The cyclical report "The activity of professionals and managers in the labour market" shows current trends in the labor market such as attitudes in search of a job and the number of offers that candidates receive.
2020 has been declared the year of revolution in the labour market by many people. Is this really the case? Unemployment has increased very little – just over 1 percentage point. There has been a temporary decrease in the number of recruitments, but most companies have already returned to their standard activities to attract candidates.
Although the number of job offers for professionals and managers has decreased – they still have a large selection of attractive job offers which await them and the small decrease has resulted in more rational and thoughtful decisions when it comes to the selection of recruitment processes. Changes in the use of remote working have also been indicated as ground-breaking. This trend, both in terms of employees’ expectations and solutions implemented by companies, has existed for several years – the pandemic has only intensified this phenomenon. However, companies still declare immense needs of office space, while only a small fraction of employees imagine working 100% in home office mode. Online communication cannot fully replace social relations and the free movement of thoughts and ideas in most industries.
In my opinion, changes in the economy as a consequence of epidemic restrictions have deepened both the companies’ strengths and weaknesses. Mature organisations which keep up with the trends at the same time have had no difficulty in implementing the necessary innovations, as they have been introducing such innovative measures in an evolutionary way for some time already. Many companies, even if they stopped their recruitment processes, did so for a very short period of time, and have quickly returned to the activities aimed at capitalising on the situation and acquiring new talent for the organisation. More and more companies are already introducing or planning pay rises for employees, examining the mood within the organisation as well as on the market and actively seeking new opportunities. Some companies have been more affected by the economic slowdown, but hardly any of them take any sudden steps; they rather direct their strategy towards maintaining stability and gradually optimising costs.
My main observation is that employers, as well as professionals and managers, seem to have emerged relatively unscathed from the first months of the pandemic. However, their further development depends on their initiative, motivation, and readiness for change. No one can complain about the lack of market opportunities.
Have a great read,
President of Antal