The effect of the Financial crisis on the Bulgarian labor market

The number of available job positions on the labor market in Bulgaria has shrunk by 25-30 percent on the average because of the financial crisis. Although there are no large-scale layoffs, the companies in Bulgaria have frozen their vacant job positions, representatives of the Eurokarieri forum told The Standart., one of the largest websites for career and employment opportunities in Bulgaria, advises its visitors to start attending alternative training courses, even if they have stable careers because this can give them a better chance for finding a suitable job.

The ads for available job positions in the industry sector were the first to disappear from the website. Real estate agencies have stopped recruiting personnel, but there still are vacancies in the IT sector.

The highly-qualified young Bulgarians who are coming back from abroad are the priority target of every employer, HR agencies say.Statistical data show that Bulgarian laborers are mostly coming back from Spain and high-skilled experts, from Germany and USA.

The labor market in Bulgaria may see some layoffs in the future also, when some employers decided not to extend the labor contracts of their employees.

3 thoughts on “The effect of the Financial crisis on the Bulgarian labor market

  1. It is not very surprising that the unemployment rate went up because of the financial crisis. Employers are faced with a stricter market, higher competition and bad conditions. But in my opinion the recomendation of are not the best one. To encourage labor market participants with an already profunded education to take further education is just a short time help. It just “fakes” the statistics more or less. The german government does this as well. It brings their unemployed people to so called “further education classes” to give them better chances for being employed. But the only thing unemployed people learn in such measurement is how to use MS Word applications, to send letters and to articulate right in a job interview. When unemployed people take the opportunity of this further education classes they are taken out of the statistic of being unemployed. But still, they are not employed, they just get a further education. So the unemployment rate is for real the same but it changed only nominally. Moreover I do not think that this messurement will be successfull because of the fact, that if every unemployed worker will go to that classes the education level just rises and the employers will face the same problem as before just with better educated people now.

  2. It is true, that these so called ‘further eduction classes’ only learn the people how to work with WORD etc.. And who says that they need these information for the job they’re applying for?
    I really think that the Bulgarian government should first ensure employment. Nowadays,the employers are only interested in highly-qualified young Bulgarians. It is understandable in times of financial crisis. But the Bulgarian government should do something about that. They could (for example) oblige the employers of certain sectors to assume at least 2 elder people and/or 2 people who are not that highly educated. And things like that.
    On that way not only the highly-educated, but also the unemployed and others have a change to find a job.

  3. I think its a general problem with jobs during the financial crisis. Every country that was effected with it had to do changes in their labour market. If these changes were good or not that we will see in a few years, when everything has stabilized again. But generally seen, most countries didn’t have that much choises and time for these changes.


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