In this article, we will look at the 20 most competitive job markets in the world. If you want to skip our in-depth analysis, head straight to the 5 Most Competitive Job Markets in the World.
The job market is evolving super fast and the dynamics of jobs around the world are changing. For employers, it is laborious to shortlist and hire a skilled employee today due to the large number of applicants. Similarly, for a job seeker, it is difficult to stand out in today’s saturated markets, especially for a new graduate. Therefore, it is important to understand your abilities, your interests, and your aims while hunting for a job.
According to a survey by TeamStage.io, almost 61% of hiring managers believe your employment chances increase with a customized resume. Nearly 63% of recruiters like to receive personalized resumes for the job position. About 88% of resumes are rejected due to the photo on the resume and 40% of recruiters say that job seekers lack the necessary soft skills for the job.
Job Market Outlook
The outlook for the global job market seems optimistic. Cooling inflation, the chances of the Fed to avoid further interest rate hikes, and the positive outlook for the stock market, all these economic improvements can have positive implications for job seekers in 2024. Positive sentiment in the stock market can lead to increased business confidence and investment, opening gateways for job market expansion.
According to WEC’s The Future of Jobs Report 2023, macrotrends and technology will drive a mixed outlook for job creation and destruction across industries from 2023 to 2027. Almost 69 million new jobs will be created and 83 million jobs will be destroyed in the next five years. This reflects a mean structural labor-market churn of almost 23% for surveyed companies across sectors and countries, over the next five years from 2023 to 2027.
The top jobs that will be in demand include data analysts, AI and machine learning specialists, digital transformation specialists, sustainability specialists, business intelligence analysts, and cybersecurity analysts. As per the report, the demand for AI and machine learning specialists is projected to grow by 40% and create 1 million jobs between 2023 and 2027. While, the demand for cybersecurity analysts would lead to the creation of almost 0.2 million additional jobs, a 31% increase over the next five years. Some of the highest paying jobs in the world include chief information officer and IT manager, which comprise skilled specialists from the fields of cybersecurity, AI, and machine learning, among others. Other top industries expecting more job opportunities include roles in financial services, retail and wholesale consumer markets, and supply and transportation.
The increase in all these job markets will be driven by an increase in technological development across different economies, especially in markets such as China, where jobs across tech roles are expected to grow by 45% between 2023 and 2027.
Best Companies to Work For
The increasing demand in the technology sector will create job opportunities for skilled people in some of the leading tech companies in the world. Amazon.com, Inc. (NASDAQ:AMZN), Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOG), Visa, Inc. (NYSE:V), Meta Platforms, Inc. (NASDAQ:META), and NVIDIA Corporation (NASDAQ:NVDIA) are some of the top companies with the best working environment.
Amazon.com, Inc. (NASDAQ:AMZN) is one of the most diversified companies with operations in various segments such as e-commerce, cloud computing, and healthcare, among others. Amazon.com, Inc. (NASDAQ:AMZN) offers unparalleled opportunities for growth, innovation, and impact. Those who are willing to find opportunities at Amazon.com, Inc. (NASDAQ:AMZN) can explore job positions in e-commerce, cloud computing, and AI. According to Macrotrends, Amazon.com, Inc. (NASDAQ:AMZN) had 1.54 million employees in 2022. The e-commerce giant is enhancing its capabilities in AI and cloud computing, which will lead to new job openings in the coming years. On November 30, Amazon.com, Inc. (NASDAQ:AMZN) announced that Asian tech firm, Axiata Group Bhd (KLSE:AXIATA), selected AWS as its primary cloud provider. Axiata Group Bhd (KLSE:AXIATA) will utilize AWS services to accelerate its digital transformation across its operating companies.
Alphabet Inc. (NASDAQ:GOOG) is another tech giant that has operations around the world. Alphabet Inc. (NASDAQ:GOOG) is working swiftly on generative AI. On December 6, Alphabet Inc. (NASDAQ:GOOG) announced the launch of its latest large language model, Gemini. The large language model comes in three different sizes including Gemini Ultra, Gemini Pro, and Gemini Nano. The company’s CEO, Sundar Pichai, on the launch of Gemini, said:
“Now, we’re taking the next step on our journey with Gemini, our most capable and general model yet, with state-of-the-art performance across many leading benchmarks. Our first version, Gemini 1.0, is optimized for different sizes: Ultra, Pro, and Nano. These are the first models of the Gemini era and the first realization of the vision we had when we formed Google DeepMind earlier this year. This new era of models represents one of the biggest science and engineering efforts we’ve undertaken as a company. I’m genuinely excited for what’s ahead, and for the opportunities Gemini will unlock for people everywhere.”
