2022 may not be business as usual, but there’s still a lot to get excited about.
Rethinking careers, re-evaluating work-life balance and seeking increased renumeration – these are the major factors influencing talent in the market and contributing to current workforce shortages.
As we re-emerge from the depths of the pandemic and unemployment hits its lowest levels in years, there’s still one pressing issue facing the Australian workforce – a labour shortage.
Following the ongoing changes to our professional lives throughout the last two years, it’s been a constant struggle for local businesses and organisations to find and retain the right talent. It seems the combination of a skills shortage and more than two years of no migration, has left the talent pool looking a little empty to say the least.
So, why is the situation so dire even though we’re hitting record low levels of unemployment? Well, there’s the obvious increased demand for workers due to the delayed reopening of international border and its effect on a lack of talent – however there’s more to the story.
According to the latest research by LinkedIn, as many as three in five Australian candidates are considering changing roles in the coming 12 months due to an increased desire to find a career that aligns with their lifestyle as well as their personal values. “People are really questioning what they want in life these days and how their employment aligns with their own ethics,” says SB Recruitment founder, Sarah Bolster. “Many are moving away from those big, large corporate organisations in favour or smaller organisations where they can feel more seen, more valued and like they’re having a positive impact on their patch in the world through their work.”
But it’s not just the larger question or passion and purpose that’s playing a role in our ongoing talent shortage – many candidates are also basing their next move on flexibility and renumeration. “The work-from-home approach is starting to leave people feeling exhausted, so having that hybrid mix of home and office is something they’re really interested in,” adds Sarah. “They care about their family time, but they also need a place to escape and focus.”
The biggest driver, however, is still the desire to increase their income. It appears that savvy organisations that want the best candidates, will also be the ones increasing their salaries. “Renumeration has continued to be a key driver here, and that won’t be changing any time soon,” says Sarah. “Candidates know they’re in high demand, which is why they’re taking their time to find the right role that speaks to their key motivations.” This is particularly true of public sector clients, according to Sarah, who are offering competitive salaries to attract talent with in-demand skillsets.
Employees are even receiving enticing counter offers from their employers to remain where they are – as employers worry about top talent leaving for greener professional pastures. “In a skills-short market, it’s what employers need to do to retain their key contributors,” explains Sarah.
Whether you call it the great resignation or the great reshuffle, it’s clear now is the time for agility, flexibility and a sharp focus on the future for both employers and employees.
SB Recruitment is a leading trusted recruitment agency and partner for the finance & banking, business support and government sectors. We have assisted organisations for the past 15years in finding the right people. We are trusted by professionals in the industry Australia-wide.
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