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ManpowerGroup Talent Solutions' Total Workforce Index™ Reveals United States, Singapore, and Canada as the Top Markets for Talent
MILWAUKEE, Nov. 17, 2022 /PRNewswire/ -- The ManpowerGroup (NYSE: MAN) 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. 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." KEY FINDINGS
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. View the full TWI 2022 report (https://talentsolutions.manpowergroup.com/twi) for the complete rankings of markets most favorable to conducting business. REGIONAL HIGHLIGHTS APAC — Markets from Singapore to Malaysia and Indonesia to Australia have turned into attractive destinations for companies looking for large populations of skilled remote-ready workers.
AMERICAS — Mexico rose to ninth overall, up from 53rd in 2021, as it has significantly improved access to full-time, permanent labor.
EMEA — The addition of Israel to the top 10 relates to the increased sectors the market can support, particularly IT and engineering, along with high-quality sustainable talent pools of younger workers.
ABOUT THE TOTAL WORKFORCE INDEX™ The Total Workforce Index™ scores each market on more than 200 unique factors. Each of these statistical factors is carefully weighted and grouped into one of four categories: Availability, Cost Efficiency, Regulation, and Productivity. The markets that rank highest in the Total Workforce Index™ 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. 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 75 countries and territories and has done so for over 70 years. We are recognized consistently for our diversity – as a best place to work for Women, Inclusion, Equality, and Disability, and in 2022 ManpowerGroup was named one of the World's Most Ethical Companies for the 13th year – all confirming our position as the brand of choice for in-demand talent.
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