Subject. One of the most important effects of the pandemic on the economy is the labor market transformation. It is projected that there will be a structural transformation of the map of in-demand professions and competencies. The labor market will adapt to the requirements of maximum digitalization of the labor functions process implementation. Objectives. The aim is to study the effects of the COVID-19 pandemic on the labor market. Our tasks are to investigate the impact of the pandemic on various sectors of the economy, identify new professions in the new environment, find out the skills demanded by employers during the COVID-19 pandemic. Methods. The study employs dialectical and systems approaches, general scientific methods of logical and comparative analysis to achieve the intended objective and solve the problem of determining the post-pandemic changes in the labor market. Results. We identified short-term and long-term market transformations caused by the COVID-19 pandemic. They result in changes in basic competencies and systemic restructuring of the structural and professional component of workforce. Conclusions. The pandemic has a complex and ambiguous effect on the labor market. Companies are committed to accelerating the digitalization of work flows, education, expanding the remote work, and automating tasks within the organization. The impact of the pandemic should be addressed by supporting the displaced workers and monitoring the new opportunities in the labor market.