Top 5 - Regulation
Britain's decision earlier this year to leave the European Union raised concerns about the potential for regulatory impact on both existing engagements and future procurement. That the UK is no longer subject to regulation by the European Union is an example of how regulatory decisions in one market can affect not only the workforce dynamics of other markets but also have global hiring implications.
Singapore, Denmark, New Zealand, Hong Kong and Austria rank in the top five positions in Regulation. In particular, New Zealand ranks third here but first globally in the Total Workforce Index™ when all four categories are combined. Favorable regulatory environments are created when many types of workforce engagement are available to organizations and maximum contract lengths, notice periods and severance requirements are minimal or not required. Because New Zealand requires none of these, they are ranked first globally in ‘ease of doing’ businesses.
More relaxed regulatory factors make this and similar markets more competitive for future investment in local employment. This is especially important in markets where the competition for certain skills is high. Some of these markets even have legislation that gives preferential visa treatment to immigrants with skills considered part of a current skills shortage.
For more information, interactive charts and to download the full Total Workforce Index™ visit the Total Workforce Index™ microsite from the link below.