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Well, those are typical stereotypes you hear when in a discussion on the European Labor Market. In a mobile environment like the European Union, looking for a job has never been easier. Right?
Indeed, the four freedoms enable Europeans to take up a job wherever they please in the Schengen area. The only question remains - where to go? Local labor markets differ significantly - both in terms of availability of jobs but also in terms of factors such as average salary or working hours - things worth to consider before entering a foreign job market.
MUN:Planet revisits some factors about popular labor markets in the European Union and their demographics for you - and who knows, maybe it is time for a move abroad? The Financialist has compared nine of the major European labor markets and MUNPlanet is happy to present to you a few of the cases with regard to the myths and prospects for mobile workers like yourselves.
The holy labor market according to many. The economy is thriving and unemployment numbers are at historic lows. But is it all that good?
In fact, Germany does have the lowest unemployment rate in this comparison to other EU country ranging at about 5% in 2014. That is the lowest in all EU countries - and even the youth unemployment rate is excellent at only 7%. But is it really the shining star in Europe?
Maybe by those indicators, but when you look at factors such as the gender pay gap, Germany is doing far poorer than the EU Average (16.3%) with its 21.6%. And its biggest problem is looming on the horizon - Germany is facing a large demographic challenge with the second highest amount of seniors in the working population. And no solution in sight what will happen when these big cohorts exit the labor market. Maybe it is time to head to German class after all?
Entering the labor market in an all-English speaking environment - that sounds like heaven to many MUNers for sure. And the British labor market is in a good condition - but wait. Youth unemployment is at the rise in the country and currently ranging at about 16.9%. Total unemployment might be low, but as a young graduate you will have to prepare for sharp competition - the UK hosts the most educated workers in comparison. With London as its economic powerhouse, this is probably the first way to go. But do not forget - the UK is big and beautiful - there is more to discover and with an annual average salary of more than € 45.000, living outside of London might be the best way to go to start working on Europes' most populated island.
We have heard them all. During the Euro Crisis the Greek Labor Market and mentality was all over the news. Not only has it created some insights into the local market, but also some myths about the "lazy Greeks". And this could not be further from the truth - at least according to recent data from the Credit Suisse Data. Greek work the longest in comparison to European partners, but earn the lowest nevertheless. With youth unemployment at more than 50%, many young, educated people leave the country in the search for a better fortune. The general labor market situation is not any better, but it is not the worst in comparison. Nevertheless, Greece is more and more turning into a labor market to exit rather than to enter. Many Myths about Greece remain nevertheless backed by data.
The shining star in Europe...
Who would have expected this a couple of years back, when Ireland needed financial support from the European Union and the international financial markets. A country close to collapse. Today, at least the labor market in Ireland is stronger than ever. The green island rewards workers with the highest salaries in comparison and not just because of the kind-hearted nature of the Iris. The Irish industrial and service sector is the most productive in whole Western Europe. So off we go to Ireland?
Ireland might be the shining star when it comes to salaries and productivity, but they face a large youth unemployment rate at 23.9% in 2014. With its youngest population on average in Europe, Ireland withstood the demographic trends that e.g. Germany or Italy are facing - but that also means more competition for jobs for you. But as an MUNer, you know your skills are needed in the 21st century job market - maybe it is worth a try (both of Guinness and a job application)?
And before you start making plans for going abroad for your next job we have some honorable mentions for
- Highest salary
Ireland: +60.000 €
- Lowest Youth Unemployment
- Lowest average hours worked per week
The Netherlands: 30h/per week
- Earliest Retirement Age
France: 60 (f) and 59.7 (m)
- Highest amount of college educated population
United Kingdom: 38.9%
Do you consider moving abroad for your next job? As an MUNer what makes you perfect for a job abroad? Share your insight with us in the comment section! For more, also make sure to check the Infographic aboutEurope's Labor Market: It's Not What You Think - The Financialist