Tendencies of Monaco’s Job Market during Pandemic

A recent study by Hays France & Benelux, a global recruitment group, found that Monaco’s job market is as stable as ever in 2020, despite the ongoing pandemic. Consultants from Hays France & Benelux met with hundreds of professionals from 13 sectors for the study, which is conducted on a yearly basis.

According to Medhi Betichie, manager of Hays Nice, Monaco’s job market is expected to remain buoyant for the next few years for a few reasons, including the Principality’s thriving property, construction, sustainable development and tech sectors.

Urban projects are on schedule

Two of Monaco’s main economic pillars are the property sector and urban construction projects, which are ploughing ahead and on schedule despite the pandemic. Major projects, like the Anse du Portier district, help maintain a high level of employment with strong commitments to sustainable development.

Fostering start-ups and environmental innovation

Even during the pandemic, the Principality continues to encourage the development of new start-ups, five of which have recently joined a Monegasque incubator-accelerator. Demand in digital professions also continues to grow, including digital marketing, according to the recent Hays study.

Monaco’s main start-up incubator, MonacoTech, was inaugurated by HSH Prince Albert II, Jean Castellini, Minister of Finance and Economy and Xavier Niel, French billionaire, back in 2017. MonacoTech helps innovative companies and  business projects with high growth potential get established in the Principality, enabling them to take full advantage of the Monegasque ecosystem.

Over the summer 2020, a jury picked MonacoTech’s latest round of start-ups from a list of forty applicants. The five new chosen start-ups, two local and three international, arrived at the Fontvieille office in August 2020.  The incubator’s vision of tomorrow’s economy helps push the health, finance, environment and smart city sectors forward.

The Covid-19 crisis has created many obstacles. People around the world are engaging and communicating differently in these trying times. The way many people work has changed and certain projects and companies have had to pivot in order to adapt to our new and changing reality. But the root of what drives and inspires some of Monaco’s main sectors has remained the same: innovation and sustainability. This may be why the Principality’s construction, sustainable development and tech sectors have remained stable during these unstable times.