EMEA Market Insights
Q2 2024
The EMEA (Europe, Middle East, and Africa) region presents a dynamic and diverse market landscape. Here's a breakdown of some key trends with relevant metrics to understand the current landscape (as of June 2024):
A recent Google/Ipsos study surveyed over 6,000 online shoppers across major European countries. The study revealed a focus on building trust and confidence as a key driver of purchasing decisions.
A recent study by Google/Ipsos found that confident consumers in the EMEA region (aged 18+, across major economies) significantly boost brand consideration [1].
Building trust and simplifying the customer journey are crucial for success.
E-commerce sales in the EMEA region are expected to reach €1.3 trillion by the end of 2024. This highlights the growing importance of a strong online presence for businesses.
Mobile phone penetration in the EMEA region is estimated to be over 70%, indicating a mobile-first approach is crucial for reaching consumers.
60% of European consumers are willing to pay a premium for sustainable products. This reflects a growing demand for eco-conscious practices.
The UK market is witnessing a surge in demand for refurbished tech products, indicating a growing focus on environmental responsibility [1].
Consumers are increasingly seeking eco-friendly options. Highlighting sustainability efforts can be a competitive advantage.
AI adoption in the EMEA workforce will create 8 million new jobs by 2030. This signifies a shift towards automation and the need for upskilling the workforce.
Significant economic growth in the Middle East and Africa, while some European markets face stagnation. This highlights the need for a tailored approach to different regions within EMEA.
Additional Resources:
LinkedIn: Think Insights Europe, Middle East and Africa [Think Insights Europe, Middle East and Africa - LinkedIn Business business.linkedin.com]
Mercer: 2024 Global Talent Trends [2024 Global Talent Trends - Mercer mercer.com]
Universum: Talent Outlook 2024 eBook [Talent Outlook 2024 eBook - Universum Global universumglobal.com]
Most recruiters are thinking positively when it comes to the impact of AI, in particular generative AI (GAI):
68% of recruiters said they are “very hopeful or cautiously optimistic about the impact of GAI on recruiting."
74% of recruiters say the hope GAI will “automate repetitive tasks to prioritize more strategic work.”
Read more via LinkedIn
According to new research from MIT's Sloan School of Management, women are “41% more likely than men to experience toxic corporate culture.”
MIT's research indicates the “toll of the pandemic appears to have widened the toxic culture gender gap.”
From 2016 until 2021, women were only 35% more likely to experience toxic culture than men, compared to 41% more likely now.
Women in the C suite are “53% more likely to experience toxicity than men.”
“The compensation gap between women and men has rightly generated a lot of attention … For many women, the gender gap in toxic culture may have an even more profound impact on their day-to-day experience in the workforce.”
Read more via MIT Sloan Management Review
Across the United Kingdom, employers say “the nation's schools, technical colleges and apprentice schemes are not turning out the workers they need, from software coders and designers to skilled machinists.”
Employers are “frustrated” with Britain's education system, and many managers say they are spending “a lot of time training new hires” in the “soft skills” employers badly need.
Employers say the country's education system has not adapted sufficiently to the current needs of the economy.
England's shortage of qualified workers is not unique, but it has been made worse by Brexit, which has made it more difficult for employers to hire outside UK borders.
Employers say changes are needed, and that soft skills and creative thinking and “practical learning” cannot be abandoned in favor of memorization for testing.
Read more via Reuters
According to experts, the good news is that there are ways employers can counter burnout. The less good news is that it starts with how jobs are designed. Burnout is a “management and organizational issue, not a physical or mental health issue, so promoting self-care won’t usually help employees.” Employers should think of burnt-out employees as “canaries in the coal mine,” or a sign of broader issues in the workplace. Experts say the only real solution is to redesign jobs and workplaces “so that the causes of burnout are no longer so frequent or intense.”
The source of burnout: 'Chronic job stressors' lead to burnout. Burnout also stems from "mismatches," which “reflect a bad fit between the job and basic human needs, such as competence, belongingness, and psychological safety.”
Mismatches occur across “6 core areas,” regardless of the job:
Workload: High demands and “insufficient resources to meet those demands successfully.”
Control: “Inadequate autonomy to do the job well.”
Reward: Good work "not receiving appropriate recognition or opportunities.”
Community: A spectrum, with the most extreme being “socially toxic workplaces where there is incivility, bullying, or harassment.”
Fairness: Where discrimination and inequitable practices are at play.
Values: Ethical, moral, and legal conflicts in the workplace.
The “5 critical steps” employers can take:
Ask for anonymous input: The “most direct route to identifying mismatches” is to ask about workers' experiences and for their suggestions on improvements.
Develop ‘new ways of doing things’: When survey responses point to mismatches, “immediately ask for ideas of how to do things better.”
Start with ‘attainable goals’: Work making “small, tangible gains quickly, rather than to embark on a long journey toward a large gain.”
Use design principles: “When redesigning jobs, simplify them wherever possible.”
Build in ‘progress checkpoints’: While innovating, make room for “continual assessment, adjustment, and refinement.”
“Think of burnt out employees as canaries in the coal mine. When the canary keels over, we acknowledge that the environment is hazardous — we don’t tell the canary that it should take a long weekend.”
Read more via Harvard Business Review
