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Finland
- Recruitment landscape
- Economic indicators
- Labor market
- Working life
Your global agency guide to...
Finland
Finland, with a GDP of $300.2 billion, ranks 47th globally. It boasts top industries like metals, electronics, and shipbuilding. With a stable working population, the country faces a 7.2% unemployment rate, presenting both opportunities and challenges in its labor market. Finland has a lower density of recruitment agencies, reflecting a need for strategic talent sourcing solutions.
Finland'S
AGENCY LANDSCAPE
500
Agencies operating in Finland
A high number of agencies indicates a mature recruitment industry, marked by strong talent demand, established labor laws and economic stability.
15-20%
Typical fee range
Countries with higher fees imply finding talent is harder to find whilst lower fees indicate a high-volume, commoditized market.
Finland'S
FEATURED AGENCIES
Keylime Consultants
Focus Cloud
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Finland'S
GROSS DOMESTIC PRODUCT (GDP) RATING
47
WORLD RANKED
Finland ranks 47th in the world by current economic output
$300B
NOMINAL GDP (US$)
GDP reflects the overall size and economic strength of the country’s economy.
26
EMEA RANKED
Finland is the 26th biggest GDP in EMEA out of 109 countries in the region
GDP GROWTH (%)
The above chart compares how Finland'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.
Finland'S
CURRENCY AND CODE
€
Country currency
FIN
Country ISO code
Finland'S
INFLATION RATE
1.9%
CURRENT RATE
▲0.7% INCREASE
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.
Finland'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.
Finland'S
LABOUR STATISTICS
5.5M
POPULATION
With a population of 5,548,241, Finland is a small sized country by global standards. Finland's youth population is just below the world average, indicating it may face challenges in labor market sustainability over time. The working population in Finland is close to the world average, suggesting a stable labor market that can adequately meet the economy's demands. Finland's elderly population is just above the world average, suggesting a growing dependency ratio, which may strain the labor market.
Finland'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.
Finland'S
UNEMPLOYMENT RATE
7.2%
CURRENT PERCENTAGE
▲0.44% INCREASE
Finland 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
Finland'S
TOP PERFORMING INDUSTRIES
Top industries
Electronics
Machinery and scientific instruments
Pulp and paper
Finland'S
GENDER DEMOGRAPHICS
RATIO OF MALES TO FEMALES (BY AGE)
LABOUR PARTICIPATION BY GENDER (%)
64
/
58
Male | Female
In Finland there is a low gap in participation rates between males and females, indicating a relatively balanced workforce particpation often reflective of strong gender equality policies or cultural norms supportive of equal gender parity.
Finland'S
WORKING LIFE
$49K
Average gross annual wage (US$)
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.
$4.1K
Average gross monthly wage (US$)
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.
Finland'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.
37.5HRS
Average working full time week
Standard work hours are typically 7.5 hours/day, 37.5 hours/week, possibly changed to 8 hours/day, 40 hours/week. Overtime is voluntary, as per employment agreement, and is compensated at 150% of the hourly rate for the first 2 hours, then 200% thereafter.
Finland'S
TOP BENEFITS
105DAYS
Maternity leave
Finland offers 105 days of paid maternity leave, 54 days of paternity leave, and 158 days of shared parental leave, with a minimum payment of 29.05/day from Kela. Extended childcare leave available until child's 3rd birthday.
300DAYS
Sick leave
Employees get up to 300 days of paid sick leave. For the first 10 days, employers pay full salary for those with over a month's tenure, 50% otherwise. Afterward, Kela pays 40-60% of the salary starting the 11th day.
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