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||Sorted|
|Extended list to 38 countries||Sorted|
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, 5 countries published more job ads on LinkedIn than in Week 13: Estonia, Lithuania, Latvia, Ukraine and Belgium.
Index36: 50% of the countries published more job ads in Week 50 than in Week 15, which is a 3% decrease since last week. Moreover, 23% of the countries published more job ads this week than last week – a decrease of 43% compared to Week 49.
The European Union: In Week 50, the European Union noted a -0.56% decrease: 21,912 job ads less were published than in the initial Week 17. Since last week, it’s a -5.35% decrease.
Winners of the week: When it comes to regions, the winning result of Week 50 belongs to BENELUX: we observed an increase of +2.71% since last Week 49 (16,298 job ads more). Country-wise, Netherlands is the winner with an increase of +4.62%.
Losers of the week: In Week 50, the worst result out of all the regions was noted in Southern Europe: a -23.43% decrease and 98,750 job ads less than in the initial Week 15. Worst country result: Luxembourg with a -45.44% decrease and -5,437 job ads.
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.
Finance: Our salaries were cut in spring and are still lower than before the pandemic. We have also been working from home.
Home appliance / Technology: The construction and home appliance industries are doing really well.
Construction: At the moment, 90% of the companies in our industry have a full set of orders. For now we don’t really feel any impact of COVID-19, but I predict that the private sector will slow down a bit in about a year – there will be fewer investments in shopping centers and offices.
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: