Hays Global Skills Index in collaboration with Oxford Economics looks into seven components - Education flexibility, Labour market participation, Labour market flexibility, Talent mismatch, Overall wage pressure, Wage pressure in high-skill industries, and Wage pressure in high-skill occupations.
These are given equal weighting when calculating the overall score for each market. Each component measures how much pressure different factors are exerting on the local labour market. Higher scores mean that country is experiencing more pressure than has historically been the case. Lower scores mean that country is experiencing less pressure than has historically been the case.
Out of the countries included in the report, the United Nations estimates that Czech Republic, France, Germany, Hungary, Italy, the Netherlands, Poland, Portugal, Russia, Spain, China, Hong Kong and Japan will experience decline in their working age populations. Within five years, Austria, Belgium and Singapore will join the list. Within ten years, Denmark and Switzerland will join.
The talent mismatch indicator went up year-on-year in 2016, as the number of vacancies has increased in all but one of the 16 European countries included in the report for which data is available. In the Czech Rpublic, the number of vacancies rose by 40%. The direction of change indicates, the report says, that it has become harder to attract and retain unskilled workers.
'The positive development of the Czech economy continues, which is not only a reflection of strong export but also driven by an increase in household spend. Foreign companies and investors verified the competitiveness and quality of the labour force in the Czech Republic and have continued to shift operations with higher added value. Sectors such as Manufacturing, IT and Business Services are continuing to expand, which leads to volume in newly created jobs and the need for new staff, followed by increase in wages in most sectors. Hunger for talent has brought the Czech Republic's unemployment rate to its lowest levels since the fall of the Iron Curtain. It's with regret that we're seeing insufficient flexibility from the education system to address the actual business needs', says Ladislav Kučera, Managing Director, Hays Czech Republic.
Source: Hays Global Skills Index report
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The Hays Global Skills Index is a complex, statistically-based report designed to assess the dynamics of skilled labour markets across 33 countries. The custom-built comparison tool allows the comparison of these 33 countries across seven indices including Education Flexibility, Labour Market Participation, Labour Market Flexibility, Talent Mismatch, Overall Wage Pressure, Wage Pressure In High-Skill Industries, Wage Pressure In High-Skill Occupations, and an overall score.
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