The current state of unemployment among academics reveals an increasing trend, growing twice as fast as the average rate. At the beginning of the year, nearly 27,000 academics were job hunting, which is 19 percent more than the previous year. This includes over 17,600 university graduates.
According to the AMS, half of this increase is due to Ukrainian refugees. The remaining half is dispersed across all academic disciplines, with the most significant increase observed among 25 to 30-year-olds beginning their careers and those above 45 years old.
Thomas Wychodil, head of the Vienna Academic Center, states that despite the demand for skilled workers, people above 45 often struggle to reenter the job market. He suggests that many companies do not seem desperate enough to hire older employees. At the Vienna Academic Center, nearly one-third of all participants are over 45.
However, the blame does not lie solely with the companies. Many job seekers have unrealistic expectations and are resistant to change. A degree earned twenty years ago may now be obsolete, and further education and training may not always be enough due to advancements in digitalization and artificial intelligence (AI).
First AI victims
The creative sector, especially communication professions in advertising, marketing, PR, and media, is currently experiencing the most significant impact. Wychodil believes that wherever automation through AI is possible, it is being implemented. He cites translation and programming jobs as areas where demand is rapidly decreasing due to AI.
Even though AI is still in its early stages, it’s evident how much work it can do. Wychodil believes we are at a crucial juncture in the job market where individuals will always be needed, but their roles will change.
Many areas of study no longer align with the job market, requiring students to gain job-related skills through part-time jobs or internships. For example, Matthias E., a 32-year-old economics graduate from the University of Vienna, is pursuing a project management course to ease his job search.
Matthias Eller, like many business students, worked part-time during his studies. He feels that there are plenty of job opportunities for young professionals, but the best ones are quickly taken. Eller is currently training in project management at the academic center and is confident about finding a job.
The academic center’s current educational focus includes digitalization, particularly social media skills, circular economy, and sustainability management. Wychodil explains that there is a great demand in these areas as new regulations are constantly introduced and the requirements for companies are increasing.
Wychodil sees an increased need for academic jobs primarily in public service, healthcare, IT, and technical professions. However, business administration is not as attractive as it was a decade ago.
Borsky, a qualified chemist, has been job hunting since he was “rationalized away” from his managerial position in the packaging industry. He is finding it challenging due to his specialization in an international company. He hopes to find another job in an international environment that he can do from Vienna.
Borsky had to learn how to apply correctly as most application platforms are automated. He was advised to have his application reviewed by an AI. He is open to working in a different job as long as it is the right fit.
Despite the current challenges, having a degree continues to be beneficial. The unemployment rate among academics is significantly lower at 3.1 percent compared to 24 percent for those with only compulsory schooling.
