Employee turnover is a big problem for employers and costs the economy vast sums every yearLabour conditions in the UK are accelerating at a faster rate than in many other European countries, according to the US-based consultancy, Glassdoor Economic Research.
Developed in conunction with Llewellyn Consulting, the Glassdoor Labour Market Index (GLMI) looks at unemployment levels, job vacancies, wages and other market conditions, in the United States and 18 European countries.
The findings provide reliable information for employers deciding where to invest and hire and for job seekers looking for information on the countries with the best opportunities for employment.
In order to evaluate labour markets across all the countries surveyed, the index looks at country-specific data from the last nine years, and compares that data with each country’s historical figures. This research highlights which countries have performed well and which have slowed down. The index reveals that conditions are improving across the European Union as a whole, though there is considerable diversity among individual nations.
The GLMI indicates that the strongest improvements are in with Greece, Spain and Portugal. They were hit particularly hard by the financial crisis, so although they are improving, they have a long way to go before their economies replicate the more favourable labour markets conditions of Switzerland and the Scandinavian countries.
Strong growth in UK labour markets
The index reveals that growth in the labour markets of Norway and Switzerland remains well below the historic averages for these countries. In the UK, growth is fairly strong, and improvements in the labour market are happening at a faster rate than in the past. In the UK, as in Norway and Switzerland, growth is not so obvious, because the underlying economies of these countries were already performing well.
The variation between market conditions in Europe highlights a strong north/south divide, with Switzerland, Norway, the UK and Denmark performing well, and Italy, Greece and Spain all showing poor labour markets currently. However, if the growth in Greece, Spain and Portugal continues to grow at the rate the index indicates, these countries could eventually match those of the stronger economies.
That assumes that growth continues as it is today and doesn’t take into account the uncertainty of Britain leaving the European Union and what might happen following the elections in Germany and France next year.
Meanwhile, job seekers in southern Europe still find it difficult to find employment and good wages, while a job seeker in the UK can expect to experience continued solid growth and a strong economy.
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