Tuesday, October 1, 2019
Swedish Employee Mobility: Optimistic and on the move
Amidst increasing global trade tensions, unpredictability around Brexit, and slowing GDP growth, Sweden’s economic uncertainty matches that of the U.S. and the UK – but out of the three countries, Swedish employees are the most confident, optimistic and willing to explore new roles.
Our proprietary market research – the 2019 Swedish Employee Fear & Mobility Index — found that even with consumer sentiment in the country weakening overall, 40% of Swedish employees think their economy is going to get better, signaling the workforce is focusing on more positive indicators, such as the relatively strong labor market and stabilized housing prices.
Only 29% of workers in Sweden feel the economy will get worse, which compared to the 75% of UK workers and 57% of U.S. workers that said the same, shows that the Swedish labor market is much more confident — and they’re actively pursuing new opportunities. What does that mean for employers?
Aggressive retention programs win
The majority (54%) of Swedish employees see themselves changing jobs in the next year, and 47% look for jobs at least once a month. Comparatively, 72% of American workers said they aren’t likely to switch jobs in the next year. Sweden’s high workforce mobility means the opportunity to source new talent is strong, but retaining talent in this market will be challenging for HR teams, especially as younger generations move up the ranks in the workforce.
Millennials and Gen Z, the rising leaders in today’s workforce that global organizations need to actively retain, are significantly more likely to move on to a new role – 20 – 40% more than the general Swedish population. With this demographic increasingly in favor of flexible cultures, shared economies, service-on-demand, always staying connected and work/life balance, employers especially must shift their cultures to meet their expectations. This means:
A strong labor market also makes it more challenging for employers to build and nurture a pipeline of quality talent. Amidst a highly mobile workforce, large volumes of applications for open positions can overwhelm procurement and HR teams. Tapping into solutions like artificial intelligence (AI) that speed screening and hiring processes, increase visibility and equip HR teams with the insights they need to make smarter decisions on candidates is key. It’s also important to be present on the right channels – 51% of workers in Sweden said they use job-specific websites like Glassdoor, Monster, Blocket or CareerBuilder to find a new role, so actively recruiting on these sites will go a long way in finding new talent in this market.
Even in the hiring phase, employers need a retention-first mindset because choosing the wrong candidate for the job can be incredibly costly, and ensuring a person is the right cultural and experience fit from the onset increases the chances that the employee will stay long term.
Sweden was named the seventh-happiest country in 2019, and while the state of the country’s economy is uncertain, one thing is for sure – workers are incredibly optimistic and likely to shop their skills around to the highest bidder. As long as the labor market holds strong, the pressure will be on employers to not only hire the right candidates for open positions but also keep employees happy and engaged by shifting their cultures to accommodate workplace expectations of rising generations.
More insights on Swedish workforce mobility in our white paper, Swedish Workforce Fear & Mobility: Optimistic and Willing to Move.
For additional Workforce Logiq Swedish Employee Fear & Mobility Index Study insights view our infographic.