Navigating Europe’s Tight Labor Market
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Navigating Europe’s Tight Labor Market

11 December 2024 / Article

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Europe’s persistent labor shortages, exacerbated by rising wage costs and a stagnant labor supply, are posing significant challenges to business throughout the region. This report explores strategies chief human resources officers (CHROs) and their teams can adopt to address these pressures, with a focus on workforce productivity, retention, and investments in skilling to protect profitability and future-proof talent capabilities.

Key Insights

  • Europe’s labor crunch continues despite the late-2024 cooldown; the number of workers available to fill open positions in Europe is at an all-time low, with companies citing labor shortages as the second most important factor affecting production, after insufficient demand.
  • Strong job growth in a subdued economy slows labor productivity growth in Europe: persistent labor market tightness and productivity declines are challenging Euro Area companies’ profitability.
  • Focusing on workforce productivity and retention is essential to safeguarding companies’ margins and future-proofing talent strategies, requiring CHROs to prioritize drivers such as skills-based strategies, leadership quality, agility, and employee well-being.

Europe’s persistent labor shortages, exacerbated by rising wage costs and a stagnant labor supply, are posing significant challenges to business throughout the region. This report explores strategies chief human resources officers (CHROs) and their teams can adopt to address these pressures, with a focus on workforce productivity, retention, and investments in skilling to protect profitability and future-proof talent capabilities.

Key Insights

  • Europe’s labor crunch continues despite the late-2024 cooldown; the number of workers available to fill open positions in Europe is at an all-time low, with companies citing labor shortages as the second most important factor affecting production, after insufficient demand.
  • Strong job growth in a subdued economy slows labor productivity growth in Europe: persistent labor market tightness and productivity declines are challenging Euro Area companies’ profitability.
  • Focusing on workforce productivity and retention is essential to safeguarding companies’ margins and future-proofing talent strategies, requiring CHROs to prioritize drivers such as skills-based strategies, leadership quality, agility, and employee well-being.
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Authors

Robin Maillard

Robin Maillard Robin Maillard

Research Associate, Human Capital Center, Europe
The Conference Board

Read Bio

Jean-Marc Verbist

Jean-Marc Verbist Jean-Marc Verbist

Center Leader, Human Capital, Europe
The Conference Board

Read Bio

Marion Devine

Marion Devine Marion Devine

Principal Researcher, Human Capital, Europe
The Conference Board

Read Bio

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