1. Introduction

In recent times, Shanghai has shown a heightened dedication to the principles of environmental sustainability and the development of green industries. As a result, there has been a notable increase in job opportunities within sectors related to renewable energy, environmental conservation, and sustainable development. The presence of multinational corporations in Shanghai has led to an increasing need for foreign knowledge in several industries, as seen by the creation of regional and Chinese headquarters in the area.

Competition in Shanghai is abundant, with a special emphasis on highly competitive labor markets in sectors like as finance, technology, and marketing [1-3]. The acquisition of Mandarin Chinese language proficiency is often seen as a valuable asset, yet several multinational enterprises may provide job prospects when English is the prevailing language. It is crucial to recognize that economic and labor market conditions may differ across different sectors and industries in Shanghai. Furthermore, the global implications of the COVID-19 pandemic have had a substantial impact on employment and economic equilibrium, possibly influencing the labor market in Shanghai [4, 5].

The purpose of this study is to provide a thorough overview of the current trends and developments in the labor market of Shanghai, specifically focusing on the performance of 2022 graduates in the job market of Shanghai. It is essential to consider that the labor market is susceptible to rapid swings, therefore requiring dependence on up-to-date sources such as contemporaneous statistics from the government and economic analysis to get the most recent information.

2. Shanghai Economy and Its Job Market

Shanghai, as a key economic center in China, has seen continuous economic growth over the past decade. The city’s gross domestic product (GDP) has always held a significant position within China due to the strong performance of crucial industries like as banking, technology, manufacturing, and foreign trade. The city of Shanghai has seen the emergence and expansion of innovative industries, including technology and entrepreneurship, which have shown distinct creative attributes. The metropolitan region has become a central hub for entrepreneurial endeavors, attracting a diverse range of local and international skills and financial support.

The financial industry in Shanghai has seen substantial development, resulting in an augmentation of its role as the predominant financial hub in China. The rise in prominence of the urban region’s stock exchanges, including the Shanghai Stock Exchange and the STAR Market, has resulted in a heightened influx of financial institutions seeking to establish their foothold inside the city [6]. The city of Shanghai has consistently implemented various methods aimed at improving the integration of its economy on a global scale. This approach has resulted in an increased attractiveness to international firms and people with specialized skills. Efforts, shown by the construction of the Shanghai Free Trade Zone, have proven to be beneficial in facilitating the influx of foreign investment and fostering international trade.

Shanghai has made significant efforts to attract and retain professionals with high levels of talent and expertise. Shanghai has implemented a variety of strategies with the objective of promoting the recruitment and retention of persons with advanced skills, entrepreneurial abilities, and research expertise inside the city. Education & Research: Shanghai has a multitude of respected universities and research institutions, making it a very appealing location for those aspiring to engage in scholarly pursuits and scientific investigations. The rapid increase in the number of these institutions has had a substantial impact on the development of opportunities in the fields of education and research-focused disciplines.

Shanghai is a significant center for industrial operations and international trade. The significance of the city’s ports and logistical capabilities cannot be overstated in terms of facilitating and bolstering international trade and commerce. Shanghai’s financial industry has seen significant growth, which has helped to consolidate the city’s status as the principal financial hub in China. Because of the increased significance of the stock exchanges in the metropolitan area, such as the Shanghai Stock Exchange and the STAR Market, a growing number of financial firms have relocated to the region. To further its economic integration with the rest of the world, Shanghai has consistently used a wide range of measures. Because of this approach, the region is now more desirable to multi-national organizations as well as people who have more specialized competencies. The establishment of a free trade zone in Shanghai is one example of a successful initiative to encourage international business and investment from outside the country.

Countries around the world have been facing a shortage of high-level technical personnel. Many European and American countries are facing the challenge of a shortage of high-level technical talents. The demand for talent in the fields of information technology, engineering, and healthcare continues to increase, but the number of graduates is not enough to meet the market demand. This has led to increasing competition for technical positions. Meanwhile, companies often need to look for international talent to fill vacancies. Some Asian countries, such as India and the Philippines, have a relatively large number of high-level technical talents in the field of information technology, but there is still an imbalance between supply and demand. At the same time, some Asian countries are promoting technical education to meet the growing demand for technology.

Among them, China, as an important player in global manufacturing and technology, is also facing the challenge of a shortage of higher-level technical talents. In the course of its economic and social development, China has made rapid technological advances in many fields, but the education system has failed to produce enough high-quality technical personnel in a timely manner, making it difficult to meet market demand. China’s education system is trying to adapt to the changing technological needs, but the reform process will take time. Traditional education methods may struggle to produce practical skills relevant to emerging technologies. In addition, although China has a large number of college graduates, the training and education of professionals in technical fields is still insufficient, especially in emerging technologies, such as artificial intelligence and big data analysis.

Since there has been a new phase in the pace of transformation from a large manufacturing country to a strong manufacturing country, the modern industrial structure has been continuously optimized and upgraded, which puts forward higher requirements on the quality of human resources supply. Meanwhile, the supply structure has been changed, thus forcing the modern vocational education system to be further transformed and improved in order to improve the supply capacity of high-skilled talents and enhance the adaptability of vocational education [7].

