As a subset of economic services, business services share many characteristics with these other types of services. Both types of services are concerned with building service systems and delivering value to their customers. Businesses act as both a provider and a consumer. This article focuses on the employment outlook for businesses in the European Union. We will look at the growth of this sector, the employment outlook for business services in the European Union, and the skills needed to become a service provider.
Occupational outlook for business services sector
The Professional and Business Services industry is the second largest occupational cluster and has strong job growth expectations for the next decade. Currently, this industry will add 1.6 million new jobs by 2028, which is significantly higher than the average rate for all industries. The COVID-19 pandemic affected the public and private sectors, affecting both. This sector is expected to grow by about 8% over the next decade. In addition, employment in this sector will continue to increase, which is good news for workers.
The industry is made up of various subsectors, each of which is critical to the overall growth of the economy. Administrative and waste services, for example, are highly diverse, with a range of jobs in various geographies. For example, areas with a high proportion of professional and technical employment will have higher average wages than areas with a high percentage of management jobs. And finally, there are several sectors within the Professional and Business Services sector.
Occupational outlook for business services sector in the European Union
The economic outlook in the EU’s business services sector looks good for the next decade. Employment growth will be faster in the business services sector than in most other sectors, with the vacancy rate falling in all sectors except the construction industry. According to the European Commission, the sector will grow at the fastest rate over the next decade, accounting for nearly half of the total number of vacancies. However, the sector is expected to experience some uneven growth, as the percentage of jobs that are vacant in a country’s economy will differ from one region to another.
The EU’s employment prospects have been mixed. The Netherlands and Sweden had the highest employment rate, with more than eight out of 10 people aged 20 to 64 in the EU employed by 2021. In contrast, France and Italy saw lower employment rates, with an unemployment rate of less than 70 percent. The most negative hiring confidence was seen in Bulgaria, Italy, and Romania. These countries are largely reliant on the export of goods, which in turn affects the employment rate.
Employment outlook for business services sector in the European Union
The business services sector in the European Union is growing, especially in Poland, where the country is home to more than 85,000 people working in this sector. Companies such as Shell and Pepsico are setting up shop there, and their multinational workforces are able to deliver complex services in multiple languages. Despite the upheavals in the world economy, the employment outlook for this sector in the EU is still remarkably positive.
This industry accounts for more than two thirds of the EU’s GDP and is the fastest growing sector. It makes up around 12% of the entire European economy. It is a key driver of productivity and transformation in the European economy. According to Eurostat, employment in business services is set to increase by 6.1% in the coming years. It currently employs about one in three people in EU-28 and includes 1,3 million businesses of all sizes.