Analysis of employee activity in the financial services sector in Austria reveals a general decline in total hours worked from 2013 through 2023. Starting at 120.91 million hours in 2013, the figure dipped to 105.8 million hours by 2023, representing a Compound Annual Growth Rate (CAGR) of approximately -1.15% over the decade. The sharpest annual decline occurred in 2017 (-6.56%), followed by relative stability and a slight upward trend in subsequent years, culminating in a minimal decrease in 2023 (-0.76%). The last five years show a modest upward trend with a CAGR of 0.18% as of 2023.
Future trends to watch for in the financial service activities sector include:
- Further decline in hours worked, with a forecasted CAGR of -0.44% over the next five years, bringing the total to approximately 102.95 million hours by 2028.
- Technological advancements leading to increased automation and efficiency, which may reduce manual labor hours but could increase productivity per employee.
- Shifts in global economic conditions and regulations impacting the financial services sector.
- Potential for remote work and digitization to reshape labor allocation within the industry.
