Economic trends and the knock-on effect for employment

^Highlights

Nicola Steel, Founder of JJP Talent Solutions and ACS Queensland Preferred Recruitment Partner, believes that the recruitment industry is an excellent barometer of a country's economic health. Find out the key takeaways in relation to the economy and recruitment.

Economic trends and the knock-on effect for employment

Nicola Steel, Founder of JJP Talent Solutions and ACS Preferred Recruitment Partner, believes that the recruitment industry is an excellent barometer of a country's economic health. She recently attended an event about the state of the Australian recruitment industry in 2022 which revealed some key statistics about the economy in Australia:

GDP up 1% in July
Business confidence index up 1%
ASX down 8.6% for the calendar year
AU$ down 8.2%
Unemployment down 21.4% for the calendar year
ANZ job ads up 2% in August - highest increase in 10 years
Seek reported a small decline of 0.6% for August but up 30.9% for the last 12 months
Top 5 growth industries - Trades & Services, Hospitality & Tourism, Health & Medical, Manufacturing, Transport & Logistics and ICT.

Nicola thinks that there will be several impacts on the current and future job market:

The jobs boom is now at its peak and will start to plateau.
There will continue to be a huge demand for staff but volatility in the stock market, increased interest rates and inflation will mean that candidates are more concerned about job security and stability.
Salaries will remain high, and companies need to continue to offer competitive packages to attract talent.
As the talent shortage continues for the foreseeable future, companies need to broaden their search and nurture their talent pools to secure the right people.
Companies need to offer flexible work arrangements to attract and retain employees.

If you would like to discuss these insights in more detail, please call Nicola on 0499 773546 or book a Zoom meeting - https://calendly.com/jjptalent/client-meeting