Hungary’s labor market is undergoing a notable shift, as a recent discussion with business leader Péter Lakatos reveals easing competition for workers after a period of intense demand. Lakatos, president of the National Confederation of Employers and Industrialists and co-CEO of Videoton Holding Zrt., shared insights from the Hungary in the Future series hosted by Telex, highlighting a changing landscape for both employers and prospective employees. The conversation also touched on the critical role of “soft skills” and educational priorities in shaping Hungary’s future workforce, and the need for greater leadership ambition among younger generations.
“The quality of a company is determined in the long run by its employees – their knowledge, diligence, enthusiasm, and everything else. It’s a bit easier today than it was two or three years ago, with less pressure,” said Péter Lakatos.
What happened? Hungary’s labor market is experiencing a shift, with employers reporting a decrease in the intense competition for workers seen in recent years. The observation comes from a recent discussion with Péter Lakatos, president of the National Confederation of Employers and Industrialists and co-CEO of Videoton Holding Zrt., as part of Telex’s Hungary in the Future series. The easing of pressure on the labor market could have significant implications for businesses and employees alike.
Lakatos, who Forbes estimates to have a net worth of 184.5 billion forints, making him the 18th wealthiest person in Hungary, explained that Videoton is noticing the change. “The quality of a company is determined in the long run by its employees – their knowledge, diligence, enthusiasm, and everything else. It’s a bit easier today than it was two or three years ago, with less pressure.”
Beyond technical skills, Lakatos emphasized the importance of so-called “soft skills” in identifying effective leaders. “Who wants to or can lead, how well they function in a team, how well they can express themselves verbally or in writing, who likes to do business, who can handle conflict – these are the key things in the end. Knowledge can be taught at schools, and a lot can be picked up on the job.”
He pointed out that Western education systems often prioritize the development of these skills – such as conflict resolution and effective collaboration – from a young age, a focus currently lacking in the Hungarian educational system.
Lakatos also noted that differences between Asian and European workers aren’t necessarily in how companies are managed, but rather in their attitudes. He stressed the need to look beyond the number of university graduates and consider how many are able to secure well-paying, fulfilling jobs.
What should young people studying now focus on? “I’ve gotten by so far by being relatively good at calculating, writing, reading, and speaking. Everything else is just a fraction of that,” Lakatos responded. He also observed a reluctance among younger generations to pursue leadership roles. “For every leader, at least five others should be trying to take their place.” This hesitancy is also apparent at Videoton, and while not unique to Hungary, Lakatos believes the country’s historical context plays a role. “In Hungary, the elite at the top has been much more connected to public service and agriculture, with fewer people in banking and industry.” The discussion also included input from Tamás Boros, director of the Equilibrium Institute, and Gábor Filippov, the institute’s research director. The full discussion can be heard here.
