Hays Skilled Labor Index
Demand for engineers grows despite economic downturn
The slowing economy has had no impact on the labor market for skilled workers. The demand for engineers even increased significantly again by the end of the first quarter of this year. This is shown by the evaluation of the job market in the first quarter on behalf of Hays.
The Hays Skilled Labor Index Q1/2019 shows: The labor market for skilled workers remains unaffected by the weak economy. (Please click on the image for a full view).
© Hays AGAlthough the economic data is pointing downwards, the labor market for skilled workers remains strong and continues to grow. In the last quarter, the specialist index compiled by the Mannheim-based personnel service provider Hays rose by a further 6 points compared to the previous quarter to reach a new record level of 161. Compared to the first quarter of the previous year, it increased by 7 index points.
Demand for engineers and finance experts in particular rose significantly across all sectors by 10 points to 151 and 164 index points respectively in the last quarter. Demand for IT specialists was somewhat weaker, increasing by 3 index points to 175.
The high demand for new buildings is also reflected in the index: demand from the construction industry for skilled workers rose by 36 points to a new index value of 210. There was also a significant increase in demand for skilled workers from the IT industry. Here, the number of vacancies across all specialist areas increased by 23 points, reaching a new index value of 206.
The demand for skilled workers from public administrations also increased significantly. In all three sectors mentioned - construction, IT and the public sector - the number of vacancies has more than doubled in four years.
"The labor market for skilled workers has become more decoupled from economic indicators in recent quarters: companies are anticipating the imminent retirement of baby boomers and are therefore hiring more employees. In addition, they need specialists in various fields for their digital transformation. For these reasons, demand remains stable," comments Dirk Hahn, Member of the Management Board of Hays AG, on the current Skilled Labor Index.
The Hays Skilled Workers Index is based on a quarterly evaluation by index Internet und Mediaforschung GmbH for Hays. It includes job advertisements from the most frequented online job exchanges, daily newspapers and the business network Xing. The reference value of 100 is the 1st quarter of 2015. To simplify readability, only the masculine form is used for the position titles, even if the advertisements are aimed equally at men and women.
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