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October 2022 Job Seeker Market Update

October 11, 2022

We aim to provide regular market updates with economic and industry trends we are witnessing in addition to advice and support.

It has been another crazy quarter with hiring activity at levels that we have not witnessed in many years, we have clients across the board, all needing further staff to deliver the relentless flow of projects that are being awarded. This continues to provide a positive and rewarding employment environment across Australia in almost every sector and role.

The most recent statistics from The Australian Bureau of Statistics (ABS) have recorded 470,900 open job vacancies in Australia during August, across all sectors and locations, although the needs are fairly well spread across the country. This figure is 107.4% higher than it was in February 2020, prior to the start of the pandemic .

Any business owner I speak with, whether that is with civil contractors to cafes to bakers to shops to technology firms are all screaming out for new staff and many are not even able to operate normal operating hours or services.The latest figures also show that 26.7% of businesses are currently hiring nationally and in construction that is 28.5%. This is a staggering number of employers attempting to secure talent! The other extremely positive news is that the reasons for this hiring are due to an Increased Workload (45.4%) and E xpansion of Business (26.8%) .

So what is the result of this demand? Over the last 12 months we have seen a continual pressure and increasing salaries which I have commented on in previous market updates, and also my concerns of the impact of these increasing cost to the construction & engineering industry, and whether this can be sustained and remain profitable in the long term.

I believe there is a real opportunity right now to consider a potential career move as the market is unlikely to maintain at these high levels of demand for ever, and there will certainly be a decrease in demand as the economy changes pace as expected over the next year. However, my advice to anyone in the market at the moment is to look at the whole picture of what any potential employer offers.

***RESIST THE TEMPTATION TO MOVE ONLY FOR MONEY!***

There is so much more to consider when looking at a career move however, at the moment I feel that there is too much of a focus on salaries when quite possibly there maybe better opportunities with another company even if the salary is slightly less OR with their current employer. Our advice (probably not what you would expect to hear from a Recruiter!) is that we would recommend it is important to review your CURRENT EMPLOYER alongside any option to move to a new company when going through the job process.

Consider the following;

Training & Development Opportunities provided
The senior management team and their track record and history of success
Promotion and career paths available
Variety and types of projects - What do you enjoy?
Flexibility and balance with home/personal time?
The benefit of longevity with employers, what you could lose by moving
Wellbeing and support provided by the employer - EAP (Employee Assistance Programs)
The overall team environment
Location and travel requirements

A big salary offer does not mean you should move, it just means that you should consider your options and whether you stay or go, make sure it is the best option for you long term. Your career should take thought and consideration and should be planned and then reviewed along the way to make sure you get the most out of both it and your life as a whole.

We hope that this market update has provided you with some food for thought and helps you navigate what is an exciting but challenging time in the employment market.

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