
Commercial Officer of ManpowerGroup and Talent Solutions Global
Brand Leader. "This year's TWI serves as a crucial compass in this
new landscape, empowering business leaders to make data-driven
decisions that not only address current talent needs but also
future-proof their workforce strategies in an increasingly
tech-driven and volatile world."
Conversely, Israel drops from
fifth to 14th due to new metrics addressing political violence risk
and business conduct ease. The
Philippines also falls out of the top ten, landing at 12th
this year. Corruption and political violence risk are among the
newer factors that caused a decline in the Philippines' rankings.
KEY FINDINGS
- The top three overall markets — the
United States, Singapore
and Canada, respectively —
maintain their leading positions for the fourth consecutive year
due to the availability of highly skilled workers,
employment-friendly regulations, remote-ready infrastructures,
innovation and technology investments, and overall political and
economic stability.
- The introduction of AI readiness and green economy measures
significantly impacted rankings, particularly in the Productivity
category. Canada, the United Kingdom, and Austria have seen notable improvements in
their overall standing due to strong performance in these
areas.
- Driven by population growth, a large tech workforce, and
innovation factors, China enters
the top ten for the first time, following a steady ascent from 55
in 2020 to 11 last year. Also entering the top ten is the
United Arab Emirates, boosted by
high tertiary education rates, remote work readiness, and ongoing
innovation investments.
- The United States,
Australia, Israel, the United
Kingdom, and Singapore rank
as the top five markets for Availability, with factors including
skilled workforce availability, labor force participation, and
remote work capabilities.
- Thailand, Malaysia, Paraguay, Guatemala, and Bahrain emerge as the top five markets for
Cost Efficiency, offering competitive advantages in taxes, wages,
and living costs. This marks the third consecutive year
Thailand has led this
category.
- Singapore tops the Regulation
category, with Switzerland,
Canada, UK, and Estonia following. These markets excel in
flexible workforce engagement and minimal employment
restrictions.
- For Productivity, the U.S. leads, followed by Singapore, Canada, Thailand, and Australia. This ranking reflects potential
output based on compensable hours at base pay.
REGIONAL HIGHLIGHTS
Americas:
- The United States retains its
top position globally, excelling in Availability and Productivity
categories.
- Canada remains third overall,
with significant improvements in Productivity rankings due to
strong performance in AI readiness and green economy measures.
- Paraguay and Guatemala both excel in the Cost Efficiency
category, offering competitive advantages for businesses looking to
optimize expenses.
Asia-Pacific (APAC):
- Singapore maintains its second
place ranking globally, showcasing its continued strength in
workforce competitiveness.
- Malaysia holds steady at
fourth place, highlighting its appeal for businesses seeking a
balance of skilled talent and cost efficiency.
- Thailand leads in Cost
Efficiency for the third consecutive year, making it an attractive
destination for companies prioritizing operational costs.
Europe, Middle East, and Africa (EMEA):
- Ireland climbs to fifth place,
showcasing its appeal as a destination for high-skill, high-tech
industries.
- The United Kingdom moves up to
sixth place overall, benefiting from strong performances in
innovation, security, and sustainability scores.
- Bahrain emerges as a top
performer in Cost Efficiency, offering attractive options for
businesses looking to optimize their workforce costs in the
Middle East.
As the global workforce landscape continues to evolve, the TWI
remains a vital tool for organizations navigating these changes.
For comprehensive rankings and insights into the most favorable
markets for conducting business in today's dynamic global
environment or to request a customized report, visit
www.mpgtalentsolutions.com/twi.
ABOUT THE TOTAL WORKFORCE INDEX™
The Total
Workforce Index™ (TWI) is the only tool of its kind to assess the
relative ease of sourcing, hiring and retaining both contingent and
permanent workforce skills in competing labor markets around the
world. Now in its 11th year, TWI scores each market on more than
200 unique factors. Each of these statistical factors is carefully
weighted and grouped under one of four categories: Availability,
Cost Efficiency, Regulation, and Productivity.
The markets that rank highest in the TWI are those with the
highest relative performance across all four categories. Markets
that perform well have successfully responded to trends, such as
remote workforce readiness, building technology infrastructure and
closing skills gaps. They have demonstrated market and geopolitical
stability, have relatively high gender participation and are
skilling emerging workforces to meet changing demographic
realities. High-ranking markets also exhibit favorable regulatory
environments.
ABOUT MANPOWERGROUP TALENT SOLUTIONS
Talent
Solutions combines our leading global offerings RPO,
TAPFIN-MSP, and Right Management to help organizations address
their complex workforce needs. Talent Solutions leverages our deep
industry expertise and understanding of what talent wants to
provide end-to-end, data-driven capabilities across the talent
lifecycle. From talent attraction and acquisition to upskilling,
development, and retention, we provide seamless delivery,
leveraging best-in-breed technology, and extensive workforce
insights across multiple countries at scale. Talent Solutions is
part of the ManpowerGroup® family of brands, which also
includes Manpower and Experis.
For more information, visit www.mpgtalentsolutions.com, or
follow us on LinkedIn and X.
ABOUT MANPOWERGROUP
ManpowerGroup® (NYSE: MAN), the
leading global workforce solutions company, helps organizations
transform in a fast-changing world of work by sourcing, assessing,
developing, and managing the talent that enables them to win. We
develop innovative solutions for hundreds of thousands of
organizations every year, providing them with skilled talent while
finding meaningful, sustainable employment for millions of people
across a wide range of industries and skills. Our expert family of
brands – Manpower, Experis, and Talent Solutions – creates
substantially more value for candidates and clients across more
than 70 countries and territories and has done so for more than 75
years. We are recognized consistently for our diversity – as a best
place to work for Women, Inclusion, Equality, and Disability, and
in 2024 ManpowerGroup was named one of the World's Most Ethical
Companies for the 15th time – all confirming our position as the
brand of choice for in-demand talent.
For more information, visit www.manpowergroup.com, or follow us
on LinkedIn, X, Facebook, and Instagram.
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SOURCE ManpowerGroup