ABA - Invest in Austria - Workforce
Workforce Summary
Austrian workers are highly motivated and truly identify with their employer’s goals. This is reflected in the high quality of products and broad customer satisfaction that they create. The World Competitiveness Yearbook determined that Austria’s workforce is characterised by an extraordinary work ethic and the country boasts the lowest per capita strike rate in the world. In the years 1998-2009, Austria had an annual average of only 0.8 strike days per 1,000 employees. The Yearbook also ranks Austria second worldwide when it comes to productive labour relations.
Austria has increasing productivity and decreasing unit labour costs, causing the economy to grow. Austria’s workers are ranked third in the world in terms of employee motivation.
Austrian incomes are among the highest in Europe, and unemployment is low. Employees are both hard-working and highly qualified and are happy with the stable political and economic conditions. These conditions are linked to an efficient and developed institutional and social infrastructure based on equality. For Austria’s small and open economy, the full integration in the European solitary market is of immense importance.
There is a peaceful labour climate, high productivity and motivated employees in Austria, making it a safe and profitable business location. Companies can plan with confidence in Austria as there is legal certainty and workforce stability within the country.
Three quarters of immigrants come from Central and Eastern Europe where they maintain an extensive network of ties. This results in companies being able to take advantage of a versatile range of employees who have Eastern European know-how and language capabilities.
Nature and structure of the labour force, demographics
Austria’s total population was 8.4million in 2010, growing by 19% over the past 50 years. In March 2011, the unemployment rate in Austria was reported as 4.3% and from 1993 until 2010 Austria’s unemployment rate averaged 4.26% but reached a historical high of 5.4% in May 2005 and a record low of 3.4% in September 2000.
Education and Qualification
Education is rewarded in Austria. Companies are able to claim 20% education allowance for training and professional development measures offered to their staff, or even claim a research grant of 8% and education grant of 6%.
Tailor-made training programmes are available at Austria’s universities and schools due to links with the business community. Many adult education institutions ensure that approximately 5 million people take part in training and courses each year.
At Vienna University of Economics and Business Administration the courses have always been popular and this is reflected in the cutting-edge research carried out by students.
There is an exchange network with 31 partner universities in the region and there are options to study various foreign languages as these skills are vital in the Austrian business world. Students are also trained in anti-crisis management to reduce the company’s risks and being able to overcome crisis situations easily.
Availability
A mass of internationally renowned top researchers have established themselves in Vienna due to of the importance it places on R&D.
With a high level of graduates and individuals with specialist training ready and available to work, employers need not worry about finding staff that are well-trained, motivated and efficient.
The industrial production in Austria expanded in April 2011 by 9.7%; this sector includes manufacturing, mining and utilities. This is an important indicator for predicting the economy and can be used to measure inflation and sudden changes in prices.
Labour Costs
Austria is a country that ranks top in terms of hourly output per employee. Unit labour costs in Austria declined by more than 8.7% between 1998 and 2008, putting Austria among the top 10 international rankings for labour cost. The country is ahead of the economic powerhouses of France, Italy, Canada and Great Britain.
Also ranked among the best in respect to productivity as measured by purchasing power, Austria has an hourly output of 44.67 USD per employee, making it not only ahead of Great Britain but also Germany, Switzerland and Japan.
Training and Recruitment Initiatives
From May 2011 the Red-White-Red Card will be available for highly qualified individuals from non-European Union states. This allows companies to be able to recruit technicians, chemists or managers from other countries as well as Austrian graduates.
Many Austrian universities and educational institutions offer tailor-made training programmes that are developed with the business community. One major university working with the business world is the Vienna University of Economics and Business Administration. It runs an Executive study programme in Bucharest where students can achieve an MBA level of education in specialist education, preparing them for business.
