Top 10 Markets for Total Workforce Engagement
The markets that rank highest in the Total Workforce Index™ are those with the highest relative performance across all four categories. The ability to perform well across two or more of the four main categories, in addition to having a minimal regulatory impact and large workforce availability, make these five markets the most generally favorable for workforce engagement.
The top overall markets, based on the rankings of the Total Workforce Index™, are led by three Asian Pacific (APAC) markets: Hong Kong, New Zealand and Singapore. Rounding out the top five are the United States and United Kingdom. The top five markets changed only slightly year-over-year. However, the biggest change is between the top two global markets, with Hong Kong rising to secure the first position from New Zealand. Until 2018, New Zealand held the first ranked position globally since 2015. The move to second position in the global rankings is due to a significant drop in score in the Cost Efficiency category and a slight decrease in the Availability score year-over-year.
Top Ten Over the Years
Over the past five years, only one market has been featured in the top five year after year. New Zealand has consistently secured a place in the top five despite the addition of more than 50 unique factors to the index over time. Changes to the weightings of specific factors, indicating that they became a higher priority to employment organizations in a particular year, also have a strong impact on rankings, yet New Zealand managed to remain consistently in the top five each year.
Markets featured in the top five, four times over the past five years include Hong Kong, the United States, and Singapore. This trend is indicative of a mature, stable and valuable workforce market because, despite changes to the factors and weightings attributed to each market by the Total Workforce Index™, these markets continue to show that they are good investments in workforce engagement due to strong skills and positive hiring dynamics.
How do markets secure a position in the top ten?
Worth noting is the fact that the overall rankings are influenced equally by the scores for each market in all four categories. If a global market were to perform ‘very good’ to ‘excellent’ in two or more of the four categories, the result would be that this market rises to one of the top ranked positions.
Markets with more variation in scoring and performance across all four categories typically fall in the middle of the spread and will not score as well overall when categories are evenly weighted. That said, the weighting of the Total Workforce Index™ categories is fully customizable in a consultative setting. For example, if an organization chooses to weigh cost efficiency and regulation influencers lower than availability and productivity, the top 10 would instead reveal a unique top 10 better suited for that organization’s workforce strategy.
For more information, interactive charts and to download the full Total Workforce Index™ visit the Total Workforce Index™ microsite from the link below.