The job market has been anything but ordinary over the past two years. In light of COVID-19 and the war in Ukraine, here’s what you can expect regarding the European economy and job market for the near future. We also cover how you can navigate the tight job market. Take a look:
Major points of interest for those who are job-hunting:
- The job market will continue to cool into the winter, continuing the trend from the summer of 2022.
- The war in Ukraine has limited countries’ access to fuel, making it more expensive to scale businesses.
- Employees will likely find it challenging to keep up with layoffs occurring. A good thing to do to prepare for a changing job market is to develop a particular skill set that you can market to employers or clients. It can give you a leg up in case of layoffs or flexibility if you’re looking for freelance work.
How do you combat this tight job market?
By having marketable skills, you can stand out and be more employable for companies, potentially keeping you safe from layoffs. Here are the top 5 skills to have in the current job market:
1. Coding
This one is a no-brainer. Learning to code will only benefit you in an increasingly digitized and globalized world. (Psst, we’re always looking for talented developers. See what some of our developers love about working at Bondora.)
2. Copywriting & Digital Marketing
The E-commerce industry is worth more than €842 billion. If coding isn’t your thing, you can cash in on the significant need for digital marketing.
3. Product Management
Learning how to develop and launch a product is a valuable skill for any company that leans on tangible and digital items (as opposed to services).
4. Interior Design
Interestingly, according to LinkedIn statistics, kitchen and bathroom design have experienced a high-speed growth rate in the UK.
5. Sales
France, Germany, Belgium, the Netherlands, and Luxembourg have experienced a great need for sales associates in 2022, according to LinkedIn data. Italy and Spain’s retail markets have also expanded.
How are interest rates affecting the job market?
Interest rates have been rising globally this year to curb inflation. Peak inflation in Europe is projected to continue throughout the winter and into early 2023. This increased interest means it costs more for businesses to expand, which means fewer hired employees. On a large scale, this adjustment results in a less-robust job market.
Future career prospects
Relative to the incoming recession, certain sectors of the economy will likely continue to provide opportunities.
Here are 5 reliably recession-resistant industries in Europe, according to CNBC and Circleloop:
- Healthcare
- Education
- Government
- Information Technology
- Information and Communication
LinkedIn and Indeed remain top-choice job boards for employment-seekers in Western Europe.
While the job market right now is not as favorable as it was in spring 2022, there are specific actions you can take to make the recession less stressful. Learning a new, highly-marketable skill or refining an existing skill can lessen the blow of any potential damage to your lifestyle as a consumer and employee.
Job-hunting? You can view our current openings here.