Unemployment Down – Job Vacancies Up = Staff Shortages
Australia’s unemployment rate is close to a 10 year low of 5.4%. It is often argued we are actually close to full employment because a large portion of this group choose to remain unemployed for many reasons. Over the past 12 months, there have now been 239,373 jobs created, in seasonally adjusted terms, at an annual growth rate of 2% – up from 0.9% in February.
A quick look at seek.com.au shows a whopping 168,173 job openings Australia-wide.
Growth Sectors are:
Engineering, construction, mining/resources, energy, infrastructure, ICT, healthcare, manufacturing, transport logistics and trades.
If you are supplying to these sectors it is prudent to stand out from your competitors and maximise new business efforts while the market is strong.
Declining Sectors are:
Retail and consumer
Retail is under considerable pressure due to the convenience and low price of online shopping, with weakness in this sector unlikely to improve.
While NSW and Victoria continue to dominate, QLD remains strong and double digit recoveries in job advertising were reported in WA and SA.
Sourcing Of Staff
For firms looking to source staff, the market is now competitive as many previous economic boom times. Growth is likely to become restricted by the lack of supply of talent with specific skills in new business development.
Typical methods of sourcing staff are:
1. Advertising – fast and low cost but patchy responses and only attracts candidates actively looking for a new job.
2. Headhunting – slow and expensive but allows firms to cherry pick high performers on competitor companies
3. Word of mouth referrals – slow and but the source of strong performers
4. Recruiters – costly but not so if they save you significant time and deliver hard to find talent to grow your business
The only way to profitably grow any business is to maintain operational efficiency and add high performing staff. Staff turnover is inevitable in such a strong market which makes new hiring activity and even higher priority.
For ideas on attracting high performing staff into your business, please email me anytime on email@example.com
Tony Hall is Managing Director of business growth consulting firm Navigator Consulting.
Please contact us for more information on:
– Sourcing high performing sales and recruitment leaders
– low lost, highly efficient, offshore resourcers, researchers and admin staff
– standing out from competitors and winning new business with Recruitment Industry Best Practice Certification