The Australian Recruitment Market
Drive by Friday
–
Drive by Friday –
Time to share…
The Australian recruitment market is currently experiencing several significant trends and changes. It’s an everchanging landscape that agencies and consultants navigate daily.
Let’s take a look at some changes that influence the recruitment market…
Job Vacancies Decline
Recent data from the Australian Bureau of Statistics indicates that job vacancies have decreased by 6.1% from November 2023 to February 2024, reflecting broader economic adjustment and a slight cooling in the labour market after a period of high demand.
Flexible Working Trends
Post COVID-19, flexible working arrangements have become a standard expectation rather than a perk. Many companies have formalised flexible working policies, including remote, job-sharing, and part-time roles. Some companies are even piloting a four-day work week for their employees in order to promote a healthier work-life balance.
Skills Shortages and Salary Adjustments
There are ongoing shortages in specific skill sets particularly in areas such as IT, Engineering and Skilled Trades. As a result, some sectors continue to offer higher salaries to attract and retain talent. This is not as prevalent in the Novated Leasing/Salary Packaging/Fleet space; however, industry-experienced candidates are very much sought after and are commanding strong salary packages.
Regulatory Changes
The Australian Government is introducing new regulations, including the “right to disconnect,” which aims to give employees the ability to disconnect from work communications outside of working hours. Additionally, the Closing Loopholes No. 2 Bill aimed at tightening regulations around casual employment, is expected to impact staffing practices. It is a Bill aimed at giving the casual worker the opportunity to convert to permanent employment after 6 months. For more information on this, you can refer to the website for the Fair Work Commission and the Australian Government’s Legislation websites.
Employee Turnover and Retention
The turnover rate remains high, with around 9.5% of the workforce changing employers in 2023. Retention strategies are therefore critical, with many businesses offering competitive salaries, bonuses, and other benefits to retain key talent.
These and other aspects highlight a dynamic and evolving recruitment landscape in Australia, with businesses needing to adapt to changing regulations, employee expectations, and market conditions to attract and retain talent effectively.
Novated Leasing/Salary Packaging Space – the last 12 Months
(information via Fleet News)
In the last 12 months Novated Leasing, Salary Packaging and Fleet industry has experienced significant changes, particularly in recruitment and workforce dynamics. Some key trends and developments have included:
Technician shortages and hiring challenges
Adoption of advanced technologies
Strong emphasis on electrification and sustainability
Supply chain and inventory management shortages and management of these
Improvement of order-to-delivery times
Recruitment efforts are increasingly focused on attracting industry-relevant talent and working with organisations to meet people and culture demands.
If you want to talk all things recruitment, I present with 19 years of recruitment experience in the industry.
Please feel free to contact me
lorraine@simpli-u.com.au