Adecco CEO sees weaker momentum in Europe’s job market
Published: Tuesday, Jan 16th 2024, 11:20
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The momentum on the European labor markets is currently weakening. "Europe is slowing down", said Denis Machuel, CEO of the Swiss personnel service provider Adecco, in an interview with the television channel "CNBC" at the WEF in Davos on Tuesday.
The situation is better in Asia, where he sees "strong momentum". Meanwhile, the US is "somewhere in the middle between Europe and Asia" as far as the labor market is concerned, according to the Adecco CEO.
However, the manager also explained in the interview that a short-term slowdown in the job market dynamics would not change the long-term trend of a shortage of skilled workers. On the one hand, this has demographic reasons, such as the ageing population, and on the other hand, there is a greater need for people to have a better work-life balance.
Value of leisure time
The value of leisure time for employees has increased continuously in recent years, and the coronavirus pandemic has given this a further boost.
In addition, the younger generation in particular has a strong desire to work from home a lot. However, it should not be forgotten in this debate: "Many jobs cannot be done from home at all, so not everyone has this privilege."
However, there are also real fears among employees of losing their jobs, for example due to the increase in artificial intelligence (AI). This is not a job killer in itself, explained Machuel. However, companies need to invest in their staff in order to maintain the employability of their workforce in the long term.
Stable economy ensures peace
People must also be given the opportunity to reorient themselves professionally. "People have to believe in the future, they have to believe in their jobs, the economy has to be stable, otherwise we won't have peace in society."
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