Global labor market insights: February 2023 edition
The labor market is constantly changing, and HR leaders are facing unprecedented levels of disruption as they try to keep up with the latest trends and insights. With the rise of artificial intelligence and machine learning, it’s no surprise that companies are taking a closer look at ChatGPT and similar technologies. But what impact will ChatGPT have on the labor market, and how are companies responding?
We’ve extracted global labor market insights from the HRForecast database and researched whether the hype surrounding ChatGPT has already influenced worldwide job postings. See what’s going on with the labor market worldwide below.
This month we observed a total of 18,1 million job postings globally
In contrast to February 2022, European companies appear to be significantly less active in the labor market, which may be attributed to their preparations for an imminent recession. Meanwhile, the US continues to experience a high level of labor market activity.
According to global labor market insights presented by HRForecast in February 2023, there were 18.1 million job postings globally. However, while this number has been steadily increasing over the last 12 months, there was a significant setback in February 2023 compared to January 2023.
Job postings by country (in millions)
The impact of “The Great Resignation” has also been felt in the US, where companies are by far the most active in the labor market. However, in Germany, labor market activity was very low in February 2023, possibly due to strict labor laws and a transitioning automotive sector, leading to a reluctance among German companies to hire on the same scale as in February 2022.
Current most common job titles
Regarding job titles, a wide range of jobs are in high demand. Jobs in the health and IT sectors are no surprise, but there is also a shortage of workers in less academic jobs such as receptionists, assistants, and drivers. This shortage is likely to continue as the global talent shortage persists.
This month’ focus topic – how does ChatGPT impact the labor market
So what impact will ChatGPT have on the labor market? While technology has been making headlines in the media, the global labor market is slowly picking up the pace around this technology. It remains to be seen when ChatGPT – or similar technologies – will start impacting jobs beyond IT, marketing, content, and consultancy. However, companies are already starting to explore the potential of these technologies in recruitment and talent management.
Gain insights from external data in a structured way
In conclusion, the impact of a crisis on the global labor market depends on various factors, including the nature and duration of the crisis, government policies, and the response of businesses and individuals to the situation. And knowing the current state of the labor market, you can use this data to build a future strategy for your business, and be armed with helpful information.
HR leaders need to know the latest labor market trends and insights to stay ahead. With growing talent needs and shrinking time frames from planning to action, HR leaders should consider continuously monitoring real-time labor market data in their action plans for 2023 that enable them to respond quickly to changes in the labor market. In addition, HR leaders can position their companies for success in the years ahead by staying on top of global labor market insights and keeping a close eye on the impact of emerging technologies such as ChatGPT.
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