What is the job outlook for Norway?
Posted on August 27, 2020
If you are looking at an overseas job option, then you can consider working in Norway. The country is known for its high standard of living and social security systems. The country is blessed with rich natural resources which include oil and gas, fisheries, forests, minerals, etc.
The major industries in the country include oil and gas, shipping, food processing, fishing, mining, IT and communications, tourism, etc.
More than half of the local workforce is employed in the public sector such as health and education, oil and gas, fishing, construction, and IT.
In 2019, there was employment growth across all industries. At the same time, there was a labor shortage across all sectors. The labor market had 72,000 job vacancies in 2019 with more than 8000 new jobs added in the past year. Most of the technical and engineering professionals in the country are hired by the energy sector, leading to skills shortages in other sectors looking for such talent. In 2019, the highest number of vacancies was in the administrative and support services and ICT.
The job outlook for 2020
The ManpowerGroup Employment Outlook Survey conducted in the first quarter of this year pegged the net employment outlook for 2020 at 9%.
The employment outlook for different industry sectors which are divided into four based on the size of the organization is micro, small businesses, medium businesses and large businesses. A workforce increase was anticipated in all four groups:
- Microbusinesses at 7%
- Small businesses at 15%
- Medium businesses at 17%
- Large businesses at 6%
The manufacturing sector reported a net employment outlook of 16% while the mining & quarrying sector and the public & social sector show an employment outlook of 15% and 13%, respectively. Hiring outlook for the finance, insurance, real estate & business services sector stands at around 10% while the wholesale, retail, restaurants & hotels sector employers anticipated an outlook of 6%.
Job outlook for rest of 2020
With the onset of the Coronavirus pandemic and the subsequent lockdowns has affected businesses in the country but the government is trying its best to support the businesses by proposing a scheme that will cover the fixed costs of companies affected by the pandemic by helping them with the financial aid of up to 10 billion to 20 billion Norwegian crowns ($958 million -$1.92 billion) per month. The aid is proposed to cover fixed costs such as rent, insurance and will cover these costs for two months, to begin with.
Such measures it is hoped will help the businesses revive and set them on the path to growth once the pandemic is over.
Norway’s strong, stable economy and high standard of living have been attractive factors for those looking to work abroad. It has always had a need for skilled workers across multiple sectors. The job outlook is expected to improve once the pandemic is over.