Israel's High-Tech Job Market Sees More Seekers Than Openings
Translated & summarized from NEWSru Israel by baba
Israel's high-tech job market now has more job seekers than vacancies in key professions, according to a November 15 report. In September, there were 95 vacancies per 100 seekers, a drop from 135 per 100 in September 2023. The number of seekers has grown 58% to 10,300, while vacancies rose only 10% to 9,700. This trend affects experienced professionals, and the average unemployment benefit duration has increased.
The story in 6 lines · by baba
- Israel's high-tech job market sees more seekers than vacancies for the first time in years.
- In September, 95 vacancies existed for every 100 high-tech job seekers, down from 135 in 2023.
- The number of high-tech job seekers rose 58% to 10,300, while vacancies grew only 10% to 9,700.
- Experienced programmers and system analysts are a significant portion of the growing job seeker pool.
- Unemployment benefit duration has increased, indicating longer job searches.
- AI and investment shifts are cited as factors contributing to the high-tech job market changes.
The Israeli high-tech sector is experiencing a significant shift, with the number of job seekers now exceeding available positions in key professions, according to a November 15 report from the Employment Service. This marks a reversal from previous years, including before the war, when vacancies were more plentiful.
In September, there were 95 vacancies for every 100 job seekers in fields like software development, system analysis, and database and network specialists. This contrasts sharply with September 2023, when 135 vacancies were available per 100 seekers. Over the past year, the number of seekers in these roles has surged by approximately 58%, reaching 10,300, while vacancies grew by only 10% to 9,700.
Programmers and system analysts constitute the largest group of job seekers, numbering around 8,900 in October, a 60% increase from September 2023. The Employment Service noted that this trend affects experienced professionals as well, with the proportion of programmers holding five or more years of experience rising from 44% in 2019 to 52% this year.
At its peak in February 2022, the sector had nearly 19,900 vacancies and only 2,750 applicants. The subsequent influx of workers, attracted by high demand, has now led to a situation where vacancies have more than halved, and competition has intensified. The Employment Service attributes some of this decline to the increasing use of AI in coding and a shift in investment towards hardware companies, which have seen fewer layoffs compared to software developers.
Across the entire economy in October, the Employment Service registered approximately 162,300 job seekers. While this number is similar to September, it represents a 2.3% decrease after seasonal adjustments. The report highlights significant disparities in job availability across sectors, with industry and construction offering 34 vacancies per 10 seekers, trade and services offering 15, and higher education specialists having 7, while management roles had only one vacancy per 10 seekers.
Furthermore, the average duration for receiving unemployment benefits has extended by 9-10 days, suggesting longer job search periods, potentially due to a mismatch between applicant skills and employer requirements.
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