A rise in the rate of unfilled job vacancies last year indicates that it is becoming harder for employers to find and retain the right talent.
Wages in lower-skill sectors have grown, while in high-skill ones they have remained broadly flat. This has reduced high-industry wage pressures.
Growth in Switzerland’s participation rate is expected to be higher this year, increasing the supply of labour for firms looking to expand their workforce.
Managing Director, Hays Switzerland
Switzerland’s unemployment rate remains low; however, we are still seeing strong demand for skilled workers in particular roles. In an eff ort to address local skill shortages, and for the second year running, the Government has upped the quota of residence permits to allow companies to source more foreign workers from outside the European Union. Much like last year, we continue to expect digitalisation to create opportunities for Switzerland, leading to structural changes and a host of new roles and skills. We expect many outsourced projects to be moved back to countries with highly-skilled workforces such as Switzerland, as digitalisation requires skilled professionals. This will bring further jobs to the Swiss labour market; we must however ensure we have enough people with the right skills to keep up with demand.
Marc Lutz, Managing Director, Hays Switzerland
The Swiss economy is expected to perform well this year, with strong GDP and employment growth from the second half of 2017 expected to persist into 2018 and 2019.
Like many advanced economies, Switzerland is facing the challenges of an ageing population, which could constrain the potential for future expansion. Growth of the working-age population is expected to slow to 0.5% per year, around 0.5% lower than during the previous decade. However, this increase is still among the strongest forecast among Western European countries, so the issues may be less severe than elsewhere.