In an analysis of 75 markets, ManpowerGroup Solutions has identified countries where workforce skills, productivity and labour regulation make it most favourable to conduct business - New Zealand, Hong Kong and Singapore have come out on top.
The global ranking, called Total Workforce Index (TWI) equally weighs skills availability, cost efficiency, regulation and productivity, to include scenarios involving both permanent and contingent labour types.
Within Asia Pacific region which represents close to 60% of the global population, Singapore ranked first in terms of its regulations for the total workforce (where Malaysia ranked fifth), and second for both workforce availability and productivity. Hong Kong topped for workforce productivity, and came third and fourth for regulation and availability respectively.
Country update: Singapore
Ranking first in the permanent workforce index and third in the contingent workforce index, the informal workforce currently comprises 6% of Singapore's total workforce of about 3.19 million (led by 28% of Generation Yers). Highlights of the factors affecting the total workforce index:
- Regulation: Subcontracting is allowed in the nation and there is presently no limit to the maximum duration for a single-term contract.
- Cost efficiency: The reported cost of doing business is 0.60% of GNP per capita. Equal pay for equal work is currently not mandated, with the average monthly wage at US$3,928.
- Productivity: The average work week is 44 hours, compared to a regional average of 41.8 hours. As a result, labour market efficiency is also higher than the regional average (4.22) at 5.8.
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