Over the past few years, the global labour force has grown by over 200 million people, according to the World Bank. In fact, in 2016 millennials became group with largest share of the labour force in the USA, surpassing Gen Xers quite substantially. With this only set to increase exponentially as Gen Z follow suit and begin to enter the workforce and take their first steps on the career ladder, it begs the question: where should millennials be heading for the best options in their careers?
There are a number of different reasons why people leave their home country to go and work elsewhere, whether that’s for better opportunities, better weather or just a change of pace in their daily 9 to 5. The biggest problem is trying to narrow down where to go from the huge list of countries all offering different things and conflicting factors: from job opportunities to salary considerations, rent prices and more.
That’s why, here at Silver Swan Recruitment, we created the Working Millennial Index. We set out to discover which countries around the world are the best destinations for young people to live and work in, taking the guess work out of migrating.
Ranking in the top spot for the best country for young people to live and work was Germany, with New Zealand proving to be a very strong second place.
Germany soared to the top spot with an impressive average salary of £2014.26 and an average rent cost of just £643.66 – leaving young people with approximately £1,370 a month, before tax. On top of this, entertainment costs are low, as are unemployment rates with just 3.4% of the population without a job.
Following Germany, the top 10 countries are:
2. New Zealand
9. United States of America
10. United Kingdom
New Zealand and Australia both ranked highly across the board, with New Zealand placing first for the ease of doing business – which includes setting up your own company – while Australia was the number one country in the world where millennials said they would live.
It was good to see the UK place in the top 10, largely thanks to the incredibly low rate of unemployment: at just 4.2%, it’s in the top 30 lowest in the world. It’s also the 7th bets place in the world to do business in, as well as placing 14th in the world for being the best at actually starting a successful business.
It was interesting to see Thailand place in the top 10 – the only Asian country to do so – especially considering the rent to salary ratio was fairly high. The average salary in Thailand was just £526.77 while rent prices were £368.15. However, the cost of living is incredibly low, and the country boasts a mere 1.2% unemployment rate.
The results by continent are as below:
Best country for young workers in Europe: Germany
Best country for young workers in North America: Canada
Best country for young workers in South America: Chile
Best country for young workers in Oceania: New Zealand
Best country for young workers in Asia: Thailand
Best country for young workers in Africa: Morocco
To create our Working Millennial Index, we looked at the following factors:
– Unemployment Rates
– Average Salary
– Start-up Successes
– Rent Costs
– Millennials Pick
Using these categories, we established an overall Working Millennial Index score by scoring each country out of 5 across the elements and totalling this together, allowing for a highest available total score of 30. Average Salary was first assigned a ranking which was then scored out of 5, in order to balance out the differences in currencies.
Full dataset available on request.
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