The job market is hard to navigate at the best of times, however, due to the current global pandemic, many are faced with even more difficulties. This raises the question, how competitive is the job market in different countries and where can individuals expect the highest employment prospects?
Small Business Prices answers these questions in its new study, by examining the number of businesses in each country to reveal how many there are per square km, as well as how many people there are per one business.
With only six people per business, the Czech Republic and Portugal are revealed as the best countries for employment seekers. This not only means more job prospects, but it also offers greater opportunities to succeed. From an employer perspective, however, only a few people per company may mean a decreased risk in potential candidates when it comes to hiring employees. In comparison, the UK sits at 18 people per business and the US at 44. However, it is also important to consider population density, as countries such as Iceland, for example, may rank better on the list, but this is due to low population as well as total businesses.
To further examine the competitiveness of the job market, the study analyses how many businesses there are per square kilometer in each country. With 61 businesses the Netherlands takes first place, followed by Israel and Belgium with 37.6 and 36.5 respectively. The high number of businesses make them good destinations for those looking for work, as there will be lots of opportunities for job seekers. Those looking for employment in countries with fewer companies in the same space, on the other hand, may find it more challenging to secure a job. These countries include Romania (3.7), Lithuania (5.5), and Bulgaria (5.7). The UK still makes the top 10 at 9th place and 15.7 businesses per square km.
However, this doesn’t mean these figures can’t change – new businesses are continuing to crop up every day. The study revealed the UK, in particular, to be the leading country for new businesses, with an impressive 650,000 companies being registered in 2018 (almost triple the number of Australia, the second-ranking country) and creating numerous new job opportunities. Other countries that revealed themselves as entrepreneur hubs include Australia (235,654), France (201,087), and Chile (132,740). On the other end of the scale we find countries such as Switzerland, with 25,637, Japan, with 29,243, and Norway, with 29,959, new businesses – substantially less compared to the leading countries.
These are unprecedented times and the current global crisis is making the job market increasingly competitive. As thousands of people face redundancies it raises the question if people will use this time to take a step to become their own boss by setting up a company of their own. The study highlights that this is clearly a popular path that people choose.
Nevertheless, it’s important to remember that businesses are continuously, and rapidly, evolving. This study offers insight into the prosperity of individual countries and opportunities both job seekers and employers can expect, and also highlights that there are many factors that need to be considered when looking for employment, for example.