As employers seek to implement global workforce strategies, comprehensive data can better inform decision making.
Today’s organizations need to make complex and quick decisions regarding sourcing, hiring and retaining workforce skills to compete in global labor markets.
Globalization has prompted organizations to move their operations into new markets, including unfamiliar regions. Whether part of a corporate expansion plan or in the pursuit of new efficiencies, numerous factors must be considered before an organization relocates or invests in a new location strategy.
The Total Workforce Index™ (TWI) from ManpowerGroup can help organizations identify the most beneficial locations to invest in workforce engagement. Drawing on a global analysis of more than 100 data points, the TWI evaluates skills availability, cost efficiency, regulation and workforce productivity of the permanent, contingent and combined total workforces across 76 labor markets. These data points, nearly 8,000 unique figures, are analyzed using a proprietary ManpowerGroup Solutions formula to weight and prioritize the factors most impactful to an organization’s success. The result is a comprehensive analysis that ranks countries where skills, productivity and labor laws make it most favorable to do business based on the unique requirements of an organization.
The TWI helps employers address the challenges of workforce planning in today’s dynamic world of work. This includes location strategy, capacity planning, cost savings, mergers and acquisitions, and organizational restructuring. At the same time, it gives organizations a view of the current state of the workforce as well as historical views that show trends in markets that ManpowerGroup Solutions has been actively tracking for many years.
The regulation of a labor market is one of the most important components of TWI because it impacts each of the other categories. Regulation might also be the most volatile consideration in today’s global workforce because legislative factors are often in flux. For example, changes in overtime laws or payroll taxes can have a significant impact on the advantages a company can realize in a specific location.
The extensive amount of information available at the local market level can define workforce characteristics and support sourcing strategies, compensation levels and productivity measurements. While this type of data is becoming more readily available, it only provides value when paired with context, experience and deep insight. ManpowerGroup's analysts and experienced workforce strategy consultants work with organizations to go beyond the numbers and rankings to provide robust knowledge and a deeper understanding of each of the TWI markets.
The TWI isn’t one size fits all. Organizations can customize it to align with their specific requirements and priorities. Organizations can then execute a precise talent strategy that’s aligned to their unique needs while also future proofing them against a changing world of work.
Access comprehensive workforce data at totalworkforceindex.com.