A year ago we started monitoring the job market with a focus on LinkedIn – we track the number of job ads published there weekly in 38 European countries (and 80 globally!). To have a deeper understanding of how the market has been reacting to the COVID-19 crisis, we decided to compare our data with the official unemployment rates provided by Eurostat. Our conclusions?
Between March and December 2020:
– 100% of the European countries* had more unemployment
– 67% of the European countries noted a decrease in the number of LinkedIn job ads
Why is it important to follow the supply / demand on the job market?
From a hiring perspective
More candidates means more candidates to choose from, unless you are set on a specific, currently employed candidate who could be less open to consider changing jobs at this point in time. More candidates also means an opportunity to correct salaries that were above market range.
From a job search perspective
A lower demand for candidates and more candidates to compete against means that those who look for a job need to put much more effort into their search: be very precise in your positioning & goal; work all four job hunting channels diligently and systematically: Executive Search firms, network, job ads (yes, also for executives!) and directly contacting potential employers.
How much more effort? Check our weekly reports on your country to translate the market situation in your job search efforts.
Source of accepted job offers
Another KPI that we track is the “source of accepted job offers” which shows the efficiency of job hunting channels. In other words, it tells us what’s worth spending time and effort on when looking for a new job. Read the full report for 2020 here.
To be up to date with the changes on the job market, follow our Market Signals page for daily updates, weekly reports and specials.
If you are an experienced manager or executive who would like to audit their job search efforts, email Bichl.Sandra@CareerAngels.eu to schedule a consultation.
*30 European countries which data is provided by Eurostat