Uncertainty in the market

From a rise in the demand for remote roles to a potential recession and a record number of vacancies, it’s safe to say that there’s a lot happening in the job market at the moment.

In June, the Australian Bureau of Statistics revealed that Australia’s unemployment rate was at the lowest it’s been in about 50 years. This is great for employees but means that almost everyone of working age is already in a role, leaving companies looking to hire new candidates in a bit of a tricky spot.

Couple this with a total shift in attitudes toward work, an increase in burnout and exhaustion, and a reduced number of migrant workers as a result of the Covid-19 pandemic, and it’s clear the Australian job market is in the middle of a huge shake-up.

So what does this mean for job seekers and hiring managers right now?

For jobseekers

It’s a jobseeker’s market

The Guardian reported in April 2022 that there was a record number of listings on recruitment sites, describing it as ‘the great job boom’.

This means that as a job seeker, you have a lot more negotiating power than usual so be sure to use this to your advantage. This is the time to know your worth as a candidate. When interviewing for new roles, come prepared with an understanding of standard salaries for your experience level and ask about the staff benefits that matter most to you such as mental health days, flexible or remote working, and employee volunteering.

Understand, however, that this puts companies in a difficult spot as they try to compete for candidates, so if working in a small business or a start-up is important to you, you might have to compromise on some of these desires.

Difficulty identifying suitable roles

With so many job roles advertised across recruitment sites and social media, it can be exhausting to sift through them all to identify your perfect position.

What makes this even harder is that on top of the many roles advertised online, in 2021 a third of employers still relied on word of mouth to promote their vacancies.

Applying for jobs is often a time-consuming and tiring process as you tailor your cover letter and resume for every role. No one wants to spend hours a day working on job applications for roles that are ultimately unsuitable, but it can be really hard to identify the best options in such a busy market.

Using a recruitment agency such as Conquest is a good solution to this issue as recruitment advisers can guide you towards relevant roles and save you a bunch of stress and hassle.

Most in-demand skills

While it has been coined a jobseeker’s market, some skills are more in-demand than others. Currently, the five most desired skills are:

IT project managers
Civil project engineers
Talent acquisition specialists
Payroll officers
HD Fitters

It’s also been reported that industries that usually rely on an influx of overseas workers such as hospitality, tourism, and healthcare have a huge demand for employees as a result of border closures during the Covid-19 pandemic.

If you’ve been working in one of these industries, now is a good time to go for a promotion or request a pay rise as borders reopen and overseas workers start to fill positions again.

Or if you work in one of the areas with the most in-demand skills, why not make the jump and take a new role with a higher salary? Recruitment agencies can help you identify and negotiate opportunities for a pay rise.

For employers

There’s a potential recession looming

Experts have reported a 50% chance that Australia is heading into a recession in the next year. Whether this ultimately happens or not, it’s good to be prepared.

You might think that the key to successfully surviving periods of economic uncertainty is to freeze hiring, however, in the past organisations that have continued to hire during these times have managed to take advantage of the market.

Instead of stopping all hiring processes, consider your company’s long-term goals and immediate needs. Are there certain roles you should prioritise and others you can plan to fill later down the line? A good recruitment agency can help you keep your top-priority positions filled with high-quality candidates.

Young workers moving overseas

With borders opening up again, many young Australians who have been postponing their overseas travel will be starting to plan their trips again. This means you might lose a percentage of your younger staff so be prepared.

It also means that there will likely be an influx of young people from other countries coming to work in Australian cities so now is a good time to read up on employment law or talk to an agency with experience in hiring overseas workers.

The importance of social issues

Did you know that 80% of 13-25 year olds want to work for a socially responsible company and more than half of them would refuse to work for a socially irresponsible one?

If your company hasn’t already, it’s vital that you invest in your environmental, social, and governance (ESG) policies as well as work to improve your diversity, equity, and inclusion (DEI) during the hiring process.

In order to attract and retain the best candidates, it’s important to discuss this work openly across your website, social media, and job advertisements. Be prepared to discuss how you prioritise social responsibility and inclusion in your business and bring it to life in the day-to-day running of the company.

Conclusion

While it’s a deeply uncertain time for the job market in Australia, there are great opportunities available for both candidates and hiring managers.

Low unemployment rates means that employment standards keep improving, something that’s good for everyone as companies work to improve employee retention and attract the best candidates for their roles.

For more advice or support with job-hunting or recruiting, speak to a member of our team today.