In the spring of 2020, picture losing your job and witnessing a surge in job seekers vying for a limited number of job opportunities. This trend was not just revealed through official government surveys but was also evident on a popular job portal.
Research conducted with the support of the International Growth Centre (IGC) analyzed data from BDJobs.com, Bangladesh’s largest online job platform, spanning mid-2015 to the end of 2025. The study created a weekly overview of the job market dynamics during this period. When Bangladesh implemented Covid-19 lockdown measures in March 2020, job listings on the portal plummeted by 70%, and advertised job openings decreased by 75%. However, the number of job applications only declined by 59%, indicating a growing competition in the labor market. The ratio of job seekers per vacancy surged to 287 from the pre-pandemic average of 173.
The labor market tightness persisted even three months after the lockdown initiation, remaining nearly 30% higher than normal levels. Unlike traditional quarterly labor surveys, our real-time data analysis provided insights into the immediate impact of the pandemic on job opportunities. In comparison, countries like the US and the UK experienced similar drops in job vacancies initially, but they rebounded more swiftly due to robust social safety nets, which were less prevalent in Bangladesh’s informal economy.
Contrastingly, the data reflected a different scenario during the mass uprising of July 2024. Following an initial decline, job postings spiked significantly, peaking over 200% above the baseline before gradually stabilizing. Within six months, both vacancies and job postings returned to normal levels, and market tightness normalized within four months. This event, although volatile, was short-lived compared to the prolonged effects of the pandemic.
Interestingly, our analysis also highlighted the minimal impact of Bangladesh Bank’s monetary policy changes on job postings. Despite multiple interest rate adjustments over the decade, fluctuations in job listings were short-lived and overshadowed by the broader shift towards online recruitment practices by companies.
The study emphasizes the importance of leveraging real-time digital data to promptly identify sudden economic shocks like pandemics or uprisings. Such data can serve as an early warning system for policymakers to assess the severity and distribution of job market disruptions swiftly. However, it is crucial to supplement this with comprehensive official surveys to capture a broader representation of the workforce.
While online job postings offer valuable insights into the formal, urban, and digitally connected workforce, it excludes a significant portion of informal workers. Nonetheless, this real-time data provides a unique perspective that can enhance policymaking and crisis response efforts. It underscores the need for countries like Bangladesh to establish agile public dashboards that complement traditional surveys for a more comprehensive understanding of labor market dynamics.
In conclusion, the availability of real-time data presents an opportunity for informed decision-making during crises, highlighting the importance of leveraging digital platforms for timely economic assessments.
(Note: The writers are researchers affiliated with the Bangladesh Institute of Development Studies (BIDS).)
