IT and Healthcare: Driving Growth In The Global Economy.

9 months into the global pandemic, it is becoming more evident that we are unlikely to experience a V shaped economic recovery. Rather, some observers such as Forbes suggest that a ‘K-shaped recovery’; where some sectors will continue to be impacted whilst others will see growth, is more likely. Oil, Automotive, Tourism, Hospitality are examples of the industries worst hit. Indeed, predictions suggest that the Automotive sector will not recover its pre-crisis growth rate (3.6%) immediately, whilst international tourism could decline by between 60% - 80% this year, resulting in a revenue loss of over one trillion dollars. However, despite the gloom there are some industries that haven't been impacted as badly, representing interesting markets for talented professionals considering their next career move.

These sectors include IT & Digital and Healthcare and Pharma. IT was already experiencing 5 years of unstoppable growth (CAGR 4.56%) and is set to achieve 5.57% in 2021, while CAGR in healthcare is estimated at around 5% from now until 2023, however, as a direct result of Covid-19, this growth rate could further increase.

IT & Digital

Measures to control the pandemic such as lockdowns and social distancing have had a strong, positive impact on the IT and Digital Sector. The switch to smart and remote working is just one example. Thus, we have experienced vertical growth in hiring demand for IT engineers, software engineers, net and application developers and analysts, as well as for other ‘digital’ experts including social media and digital marketing experts. Analysing data from the countries in which we operate, we see that hiring demand for these professionals is in general very high, although national variations do exist. In the EU, IT engineers account for 24% of the overall demand for engineers, the percentage grows exponentially for analysts (49%). When we focus on Asia and South America, a different picture emerges, with hiring demand for IT analysts at 61% in Asia and China and 53% in Brazil  when compared to the EU.

Unsurprisingly perhaps, metropolitan areas are at the heart of current demand; with most vacancies located in cities. Currently, Paris, London, Madrid and Berlin, followed by Warsaw and Lisbon, account for 19% of the total demand for IT profiles. In Asia the spread of roles appears to be more concentrated, with Hyderabad, New Delhi and the Bengaluru area reporting most vacancies, whilst in China there appears to be a clear split with Beijing reporting a high demand IT consultants, web designers and managers, whilst IT engineer roles are concentrated to Shanghai. In Latin America, Sao Paulo and Rio De Janerio is experiencing a very high demand for IT and Digital Managers, accounting for 45% of the total demand for IT professionals in Brazil.

When it comes to the IT sector, the pandemic has also had an impact on international mobility. Recent years had seen a growth in international mobility as companies looked to plug IT skills shortages. However, according to PWC, for 12% of the 350 companies they recently interviewed, the pandemic will trigger a fundamental rethink on mobility, whilst 20% believe that the number of international moves will decrease in the future as a direct result of the crisis.

Healthcare & Pharma

The healthcare sector too is experiencing significant growth – a direct result of Covid-19. In contrast to IT & Digital, the sector is diverse. However, according to our data, we are reporting an increase in demand for roles such as area managers, lab managers, researchers and complimentary services managers. Although the industry is growing, this growth is not uniform: research, business development and sales positions registered a higher demand when compared to other business lines such as medical services. This trend is evident in Europe: research, business development and sales account for the main demand for healthcare professionals at 16% and 34.5% respectively. Demand for researchers in Paris is 4% higher than elsewhere whilst London appears to have a higher demand for business developers – 1% higher than the EU average. London is also top of the list for other health related vacancies (doctors, drug delivery, supply of medical and pharmaceutical supplies and medical volunteer care), together with Milan, Warsaw, Munich, Geneva and Zurich; the same cities and countries are also reporting higher demand for medical sales professionals. Conversely, hiring demand in Latin America and Asia is lower across the sector, with the exception of research; with a high demand for professionals reported in China and a moderate demand in South America. In fact, researchers account for 50% of the hiring demand in all business mentioned in India and China, and 41% in Brazil. And whilst China’s demand is crosses all businesses, in India this is concentrated to certain categories such as sales and health services. In Latin America hiring demand is generally low, with Rio de Janerio and Sao Paulo being the exception.

Commenting on the sectors, Veronika Hejduková, Grafton Business Model Development Manager said “This has been a challenging year for everyone. As we have seen, Covid- 19 has and continues to affect industries differently. However, there is positive news for others such as the IT, Digital, Healthcare and Pharma. More than ever at Grafton, we see our responsibility as unlocking opportunities for our candidates and talent managers, this means looking forward and identifying future needs. Our consultants are experts in their fields, providing candidates and clients with a clear overview and in-depth knowledge and strategic guidance on specific markets and industries. We believe that people make the difference in a challenging and ever changing landscape. It is thanks to this approach that we are able to find the people who will provide the value the company is looking for.”