- Job creation on Handshake is still increasing: there are more jobs in almost every industry on Handshake in 2022 than there were in 2021.
- But, job creation is slowing as the year progresses: March 2022 saw 16% fewer jobs posted than February 2022, and most industries are up less year-over-year in June than they were in February.
- Tech job growth is slowing more than other sectors: there’s only a 6% increase in the number of technology industry jobs in 2022, compared to 2021, a drop from the beginning of the year (when there was a 29.9% increase YoY from 2021).
- No matter: tech is still the most popular industry among the class of 2022. Internet & Software industry full-time jobs have seen 2x the amount of applications as the next most popular industry.
Across the network, the rate of job creation started strong in 2022, but slowed after Q1
In January 2022, job creation on Handshake had increased considerably year-over-year, with nearly 1.8x the number of jobs created during the same time in 2021—perhaps unsurprising given the continued COVID restrictions we were experiencing last year.
However, when we break down job creation by month, we start to see a hint of a cooldown at the end of Q1 2022. While the cumulative number of jobs created on Handshake for the year continued to exceed previous years, March 2022 saw a month-over-month decline in the number of jobs added to the platform (by about -16%.) By April 2022, the monthly number of jobs created had dropped close to 2021 levels.
Nonetheless, jobs are still growing overall on the platform. As of June 1st, 2022, there have been over 310k full-time jobs created on Handshake, over 60k more (+27%) than the same point in time in 2021 and close to double the number of jobs created at the same point in time in 2020.
Across all industries, the gap between jobs created in 2022 and 2021 has shrunk
To be clear: (almost) all industries posting jobs on Handshake saw an increase year-over-year from 2021—meaning there are more jobs in almost every industry on Handshake in 2022 than there were in 2021. For instance: the Retail Stores and Trade sector has created more than 2x as many full-time jobs compared to the same point in time last year. Manufacturing, Financial Services, and Education sectors have all created 30%+ more full-time jobs on the platform compared to the same point in time last year. Media & Marketing is the only sector on the Handshake network to see fewer full-time jobs created in 2022 compared to the same point in time last year.
Nonetheless, the large year-over-year increases that were evident earlier in the spring have shrunk across all industries (see image above). Where do we see this most? Tech. There’s still growth in the tech industry, but it’s slowing compared to other sectors and may reflect the series of hiring freezes in response to broader economic uncertainty: as of June 2022, there’s only a 6% increase in the number of technology jobs created over the previous year, a drop from the same point in time in February (when there was a 37% increase year-over-year from 2021).
Despite slowed growth in tech hiring, the class of ‘22 is still optimistic about the industry
Regardless of the slight slowdown in growth for early talent job openings, the overall volume of applications is up 22% from last year, and tech is still the most in-demand industry among the class of ‘22. Internet & Software industry full-time jobs have seen 2x the amount of applications as the next most popular industry (Management Consulting). Jobs in Internet & Software industries are seeing 42% more applications from the class of ‘22 compared to the class of ‘21.
What’s seeing less love? Applications to jobs in the Defense, Human Resources, Telecommunications, and Social Assistance industries all saw a 8% or greater decline in the volume of applications from the class of ‘22 compared to the class of ‘21—particularly notable given the increased competition for talent and uptick in jobs in the early months of 2022.
- Data based on full-time jobs posted to the Handshake network over the past 4 years that are currently or were once visible to users.
- Industry classifications based on the industry of an employer posting a job.
- Class of 2022 and 2023 data is based upon user or school-submitted graduation year – students without listed graduation year excluded from graduation year analysis.
- Application data by graduation year accounts for full-time job applications submitted by the class of 2021 and 2022 in their junior and senior+ years (until June 2021 and June 2022, respectively).