A new season in the labour market
Autumn is a new beginning not only for pupils and students, but also for employers and jobseekers. What does the job market look like in autumn? What is important to know about looking for a new job?
The New Year is only a few months away, but the sense of new beginnings and challenges is not lost on many people, even more than at the turn of the year, at the very end of summer and the beginning of September. I am not only referring to pupils or students starting a new school year at this time, but also to professionals and top managers in various fields, as well as to employers, who often greet autumn with renewed energy, driven by new goals and challenges. This sense of fresh starts, which many of us have experienced every September since childhood, is also reflected in the labour market, which is usually more active after the summer.
After the summer, the labour market picks up
Every year, recruitment, and especially the search for top managers, becomes much more intense in early September, providing new opportunities for those who want to change jobs, move up the career ladder, or try their hand at new areas. With the exception of the hotel, restaurant and café sector, which goes quiet after the summer, this intensification in autumn is felt in practically all other areas of business – especially in the retail and service sectors.
Moreover, this autumn, the management labour market can be expected to see an even stronger post-summer upturn than in previous years. The demand for managers and other high-level professionals in Lithuania has been growing for some time. This growth is driven by business expansion and investment. Lithuanian and foreign companies are opening new branches in our country and expanding into new export markets. A number of new companies and promising start-ups are also being established. All of them need competent specialists and managers who can successfully take their businesses forward.
Not only is the need for managers growing, but so are the demands placed on them. More and more, professionals with specific experience or education, who have studied abroad, are being sought. Professionals who meet these requirements have very good career prospects and employers need to work hard to find them.
Growth in fintech will bring new winds
However, for some professionals, the autumn changes may not be a choice, but a necessity, driven by shifts in the sector they represent. For example, financial professionals have recently seen fewer career opportunities in traditional banking. As some banks in our country downsize or even withdraw from the Lithuanian market altogether, some professionals in this field need to plan for career changes.
The good news for these employees is that Lithuania is increasingly positioning itself as an international hub for fintech businesses. The conditions are becoming more and more favourable for fintech companies to operate in our country, which is being exploited by start-ups offering innovative services and products in the financial sector. Of course, these companies also need high-level financial professionals and managers with experience in the financial world, which they will try to attract from the traditional financial sector.
Good time to make a career change – mid-November
The growth of the fintech sector will undoubtedly bring additional activity to the labour market this autumn, opening up more opportunities for those who want to try their hand at new areas.
The pick-up in the labour market that follows the end of summer usually lasts until around mid-November, when everyone gradually starts to get into the end-of-year mood and tends to postpone important decisions until next year. Those who want to take advantage of the autumn rush on the labour market should therefore not delay too long and meet the new challenges now.
The article by Laura Duksaitė-Iškauskienė, Managing Partner of the executive search firm Master Class Lietuva, is also available on the Delfi portal.
