The first Total Workforce Index (TWI) report from ManpowerGroup Solution has found New Zealand, Hong Kong, Singapore, Canada and the US are most attractive for employers because of effective regulation, skilled workers and high productivity. The report summarises the findings of the TWI, the only index of its kind to use a high-tech, high-touch approach.
In the report, expert insights are combined with a proprietary formula to indicate workforce potential and help companies ensure their workforce strategy is aligned with their business goals. Through a combination of data and ManpowerGroup Solutions’ industry leading experience, organisations can leverage the TWI to develop and execute a Total Talent Management approach to workforce strategy (including all permanent and contingent labour types) based on availability, cost, workforce productivity and regulation.
In a global analysis of more than 75 markets, the TWI identifies those countries where workforce skills, productivity and labor regulation make it most favourable to conduct business. In the 2017 report, New Zealand, Hong Kong and Singapore come out on top. TWI rankings provide big data and fresh insight that can influence both short- and long-term growth strategies for companies. The global ranking equally weights skills, cost, regulation and productivity. This algorithm can be customised to reflect the unique workforce priorities of any organisation.
“Access to skilled talent and effective labor policy are just as important as access to capital and other economic factors for companies when choosing where to locate their operations,” said Kate Donovan, senior vice president of ManpowerGroup Solutions. “With the new TWI, we can fully customise the formula to match an organisation’s strategic priorities. Employers can leverage the index and our insight to rapidly develop a workforce with the skill set they need. The global rankings using TWI demonstrate that no country is perfect when it comes to creating an environment for organisations to quickly set up shop. However, we can see those that prioritise effective labor regulation, skills and access to talent - Canada, Ireland, New Zealand, Singapore and the US - are leading the way.”
• APAC: New Zealand, Hong Kong, Singapore, Australia and Philippines rank highly in the APAC TWI. Nearly 60% of the global population sits in the APAC region. New skills requirements, updated tax policy and labor laws have shifted some of the cost benefit scenarios in the region, now some smaller markets, such as Hong Kong and Singapore are now more effective when sourcing certain skills or supporting shift schedules.
• AMERICAS: Canada and the U.S. hold the top two positions in the Americas region, due to the stable maturity of their workforce, followed by Chile, Uruguay and Mexico. Across South and Central America micro market shifts can have a similarly high impact as large legislative changes on hiring practices, increasing complexity - the lowest ranked countries across the global TWI are also located in the Americas; Paraguay, Brazil, Honduras, Bolivia and Venezuela.
• EMEA: The top five ranked countries in the region are Ireland, UK, United Arab Emirates, Israel and Denmark. These countries also make up those ranked sixth to tenth in the global top ten countries. To become the EU’s new financial hub, Germany is waiving some of its rigid labor laws to make it easier for financial institutions to do business in the market and attract lenders to Frankfurt.
The full 2017 Total Workforce Index can be seen at www.totalworkforceindex.com