Watson Wyatt has published the latest editions of its well-known annual reports on employee benefits and employment terms and conditions for Western Europe.
Already in their 35th and 34th editions respectively, these reports are essential references for executives with management responsibility for European or global operations, offering up-to-date information on employee benefits and employment terms and conditions in 19 countries.
Karin Bogart, consultant at Watson Wyatt and editor of one of the reports highlighted certain challenges currently facing the EU.
“Firstly, addressing demographic ageing and its impact on the workforce and secondly, the unemployment or underemployment of youth and older workers.”
She said that “Europe is also facing a growing shortage for high-skilled labour, especially in the technology and engineering sectors. With such a shortage, will Europe be able to sustain global competition with countries such as China or India?”
Luc de Wée, senior consultant at Watson Wyatt, said: “In order to tackle the growing problems of maintaining basic social security systems in place, taken the demographic developments in Western Europe, more and more Western European countries move into multi-pillar pension systems as already exists in Eastern Europe.
“It is obvious that time will be necessary for the appropriate legislation to evolve, but the spirit has always been there and this is certainly the trend for the future. Therefore, the conversion from what applies today to a future multi-pillar pension system will not be straight forward, but it is very likely for it to happen.”
These reports are an invaluable tool for executives with cross-border management responsibility who are looking to ensure that they are able to customise the employment package according to the local legislative and cultural environment.
Alongside these and the firm’s equivalent Eastern and Central European reports, Watson Wyatt is also developing combined Benefits and Employment Conditions reports for a number of Middle Eastern and Africa countries, such as Egypt, Bahrain and South Africa.