November 2022
The current Australian job market is unlike anything that the majority of us have experienced in our lifetimes.
Since the covid pandemic, job vacancies have more than doubled. Current unemployment rates are at a near record low of 3.5 per cent, with economists tipping this rate to continue to fall well into next year.
While the sectors with the biggest number of job vacancies include healthcare and social assistance, followed by accommodation and food services, and then professional scientific and technical services; there are increased job vacancies across all occupations and industries.
And this is all happening within an environment of high inflation, rising costs of living and climbing interest rates which are squeezing the finances of individuals and businesses.
What does this mean for people who are looking to move forward in their careers?? It means opportunity.
Businesses across the nation are recruiting, and job applicants are in the unusual position of being in the driver’s seat.
With employers struggling to find staff, many of the ‘essential’ criteria on job applications are now being relocated to the ‘desirable’ column.
Employers are having to work extra hard to engage and recruit candidates and are prepared to take people without all of the experience and qualifications formerly needed to fill a gap in their businesses. They are also more open to negotiations on salaries, employment conditions and benefits.
For many, this means jobs that were previously off limits to them are now squarely on the table.
Our advice to people looking to move onwards and upwards in their career is to consider applying for those roles which may have traditionally been just out of reach.
Employers are more open to the fact that you may not have all the necessary qualifications yet, but you are working towards getting them. And they recognise that new recruits may need a longer grace period as they learn and grow into a new role.
Today’s job market arguably presents a once in a lifetime opportunity to move into your dream job, or to accelerate yourself into a promotion. And you may find you can negotiate a salary and package that would not have been possible just twelve short months ago.
As the cost of living continues to bite, this presents a silver lining for new recruits looking to capitalise.
