The economic crisis caused by the COVID-19 pandemic affected the Cypriot labor market – both supply and demand have changed. According to Economy Today experts, some companies have to make cuts in order to stay afloat, while others can’t find the staff they need.

In particular, there is a trend: demanded specialists in the labor market in an atmosphere of general uncertainty caused by the pandemic, afraid to change their jobs and respond with refusals, even to direct profitable offers.

Some sectors of the Cypriot economy, say human resource specialists, remain in demand even in a changed world. In them, the demand for personnel with certain specializations and skills is stable.
For example, the pandemic has accelerated the process of digitalization and entailed the need to involve technology in all production processes. Therefore, the IT sector not only did not sink under the influence of the coronavirus, but even grew. New jobs are being created, and programmers, computer engineers, cybersecurity experts, data analysts and business analysts are being hired.
The financial services sector also continues to be in demand – the number of jobs here is also growing. Companies are looking for accountants, financial analysts, lawyers and compliance professionals.

Experts state that Cypriot companies have clearly learned some lessons from the financial crisis of 2013. Thus, employers have already had the opportunity to understand that cutting employee salaries does not work: it does not make savings grow, but productivity falls.