NVIDIA Corporation (NASDAQ:NVDIA) is also making bold moves in AI. On December 10, Reuters reported that NVIDIA Corporation’s (NASDAQ:NVDIA) chief executive announced that the company will expand its partnership with Vietnam’s top tech firms. NVIDIA Corporation (NASDAQ:NVDIA) aims to support Vietnam in training local talent for developing AI and digital infrastructure. NVIDIA Corporation (NASDAQ:NVDIA) plans to set up its center in Vietnam to help the development of the country’s semiconductor sector.
These companies are the key players in the AI, cloud computing, and semiconductor markets. In the future, they will open gateways for job opportunities around the world. Now, let’s take a look at the list of the most competitive job markets in the world.
20 Most Competitive Job Markets in the World
Our Methodology
For the list of the most competitive job markets in the world, we took data on the cities with the most competitive job markets from Resume.io. The online resume builder company tracked data from 130 cities worldwide. It calculated the average number of candidates a LinkedIn job receives within one week of being posted on the platform. The 130 cities included a minimum of 100 job postings available for application, within a week of the job posting. Resume.io considered both ‘in-office’ and ‘remote working’ job advertisements posted on LinkedIn during February 2023.
We have ranked the list in ascending order of the average applications per job on LinkedIn during February 2023.
20 Most Competitive Job Markets in the World
20. Chicago, Illinois, United States
Average Applications Per Job (2023): 49.6
Illinois has the most competitive job market in the US, with the US state having 60.6 applicants per job posting within one week. Chicago has one of the most competitive job markets in the world. Chicago’s average number of applicants per job posting within one week is 49.6.
19. Cape Town, South Africa
Average Applications Per Job (2023): 50
Cape Town has the second most competitive job market in South Africa after Johannesburg. With an average of 50 applications per job, Cape Town ranks 19th among the most competitive job markets in the world.
18. Geneva, Switzerland
Average Applications Per Job (2023): 50.4
Geneva has the most competitive job market in Switzerland. Geneva has an average number of applications per job of 50.4 and ranks among the most competitive job markets in the world.
17. Sydney, Australia
Average Applications Per Job (2023): 50.6
The applicants per job posting within one week are 50.6 in Sydney, Australia. Ranked 17th on our list, Sydney has one of the most competitive job markets in the world.
16. Rome, Italy
Average Applications Per Job (2023): 58
Rome has the second most competitive job market in Italy with an average application per job of 58. Rome ranks 16th among the most competitive job markets in the world.
15. Milan, Italy
Average Applications Per Job (2023): 62.5
Milan has the most competitive job market in Italy. With an average of 62.5 applications per job, Milan has one of the most competitive job markets in the world.
14. Toronto, Canada
Average Applications Per Job (2023): 65.5
The most competitive job market in Canada, Toronto records an average number of applications per job of 65.5. Toronto ranks 14th among the most competitive job markets in the world.
13. Bangkok, Thailand
Average Applications Per Job (2023): 67
Bangkok has one of the most competitive job markets in Asia. With an average of 67 applications per job, Bangkok has one of the most competitive job markets in the world.
12. Lisbon, Portugal
Average Applications Per Job (2023): 67.6
In Portugal, the job market competition is fiercest in Lisbon with a 67.6 average number of applications per job. Lisbon ranks 12th among the most competitive job markets in the world.
11. New York City, New York, United States
Average Applications Per Job (2023): 80.4
New York City is one of the world’s busiest business cities. With an average of 80.4 applications per job, New York City has one of the most competitive job markets in the world.
10. Tel-Aviv, Israel
Average Applications Per Job (2023): 82.5
The number of applicants per job posting within one week stands at 82.5 in Tel-Aviv, Israel. Ranked 10th on our list, Tel-Aviv has one of the most competitive job markets in the world.
9. San Francisco, CA, United States
Average Applications Per Job (2023): 91.9
California is the second most competitive job market in the US, with the US state having 47.9 applicants per job posting within one week. San Francisco’s average number of applicants per job posting within one week is 91.9.
8. Buenos Aires, Argentina
Average Applications Per Job (2023): 104.1
In Argentina, the job market competition is intense in Buenos Aires with a 104.1 average number of applications per job. Buenos Aires ranks eighth among the most competitive job markets in the world.
7. San Jose, CA, United States
Average Applications Per Job (2023): 107.6
San Jose has the most competitive job market among all the US cities. San Jose has an average number of applications per job of 107.6 and has one of the most competitive job markets in the world.
6. Madrid, Spain
Average Applications Per Job (2023): 115.7
Madrid has the most competitive job market in Europe. Almost 115.7 people apply per job within one week of job posting. Madrid has one of the most competitive job markets in the world.
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Disclosure: None. 20 Most Competitive Job Markets in the World is originally published on Insider Monkey.
