Doing business in Zurich: Trends to watch out for
Since being named as the world’s most sustainable city in 2016, Zurich hasn’t rested on its laurels, continuing to flourish as a place to both live and work. The social, environmental, and economic factors that led to the award are things that the city has long been revered for, but it’s not something that’s happened by accident.
With a desire to maintain its reputation as a “centre of economic life and education” (a line coined by the official tourist site myswitzerland.com), investment in Zurich’s local infrastructure continues at pace, while being conscious of its environmental impact; the city is one of the lowest generators of emissions and consumers of water in Europe.
Why Zurich attracts businesses and people
While it’s regularly ranked as the second-most competitive financial centre in Europe behind London, uncertainties around the future of the UK could well play into Zurich’s hands.
Already home to 10 of the world’s largest financial firms, the engineering hubs of tech giants and a giant data centre industry, a local startup scene has emerged attracting talent from amongst the 60,000 students who call the city home.
While some will naturally be keen to move into an established household name business when they come out of education, the chance to be a part of something new and exciting is just as attractive to the modern workforce.
Zurich offers the best of both worlds.
Zurich’s low rate of 3.0% unemployment is on a par with the national average, below that of Basel (3.6%) and Geneva (4.9%) and far better than the European average of 6.8%. The business setup is there to cope, no matter how many people want to call the city home!
Sensible city planning
Of the 425k people who currently call Zurich home, 68% of them are of working age. That’s 2% above the national average in Switzerland and 3% above European averages.
Those may sound like small margins, but in a city that’s seen annual population increases of 1.8% over the past decade, it may look from the outside to be a growing city with limited space to expand.
In other regions that could create some serious logistical nightmare — over-urbanisation has a habit of pushing the cost of living way up — however, Zurich isn’t just any other city.
The planning department at the City of Zurich recognised this trend well before it became a problem, implementing an active policy to make better use of abandoned industrial sites to provide affordable studio spaces and rehearsal rooms.
This has seen great redevelopment in Zurich-West, where the former derelict buildings are becoming lively spaces full of contemporary art. Refurbished shipping containers have become pop-up retail spaces and dingy back streets and railway arches now house some of the most desirable restaurants and cafes in the city.
Providing a launchpad
While Zurich is home to many large corporate financial services organisations, such as UBS, Credit Suisse, Swiss Re and Zurich Insurance, it’s increasingly becoming known for its positive startup environment.
Areas like Kreis 5 provide the perfect spot for coworking, and the many meetups, tech conferences and incubator schemes have helped fuel the thriving startup scene.
With the close proximity to those making financial decisions, some for these companies can be expected to break out of startup mode in the coming years. Exactly who it will be is a matter for debate, but there are some strong contenders.
Of course, the apple doesn’t fall too far from the tree, and within the financial sector companies such as Advanon and Wefox are attempting to challenge the traditional norms of the industry.
The medical folk are arguably even more active when it comes to innovation, with Ava becoming a vital service for women across the world, and Versantis, Xeltis and Cutiss showing strength in the pharma and medical devices field.
Whether it’s Selfnation in fashion, ComfyLight in home security, Nezasa in travel or Beekeeper in employee communication, every corner of the city has a potential ‘next big thing’ on its hands. For any company considering where to base their HQ, Zurich surely must close to the top of the list.
Make your business move with Swisslinx
As a specialist recruitment company providing talent solutions across Switzerland and internationally, we’re proud to stay ahead of the curve when it comes to technology and recruitment trends. With a Zurich base, we are active partners to new startups and larger organisations emerging in the city, and have a thriving network of skilled, vetted candidates ready to make their mark in this market. Find out more about what we offer here.