Data from the official website of the National Bureau of Statistics show that the output value structure of China’s primary, secondary, and tertiary industries has changed dramatically over the 40 years from 1978 to 2021, from 28.2%:47.9%:23.9% in 1978 to 7.3%:39.4%:53.3% in 2021 [7, 8]. Therefore, with the development of the economy and the adjustment of industrial structure, China’s demand for various types of occupations is also changing, and a comparison of the employment situation of the two types of schools can provide a clearer understanding of which type of education is more adapted to the current employment situation, as well as the respective areas that need to be further upgraded and improved.

In recent years, the economy and employment have been in decline as a result of the impact of the epidemic. As the majority of fresh graduates in the job market every year, studying their employment situation is representative for studying the relationship between education and employment. Due to the large number of fresh graduates in China in 2022, the author’s region, Shanghai, is chosen as an example for the study [9, 10]. Meanwhile, Shanghai, as a mega-city, has a developed economy and a large number of employment opportunities. Also, the number of colleges and universities and fresh graduates is sufficient. Therefore, the survey chooses Shanghai as a representative city to ensure the validity of the study.

3. Methodology

The study uses a quantitative method. stratified sampling was conducted for the 2022 undergraduate/specialized fresh graduates in Shanghai. The 2022 fresh graduates in Shanghai were divided into fresh graduates of higher vocational schools and general higher schools and then sampled from these two sets to ensure the validity and reasonableness of the data. The questionnaire was distributed through the platform “Questionnaire Star”. The online survey was conducted through 11 single-choice questions to understand the employment situation of fresh graduates.

4. Results

With the help of the “Questionnaire Star” platform, a total of 506 valid questionnaires were recovered, and after the correlation analysis of spss, the conclusion was drawn (Table 1).

Table 1: The results showed invalid questionnaires.

* p<0.05 ** p<0.01

(1) For the sample participants, the mean level of education is 1.50 with a standard deviation of 0.50. this indicates that most of the participants have a high level of education.

(2) The difference between the participants’ actual salary and expected salary has a mean of 2.93 and a standard deviation of 1.67. this shows that most of the participants have a gap between their actual salary and expected salary.

(3) The correlation between participants’ perception of the current job they are engaged in and their majors studied at the undergraduate/specialized level, with a mean of 2.65 and a standard deviation of 1.09. This implies that most of the participants believe that there is a certain correlation between the current job they are engaged in and their majors studied at the undergraduate/specialized level.

(4) The mean value of participants’ satisfaction with their current job is 2.52 with a standard deviation of 1.05. this means that most of the participants are satisfied with the job they are currently engaged in.

Based on the results of the statistical significance test of the correlation coefficient, the study concluded that there was a certain degree of correlation between education and the difference between actual and expected salary, the correlation between the job currently engaged in and the major studied in undergraduate/specialized programs, as well as the satisfaction with the current job.

In summary, the results of our analyses suggest that there is a correlation between participants’ level of education and the difference between actual and expected salary, the degree of correlation between the job they are currently engaged in and the major they studied in their undergraduate/specialist degree, and their current job satisfaction. These findings are important for a deeper understanding of participants’ educational background, career development, and job satisfaction. In this study, there are some limitations to be admitted. The validity of the conclusion is not strong enough due to the insufficient sample size. China was still affected by the epidemic in 2022. As a direct consequence of the outbreak, the labor market has been subjected to a significant number of detrimental repercussions. The repercussions were both immediate and long-term, affecting a variety of domains including public health, the economy, society, and international relations, among others. The results were felt almost instantly as well as in the long run. The pandemic had a debilitating effect, economically speaking, not just on China but also on the economies of the vast majority of other countries. In the first stages, there was extensive devastation wreaked across the industry and supply chains as a consequence of shuttered factories and a decline in demand from markets all over the globe. This caused widespread disruption throughout the industry and supply systems. Although it began to make a comeback later that year, the rate of expansion of China’s gross domestic product saw a significant dip in the first quarter of 2020. In order to begin the economic recovery of China and the rest of the nation, the Chinese government used a variety of fiscal and monetary measures, such as investments in infrastructure and ease in the country’s monetary policy. So the conclusion may not be common enough.

5. Conclusion

According to the findings of the statistical significance test applied to the correlation coefficient, this study came to the conclusion that there was a certain degree of correlation between education and the difference between actual and expected salary. Additionally, there was a correlation between the job that was being done at the time of the study and the major that had been studied in undergraduate or specialized programs. Finally, there was a correlation between the level of satisfaction with the current job and the level of education. In conclusion, the findings of our analyses suggest that there is a correlation between the level of education attained by the participants and the disparity between their actual and expected salaries, the degree of correlation that exists between the job that they are currently engaged in and the major that they studied while earning their undergraduate or specialist degree, and the level of job satisfaction that they experience in their current position. These results are essential for gaining a more in-depth comprehension of the educational background, career progression, and work satisfaction of the participants.