According to research released by Glassdoor, the UK ranks third in Europe for employability rates. In research conducted in collaboration with Llewellyn Consulting, Glassdoor intended to identify which countries offered the best job prospects and the reasons why.
Their findings include 16 countries in the EU. Their results came from an analysis of 8 key employment criteria, including: rates of unemployment, temporary employment, involuntary part-time working and the “employment gap” (comparing current employment rates with the pre-crisis rates).
There were several key conclusions from the findings:
- That there is great diversity between European labor markets. Taking a look at the table below, which functions kind of like a heat map, the countries are rated from 0.0 to 1.0 on the criteria in the left hand column. From the results the diversity is apparent – there’s a huge difference in the prospects of finding good work in Spain compared to Norway.
- The UK has one of the lowest rates of unemployment in Europe. Only about 6% of the active population is out of work according to this data set. Rates of youth unemployment, which were previously at an all-time high of just over 20% in 2011-12, are now down to 17%.
- The the rate of rebound to pre-2008 unemployment has been best in Germany. The country has impressively risen above its pre-crises rate by 2.8%. Two other countries join Germany rising above its pre-crisis levels including Austria and Switzerland. The UK ranks 5th on this in this criteria, just behind Estonia and ahead of Belgium.
- Across Europe, involuntary part-time work has increased. Most countries have seen an increase in the number of people who are currently working part-time, but would rather have a full-time roles has grown everywhere since 2008, apart from Germany, Belgium and Sweden. Although it is worth noting that there are different cultural attitudes towards work hours, particularly in Sweden where the government has implemented a 6-hour workday.
- Greece, Spain and Portugal continue to struggle with poor employment. Double-digit unemployment and slow economic growth are a continual issue for these three countries. Andrew Chamberlin, chief economist at Glassdoor, believes that this is due in part to inflexible labour market regulations, which have made any reform over recent years difficult.
These insights affirm that employment figures, at least in the UK, are improving gradually. If trends continue, unemployment should be down to the pre-recession figures in the coming years. Unfortunately, the disparity between unemployment rates in the EU is a destabilizing figure, and leaders will soon collectively have to address this issue in a more proactive way.
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