Aura Industry Trends - November 2023
We believe that having access to the latest hiring data can unlock valuable insights into recruitment trends.
Every month, we analyze the latest publicly available job posting data to look for overall shifts by geography & sector, as well as uncovering trends in particular skills or job attributes like AI or remote jobs. These trends can help to strategically guide your next move, regardless of whether you are an employer or candidate.
Here are three of the most interesting findings from November’s job posting figures:
US November new job postings continue to fall, in line with US JOLT
Between October and November, new job postings declined in North America by 8% and EMEA by 5%, while they increased in LATAM and APAC by 12% and 8% respectively. This is in line with the latest US Job Openings and Labor Turnover Survey, suggesting that openings are at their lowest level since March 2021, although still high compared to pre-pandemic levels. This cooling of the labor market may be driven in part by the delayed effect of higher interest rates.
Internet & IT sectors lead decline in openings
This decrease has been particularly prominent in the Internet and IT sectors, where new job postings are down 12 and 5% respectively. With Q4 tech revenues likely “lower than projected”, it appears that IT firms are tightening their recruitment, especially with the holiday season and end to the calendar year approaching. Already in early December, tech firms like Twilio and Spotify have announced layoffs representing a sizeable proportion of the workforce.
AI-related roles on the rise over the last six months, especially in Financial Services
AI continues to grow in importance as a workplace skill in demand, rising steadily from ~3% of new software job postings in June to ~4.2% in November. Absolute AI-related job postings rose in November across the majority of industries, against the overall labor market trends. In particular, the Financial Services industry saw the highest increase of ~70%, where use cases range from internally facing (e.g. enhanced decision-making, automation / simplification of regulatory processes) to customer service.
At Aura, we make workforce & job posting data readily available, to enable a deeper understanding of workforce & recruitment trends and drive meaningful change.
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Matthew Chan / Dishanth Umamaheshwara
Product Economist / Associate Product Manager, Aura
Note: All information mentioned in this report comes from publicly available data; if you believe the information on your company is incorrect, please reach out to us at aura@bain.com
