The art of interpreting signals (precursors of trends) is – and always has been – important in navigating financial markets and economies. If you are an experienced manager or executive who wants to manage their career and/or job search processes wisely, look at the signals of the job market which are inseparably embedded in the VUCA landscape of today’s world.
We usually keep the collected data to ourselves. But these are not usual times, so we decided to share our insights at the end of each week. If the country / context is important, we’ll add them. Otherwise, we’ll keep it general for confidentiality.
This is not a full version of this week’s report. View the complete presentation here:
We’ve continued reaching out to CEOs, HR Directors, investors, board members and candidates that we know personally, to take the temperature. Below you’ll find their shortened quotes in no particular order.
However, we’ll start with a KPI that gives a quite good feel of the overall trend on the job market:
Number of published job ads on LinkedIn
Note: some job ads might have been taken off LinkedIn, not because the recruitment process was put on hold or canceled, but because they are costly, especially if you have dozens of them. A company might have wanted to simply cut costs and move to more cost-effective alternatives. Some local job portals are offering substantial discounts.
|Initial list of 18 countries
|Extended list to 38 countries
Note: the numbers are collected at the beginning of each week, on Monday afternoon. In the full version of the report, you can find separate data for regions such as: Visegrad, Baltics, Northern Europe, Southern Europe, Iberia, SEE, BENELUX, DACH, Western Europe and EU.
First an overview of the indices:
Index18: This week, 8 countries published more job ads on LinkedIn than in Week 13: Lithuania, Estonia, Slovenia, Germany, Ukraine, France, Poland, and Latvia.
Index36: 50% of the countries published more job ads in Week 38 than in Week 15, which is a 3% decrease compared to last week. Since last week, 67% of the countries saw an increase in the number of published job ads.
The European Union: In Week 38, the European Union noted a +22.11% increase (860,512 more job ads) compared to the initial Week 17. Since last week, the numbers increased by +8.75%.
Winners of the week: After noting the worst result last week, DACH is a winning region of Week 38. 205,828 more job ads were published on LinkedIn since last week, which is a +10.15% increase. The winning country of this week was France. The country experienced a +15.23% increase in the number of published job ads on LinkedIn compared to last week.
Losers of the week: BENELUX noted the biggest decrease of Week 38. Since the initial Week 15, 142,878 job ads were taken off LinkedIn (a decrease of -19.86%). The worst result this week was noted in Romania. 6,735 job ads disappeared from LinkedIn, which is a -40.78% decrease compared to the initial Week 15.
Collected Quotes from CEOs and HR Directors:
The vast majority of executives are with market leaders in their respective industries. By default, the board members are members of local boards; if not, we’ll indicate the exception.
Banking: Our current strategy is to keep our business alive rather than developing it.
Energy: We are suspecting some lay-offs.
Telecom / Manufacturing: Fortunately, we haven’t experienced any significant downtime, so we haven’t really suffered because of COVID-19.
Public Relations & Communications: A big broadcast media chain has decided to centralize the management and get rid of local GMs. Only operational decisions will be taken locally.
Computer Software: Our business is growing thanks to COVID-19. We have returned to the office but some of us are thinking about going back to HO in 50%.
Media Production: Many businesses from our capital group had to face severe consequences of the pandemic, especially from the cinema and advertising industry. When it comes to us, we decided quickly to move to remote work. It has partly remained like that to this day – we are currently combining working from the office and from home. Some of the teams have already decided to permanently implement a more flexible work mode.
Cosmetics Producer: Thanks to COVID-19, I learned that I can work from home and still be efficient. What works best in my opinion is a 50/50 solution: maintaining the relationships by working from the office and realizing projects from home.
Useful observations & tips for candidates from one of our contacts:
Head of Talent Acquisition / International public organization
Before CV-19, sometimes we’d have only 20 applicants for a post. Now, there’s a massive increase. For some roles it’s double the amount of candidates – for HR roles, even more! A recent posting received 50 applicants within 12 hours! I can see that online interviews are more stressful for candidates because of all the technical challenges. Consequently, their performance is different. The overall candidate experience is also different – not worse, just different.
I still see two struggles for now and beyond CV-19: to formulate proper remote working policies, and to design appropriate digital onboarding processes.
About the future: everything will depend on the success of developing a vaccine. However, there are definitely elements that are here to stay: remote work if physical presence is not required (it currently saves me 5 hours per week, 20 hours per month on commuting – why would I voluntarily want to go back?) and online interviews!
Tips for candidates:
- Cover the basics: our ATS “enforces” as complete applications as possible. Having said that, it still surprises me that approximately 30% of the candidates still don’t get the absolute basics right!
- Don’t apply to everything. Constant rejection affects your motivation. Keep applying to the job ads where you see a fit and don’t give up!
If you want to discuss your professional situation confidentially or if you are considering hiring Career Angels for support, contact Bichl.Sandra@CareerAngels.eu who will personally match you with the most appropriate consultant. For efficiency, add your CV and availability for a Skype call.
If you want to contribute, email your signals to Sandra (everything will be kept confidential).
Market Signals published thus far: