Stagnant Economy Makes Austria Job Market Tough
The economy in Austria has stagnated due to political decisions or lack of – resulting in increased taxes penalizing new businesses, international corporations, and in particular banks (bank taxes are very high). This meant that several EMEA centers of multinationals withdrew, changed locations (ie Google) or stopped further investment, with a negative impact on executive search in Austria.
Austria is dependent on both Russia & the Mideast and less so on the US . High end retail fell 70% with the Russian crisis and real estate was similarly affected. Many Austrian companies are actually expanding to the US due to low cost labor, hire/fire freedom and state tax rates.
Read more details influencing executive search in Austria in this market outlook from our Vienna office.