OVI for October 2022: Labor market remains strong

 

November 3, 2022

Positive movements on the labor market, recorded since mid-2021, still continue. OVI index points to a strong labor demand. Compared to October 2021 and October of the pre-pandemic 2019, OVI in October this year increased by 22.3 and 33.42 percent respectively. The most sought-after occupations in October 2022 were salesperson, teacher, waiter, cook and accountant. 48.8 percent of job advertisements offered fixed-term contracts, while 46.1 percent offered permanent contracts.

What can also be noticed is a stabile share of job advertisements offering the possibility of working from home. In October this year, there were 2.2 percent of such advertisements, while the share of advertisements targeting pensioners amounted to 3.5 percent.
 

 

What is OVI?

Online Vacancy Index (OVI) is a monthly index of online job advertisements developed by the Institute of Economics, Zagreb in cooperation with the web portal MojPosao. The index aims to provide timely information regarding current labor demands. OVI index is developed by means of simple enumeration of single new job advertisements whose application deadlines end within the same month for which the index is being calculated. Given that advertisements published by only one web portal are taken into account, the number of job advertisements is expressed as an index (with the base year being 2015). 

The index is to be interpreted in such a way that the values greater than 100 represent growth when compared to 2015, and accordingly, that the values less than 100 represent a decrease with respect to the base year. Index is seasonally adjusted using the X-12-ARIMA method.