The Evolving Job Market: Three sectors leading the pack for hiring in 2023

Stay ahead of the curve this year with an early look at the changes shaping the job market in 2023

The job market remains strong as we move into 2023, with overall demand for talent continuing to be robust. During the first month of the year, we observed similar levels of job advertising compared to 2022, with some significant shifts across different industries.

The insurance sector showed a significant increase in demand with a 87% increase, while the engineering and construction sector saw a 35% increase, and the trades and services sector saw a 25% increase. The healthcare and medical sector also showed growth with a 16% increase. On the other hand, industries such as HR and recruitment (-20%), IT (-35%), and consulting (-68%) showed weaker demand, reflecting broader market trends.

While the demand for talent is still present, a closer look at the data reveals significant shifts in different industries. 

Insurance Sector  87%
Engineering & Construction  35%
Trades & Services  25%
Healthcare & Medical  16%

* Data from FlexCareers

From the job applicant or supply side, we saw that employers who had consistently invested in promoting their employee value proposition and employer brand during the pandemic were more attractive to candidates.

Trades and services, sales, and accounting candidates were more active this year, with an increase of 27%, 22%, and 19% respectively. Engineering candidates also showed good activity with a 12% increase, following various return to work programs in the industry. On the other hand, marketing, consulting, and strategy candidates were less active.

Investment in EVP programs continue to drive application rates

Trades & Services  27%
Sales  22%
Accounting  19%
Engineering  12%

* Data from FlexCareers

When we consider both demand and supply, the tightest candidate markets remain in healthcare, engineering, insurance, and trades and services. The easiest candidate markets, where there is a larger supply of candidates, are IT and technology, customer service, marketing and communications, and accounting. We anticipate that the supply of IT candidates might be temporary, and thus, we recommend employers looking to fill IT roles to take advantage of the situation to recruit top talent.

This high supply of IT candidates might not last forever. As the economy continues to recover and more businesses invest in technology, the competition for IT talent is likely to increase. Employers who are looking to fill IT roles now have a unique opportunity to recruit top talent while the market is favorable.  At FlexCareers, we recommend that employers take advantage of the current situation to find and hire the best IT candidates. By reaching out to a solutions specialist and advertising your IT roles on our platform, you can tap into a pool of qualified and motivated candidates who are eager to take their careers to the next level.  Don't miss out on this opportunity to build a strong and talented IT team for your organisation.

Overall, the job market in 2023 is starting off strong, with a high demand for talent in certain industries and a competitive job market. It will be important to monitor these trends and shifts throughout the year to stay informed and make informed hiring decisions.

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