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Austria
- Recruitment landscape
- Economic indicators
- Labor market
- Working life
Your global agency guide to...
Austria
Austria, with a GDP of $516 billion, ranks 26th globally, reflecting a strong economy supported by key industries like machinery, vehicles, and tourism. With a population of 8.98 million and a 5.2% unemployment rate, Austria presents a stable labor market. The moderate number of recruitment agencies caters to these diverse sectors. However, an increasingly aging population hints at future labor market challenges. Gender participation disparity is moderate, with efforts towards equality evident.
Austria'S
AGENCY LANDSCAPE
700
Agencies operating in Austria
A high number of agencies indicates a mature recruitment industry, marked by strong talent demand, established labor laws and economic stability.
15-21%
Typical fee range
Countries with higher fees imply finding talent is harder to find whilst lower fees indicate a high-volume, commoditized market.
Austria'S
FEATURED AGENCIES
epunkt
Randstad
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Austria'S
GROSS DOMESTIC PRODUCT (GDP) RATING
26
WORLD RANKED
Austria ranks 26th in the world by current economic output
$516B
NOMINAL GDP (US$)
GDP reflects the overall size and economic strength of the country’s economy.
15
EMEA RANKED
Austria is the 15th biggest GDP in EMEA out of 109 countries in the region
GDP GROWTH (%)
The above chart compares how Austria's GDP has grown, compared to the rest of the world and the EMEA region in the last 7 years.
Positive growth indicates an expanding economy, while negative growth or recession signifies economic contraction. Strong growth can encourage hiring, but slower growth might lead to freezes or layoffs, influencing talent sourcing as businesses adapt to changing market conditions and demands.
Austria'S
CURRENCY AND CODE
€
Country currency
AUT
Country ISO code
Austria'S
INFLATION RATE
3.9%
CURRENT RATE
▼3.8% REDUCTION
Inflation represents the rate at which prices rise and purchasing power diminishes. High inflation may prompt employees to seek higher wages, potentially impacting company profitability. This situation could lead to budget constraints or hiring freezes, which might influence talent availability and sourcing strategies.
Austria'S
COST OF LIVING
COST OF LIVING INDEX EXPLAINED
The cost of living has a direct impact on salary expectations and the competitiveness of compensation packages. It can influence the appeal of certain locations-while high-cost areas may attract highly skilled professionals looking for higher salaries, lower-cost areas can appeal to companies looking to minimize salary expenses or candidates seeking a better work-life balance.
Austria'S
LABOUR STATISTICS
9M
POPULATION
With a population of 8,978,929, Austria is a small sized country by global standards. Austria's youth population is just below the world average, indicating it may face challenges in labor market sustainability over time. The working population in Austria is close to the world average, suggesting a stable labor market that can adequately meet the economy's demands. Austria's elderly population is just above the world average, suggesting a growing dependency ratio, which may strain the labor market.
Austria'S
RELIGION
Religion
In religiously diverse countries, a broad sourcing and engagement approach whilst appealing to inclusive practices resonates with this candidate market. In contrast, in a homogeneous religious environment, understanding dominant cultural norms is often more important when engaging with talent.
Austria'S
UNEMPLOYMENT RATE
5.2%
CURRENT PERCENTAGE
▲0.25% INCREASE
Austria has an unhealthy unemployment rate, suggesting there may be some economic or structural challenges . Between 2022 and 2023, there was a small increase in unemployment, suggesting continued economic stability, with a slight dip in job availability
Austria'S
TOP PERFORMING INDUSTRIES
Top industries
Machinery
Vehicles and parts
Chemicals
Austria'S
GENDER DEMOGRAPHICS
RATIO OF MALES TO FEMALES (BY AGE)
LABOUR PARTICIPATION BY GENDER (%)
67
/
57
Male | Female
In Austria there is a medium gap in participation rates between males and females, indicating moderate inequality with some progress towards gender parity.
Austria'S
WORKING LIFE
$52K
Average gross annual wage (US$)
This figure represents yearly income before taxes. Higher wage countries are above $50,000 USD. Attracting talent in lower-wage markets can be cost-effective; however, offering above-average compensation may be required for in-demand skills.
$4.3K
Average gross monthly wage (US$)
This figure represents monthly income before taxes. Higher-wage countries typically exceed $4,000 USD per month. Attracting talent in lower-wage markets can be cost-effective; however, offering above-average monthly compensation may be necessary for in-demand skills.
Austria'S
WORKING LIFE
13DAYS
Minimum annual holidays
Minimum annual holidays reflect mandated leave. Hiring in countries with high allowances (over 25 days) will require emphasizing work-life balance when recruiting. In countries with fewer holidays (under 15 days), offering additional leave can enhance recruitment and set the organization apart.
40HRS
Average working full time week
Standard work hours are typically limited to 8 hours per day and 40 hours per week, usually from Monday to Friday. Overtime pay is usually required for hours worked beyond this standard.
Austria'S
TOP BENEFITS
16WEEKS
Maternity leave
Maternity leave: 16 weeks paid, split before/after birth, with average net income paid by Social Insurance; can extend 12-28 months with max 2,000 benefit. Paternity leave: 1 month paid, must take within 1 week post-birth, 22.60 daily from Social Insurance, no 13th/14th salary. Parental leave: Up to 24 months until child's 2nd birthday, with payment options under Child Care Payment Act; unpaid if extended.
6WEEKS
Sick leave
Austrian employees get paid sick leave that varies with tenure - from 6 to 12 weeks, with no set maximum days. Length of service with an employer dictates entitlement.
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