14 Jul Market Update – July 2022
As we’ve approached the End of Financial Year, it’s a great time to reassess your business needs, particularly in regards to Staffing and Recruitment. As you may know, Australia is currently experiencing a “Candidate Short” market, meaning that there is a surplus of available jobs to available and qualified candidates – With this being extremely prevalent in our Trades and Services industry.
SEEK has recently published statistics confirming this gap and the industries affected. See below their recent findings from May 2022 data:
- Job advertisements rose by 2.1% in May 2022, making it the fifth consecutive month of record breaking jobs advertised through Seek
- Job adverstisements increased by 25.6% year-on-year while applications per job ad decreased by 2.3%
- The largest industries measured by ‘Job Ad Volume’ inlcude Trades and Services, Healthcare and Medical and, Hospitality and Tourism
What does this mean for you?
This candidate short market can have a huge impact on both small and large businesses alike. With job adveristments consistently increasing since Covid19 in March 2020, attracting and retaining staff should be an employer priority.
There are plenty of important points to be taken away from Seek’s statistics and utlised in today’s current climate:
- Recruitment campaigns will tend to take longer and you may come up against more obstacles (counter offers, negotiating salaries etc)
- Be prepared and plan in advance for additional needs or staffing increases
- Retaining your staff is more important than ever before, as the time and cost of replacing an employee is at an all time high
If you would like to discuss employee attraction or retention, please don’t hesitate to reach out to us on 1300 365 606.