(19.07.2023) The strength of the Swiss labor market appears to be declining since the beginning of the year. The Swiss Job Market Index, published quarterly by Adecco and the University of Zurich, indicates that in the second quarter of 2023, employment recorded zero growth rate for the second consecutive time.
On an annual basis, however, the number of job vacancies increased by 5% in the second quarter. In the French-speaking part of Switzerland, the number of job offers even rose by 11% between the second quarters of 2022 and 2023, compared to 4% in the German-speaking part of Switzerland.
According to Marcel Keller, the head of the Swiss market at Adecco, "Many companies continue to lament a lack of personnel. This seems to support the demand for qualified labor despite the economic slowdown."
The trend's evolution does not affect all professions in the same way. Indeed, the situation remains favorable for certain categories of occupations such as "construction and renovation" specialists (e.g., plasterers or building painters – +20%), "assembly and auxiliary" specialists (e.g., machine operators and kitchen assistants – +15%), and "craftsmanship and industry" specialists (e.g., polymechanics – +14%).
However, the job market has significantly deteriorated for IT professionals with university degrees (-20%). This category of professionals has been experiencing a downward trend since the fourth quarter of 2022. According to the study's authors, many employers in the sector have carried out workforce reductions or have stopped hiring.
After reaching its lowest level in a decade in the spring of 2020, the Swiss Job Market Index embarked on a strong upward trend, reaching a historically high level by the end of 2022. Since then, the index has stabilized at a high level.
Last modification 19.07.2023
