Konstantinos Milonas, VP of Adecco and Country Head for Greece and Bulgaria, is a seasoned expert in human resources and labor relations. Interviewed for Business Partners by Dr. Venetia Koussia, Chair of the AmCham Greece Employment Committee, he shares his insights and talks about current challenges and opportunities in Greece’s evolving labor market.
Tell us a bit about your professional journey with Adecco and how it informs your work today.
During the 24 years that I have been with the Adecco Group, I have been given the opportunity to test myself through multinational leadership positions in different markets and to experience events that have radically changed the labor market. Through my current position as Country Head of Greece and Bulgaria, and also handling the Public Affairs EE&MENA, I participate in the institutional dialogue around labor issues in the countries of my responsibility and contribute to Adecco’s purpose, which is to make work mean more for our candidates, clients, and colleagues.
Respect for the human factor has always been my dominant value, and my experiences through the years have confirmed my belief that the most catalytic factor for success is the commitment and dedication of people.
Anyone interested in investing in one of Greece’s most profitable sectors should, without a second thought, invest in its human resources!
Focusing on Greece, what are the main trends currently shaping the country’s labor market?
The Greek labor market is still recovering from a long period of economic crisis. More than 600,000 people, mainly in the productive age bracket of 25-39 years old, have left the country since 2008, looking for work with better pay and better prospects for social and economic progress. Structural weaknesses in the Greek economy and society have also emerged in the last decade, including the relatively low level of financial benefits that workers have in Greece. Between 2008 and 2018, the net average annual income of graduates fell by 36%; the gap with the corresponding EU average (€26,704) exceeds 50%. At the same time, social security contributions and taxes remain very high. In relevant surveys, unsatisfactory working conditions are cited as the main reasons for leaving by people who have left the country. This phenomenon of young, qualified people fleeing abroad is fueled by the economy but in turn fuels another negative phenomenon that’s linked in the long term to the economy: the demographic issue.
There is a mismatch of skills and wages in the Greek labor market. And there is also a paradox: Although there is not enough new talent, there is still a peculiar ageism against those over 50. Finally, there is a growing focus on flexible working arrangements, something that has become even more important post-pandemic.
In your opinion, what are some of the key differences between the evolution of the labor market in Greece and other European countries?
Internationally, the synergy between the private and public sectors is shaping the future of work. This interconnection starts with the preparation of the younger generations in matters of professional orientation to fill the positions that the market and the economy really need. Such a model is missing in Greece and is necessary as we move to the digital economy.
Additionally, a taboo topic that must be discussed is our release from the minimum wage, which is a holdover from previous times. The debate in advanced eurozone countries has already shifted from wages to skills and ensuring working conditions that promote work-life balance.
Another notable difference is the pace of digital transformation, which has progressed faster in several European countries compared to Greece. Many countries have also been more proactive in developing structured programs for continuous learning and upskilling, often in partnership with government and private sector organizations. Greece could benefit from adopting similar collaborative initiatives that focus on future skills, particularly digital literacy, and technical expertise, as well as policies that encourage greater workforce flexibility, mobility, and professional growth opportunities.
Greece’s prospects as a fast-recovering economy are fueled by our unique proposition of human capital
Do you agree with the assessment that while there’s room for improvement, the Greek labor market also holds promising opportunities?
Anyone interested in investing in one of Greece’s most profitable sectors should, without a second thought, invest in its human resources! Three factors currently coexist in the Greek market: There is a significant number of employees with a high educational profile; the Greek economy is recovering and the national reform program is oriented toward attracting investments; and there is significant room for the development of businesses that will attract highly qualified personnel that the existing market, due to its quality characteristics, cannot absorb.
Greek employers need to go through their own transformation to attract and retain talent. Top talent demands change and will always be the changemaker. Never forget that Greece’s prospects as a fast-recovering economy are fueled by our unique proposition of human capital.
Economic challenges also persist, especially for young professionals who may struggle with job security and career progression. However, there are promising opportunities for growth, especially in sectors such as technology, green energy, and pharma. By investing in targeted training programs and encouraging innovation, Greece can create a more adaptable workforce prepared to capitalize on these growth areas.
What do you think the key challenge for employers and job seekers will be in the coming period?
Adecco Group recently announced the results of Global Workforce of the Future 2024. Workforces are preparing for a future shaped by—but not limited to—AI. Employees primarily seek job security, but are also proactive toward personal development and take advantage of opportunities.
We see real productivity gains from AI, and one in four employees are taking the opportunity to work smarter or more creatively. Employers must provide more guidance on how to maximize gains that unlock full human potential. A minority group of future-ready workers are supported by their companies and provide learnings to others. They are adaptable, driven, and prepared to pursue alternative employment if they do not see career growth. Companies must do more to grow this segment of their workforce.
How can AmCham Greece, which is committed to fostering business development and economic growth, effectively assist businesses and individuals in navigating the ever-evolving labor market?
AmCham Greece can play a pivotal role by acting as a mediator between businesses, government, and educational institutions to address labor market needs. Such synergies could expand initiatives that promote workforce upskilling, digital transformation, and talent mobility, which are critical in today’s labor market. Additionally, organizing networking events and workshops focused on new employment trends, fostering collaboration on public-private partnerships, and offering resources to help businesses navigate regulatory changes would provide meaningful support for companies and employees alike.
