Companies can do well: the job market is highly active

By: Trademagazin Date: 2023. 11. 02. 11:22

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The economic indicators turned out to be less favorable compared to the companies’ expectations last year, so this year they apparently held back the recruitment of workers, they are waiting: in the first 9 months of 2023, 17% fewer jobs were advertised compared to the same period of the previous year. At the same time, employee activity increased significantly: 59 percent more people applied for the advertised jobs when examining the same two periods. – was said at the 2023 HR Conference of Profession.hu.

There are several factors behind the high average number of applications per advertisement: on the one hand, due to inflation, the desire to look for work has increased in the hope of better pay, and in addition, the number of available jobs waiting to be filled has decreased. As a result, the supply has increased from the point of view of employers, while it has decreased somewhat when examining the situation of employees.

Compared to last year, a significant number of Hungarian companies are more cautious and restrained regarding new recruitments, so retaining the existing workforce is becoming more and more important. In the current situation, in addition to increased employee activity, this is becoming an increasingly difficult task. According to the latest survey, turnover significantly affects three quarters of companies.

Retaining good employees, finding them effectively if necessary and flexibility are key for companies in the current situation, which employers are apparently counting on in an increasing proportion.