Szerző: HR Portal
Megjelent: 3 hete

Labour market outlook

How is the Hungarian labour market evolving in light of European developments? In this article, we look at data from popular EU destinations to put the domestic data into context.

There was a recently published article on HR Portal, on unemployment rates in EU countries. We now look at data from popular EU destinations to put the domestic data in context.

There was a slight shift in the domestic labour market data in December 2022. The unemployment rate rose to 3.9%. The rise has been observed since June, with a 0.6% increase, which is not blatant compared to recent years. At the same time, the employment rate has stagnated (hovering around 74.5% for some time), which at first sight seems paradoxical. This apparent contradiction is due to the fact that the age group of 15-64 is the default age group for the employment rate, while the age group of 15-74 is the default age group for the unemployment rate. Regardless of the age group interval, the Hungarian employment data are therefore still not bad. 

The vacancy rate shows some signs of easing, but even there we cannot really speak of a low point, so there are still plenty of open positions, at least as can be seen from the Q3 data. In conclusion, there is no suggestion of a radical easing in the search for labour.

Hungarian labour market developments are broadly in line with those in the EU. If we look at the graph below, we can see that the number of vacancies is declining somewhat, but there is no drastic fall, while it is a fact that the demand side is tightening. The exception is Austria, where the share of open positions continues to increase.

job vacancies, numbers

On the supply side, unemployment rates are not moving significantly either, stabilising at a low level. It's as if everything has frozen (except wage levels, because they are rising steadily in this country), so we were about right in our forecast that employers are trying to wait out for as long as they can with downsizing.

eurostat, unemployment rates

Interestingly, the desire to work abroad seems to be having a renaissance. 

In more than one professional forum or radio interview, it is reported that an increasing number of foreign employers are recruiting, including in Hungary, by offering teleworking, even without moving abroad, in exchange for much more substantial financial compensation. Another piece of information is that Facebook groups specialising in working abroad and relocating are almost like think tanks, offering both job opportunities and information based on experience. The range of destination countries also seems to be expanding, as the Netherlands and Romania (which is why they are on the charts) are starting to join the list of the usual favourite destinations (Germany, Austria).

This trend is most evident in the Austrian statistics. Looking at the data, it is clear that the number of Hungarians working there is steadily increasing and in December 2022 it was at its highest level in two years.

ausztriában dolgozó magyarok

Source:, HR Portal

The Hungarian labour market is slowly losing labour, although there is no huge turbulence in this area, for the time being.

In terms of earnings, it is worth noting that real wages fell by 4.7% in November 2022, while median gross earnings rose by 17.6%. 

To sum it up, it seems that filling positions will still not be easy. If workers try to halt the decline in their real earnings by working abroad even more, the situation will be even more difficult for employers, because they will have to compete with counter-offers measured in euros.

The original article in Hungarian

  • 2023.03.22recruiTECH konferencia A recruiTECH elsősorban HR vezetőknek, toborzóknak, toborzási vezetőknek, employer branding specialistáknak és learning & development szakembereknek szól, akik napi szinten küzdenek a toborzási céljaikért a munkaerőpiacon, akik keresik az új megoldásokat, melyek segítségével hatékonyabbá tehetik vállalatuk tevékenységét. Részletek Jegyek
  • 2023.03.30euChance KLUB Elindult az euChance program, melynek egyik kulcs eleme a networking lehetőséget biztosító euChance KLUB. Szeretettel meghívjuk a 2023-as év első eseményére. 2023. március 30. 9:00-11:00 Nem Adom Fel Kávézó 1086 Budapest, Magdolna utca 1. Részletek Jegyek
  • 2023.04.28Vezetői Best Practice Fórum VEZETŐI ÉS SZERVEZETI KOMMUNIKÁCIÓ, MOTIVÁCIÓ A fórum célja a vezetői legjobb gyakorlatok megosztása Részletek Jegyek
  • 2023.05.18Lean Konferencia Lean és digitális transzformáció Lean, energiahatékonyság, folyamatfejlesztés. Részletek Jegyek
További cikkek
New ammunition in the hands of employees in case of dismissal - how the Labour Code may change from 1 January

The most significant amendment to the Labour Code in recent years was submitted to the Parliament two weeks ago, stated Gábor T. Fodor, labour lawyer, whilst... Teljes cikk

Key to a good workplace: how to collect and interpret data as an HR professional

Measure employee engagement, and do performance appraisals and good selection procedures. Companies already collect and use many data in these three areas, but... Teljes cikk

How to attract talent?

The company’s brand is much more than your office or what you sell. It can be a powerful force that drives how people think of and feel toward current and... Teljes cikk