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ECONOMIC OUTLOOK



Last month I ran a mini conference for a leading Sydney executive recruitment company.


This was a low cost way for their team to share market intelligence, overcome current challenges and further develop their knowledge of industry dynamics ready to share with candidates and clients.


Our agenda covered:


1. State Of The Australian Economy 2. State Of The Recruitment Industry 3. The Legal Industry - Current and Future state 4. Discussion On Current Market Challenges – Candidate Sourcing 5. Navigator Consulting Industry Research - Attributes Of High Performing Consultants and Next Level Senior Recruitment Strategies 6. Values, Company Culture and Communication In Senior Teams 7. Ideas For Better Job Ad Response 8. Personal Business Planning For Your Best Year Ever

The interactive mini conference was a big success with the best consultant feedback ever received. They participated actively and learned a lot.


Here is a summary of the Economic Outlook for 2022 which I hope you find useful:

  1. Covid recovery and border openings should improve business activity especially in the harder hit sectors such as hospitality and tourism. Economic stimulus options are mostly exhausted and unlikely to support longer-term growth.

  2. Supply chain issues, continued covid cases, high fuel and material prices will dampen some growth prospects.

  3. Increased immigration and more relaxed visa requirements will slowly improve labour shortages.

  4. Inflation is rising, and wages are not keeping up which will put pressure on wage and interest rates.

  5. Key sectors with labour shortages such as healthcare and aged care need to address stagnant wages to attract and retain workers.

  6. There are some signs the property market is cooling, maybe in anticipation of interest rate rises and the rising cost of living.

  7. Stock markets are likely to remain volatile due to the Ukraine war situation and follow the US market lead. Overvalued and over-hyped stocks are likely to be hardest hit in a decline.

  8. Very strong job ad figures and low unemployment rates look set to continue until immigration improves and both business confidence and economic growth decline.

  9. There will also be some economic uncertainty leading up to a federal election with a recent budget providing short-term relief and incentives. Voters will look for policy solutions to the issues outlined above.

  10. Overall the market is still strong for recruitment firms who are looking to maximise current opportunities as long as possible until the economic cycle eventually peaks.

Please make contact anytime to discuss how a Staff Mini Conference will help improved retention, peformance and confidence in the market.