2024 Employment Trends – Insights and learnings from Skillset’s Recruitment Team

Skillset’s Recruitment Team shares their insights and learnings about Central West employment trends in 2024 so far. These are:

Unemployment is still low

Yes, unemployment is low – very low! In fact, unemployment in the Central West is currently sitting at 3.3% according to figures released by Jobs and Skills Australia in March 2024. Youth unemployment is also low and is 4% according to Jobs and Skills Australia. Whilst this is a positive as there are very few people out of work, it means that businesses and organisations across the Central West are finding it very difficult to get staff.

Unfortunately, this is a key trend across Australia at the moment. Recent research by Jobs and  Skills Australia confirms this – approximately 60% of businesses surveyed experienced difficulty in recruiting permanent staff and yet 22% of businesses surveyed want to put on more staff.

This negative for businesses and organisations is almost certainly a positive for job seekers. It is a candidates’ market at the moment – there are plenty of opportunities available and employers are more likely to be more flexible when it comes to negotiating key workplace benefits.

People are staying in the jobs they have

Another key trend the Skillset Recruitment Team are seeing in our region is that candidates are preferring to stay where they are.

At the moment, there is less appetite for changing jobs and this is primarily being driven by the rising cost of living, higher interest rates and a general concern about a slowdown in the economy. With more interest rate rises signalled by the Reserve Bank of Australia and expected rises in unemployment, it is highly likely candidates will continue this trend.

The Employee Value Proposition is more important than ever

In an environment of skill shortages, higher interest rates and the rising cost of living, businesses and organisations must concentrate on their Employee Value Proposition or EVP.

Skillset’s Recruitment Team has observed that organisations and businesses that clearly communicate what the working experience is like at their organisation and the benefits they can offer employees, are the ones which are attracting the top talent. According to global professional services business, PwC, EVPs comprise a mix of components or levers including remuneration and reward, the work setting, work experience, ways of working, career development, employee wellbeing and brand. When PwC surveyed 1,800 Australians workers in 2021 about the future of work, pay and wellbeing were ranked as the top drivers attracting them to work for organisations.

An EVP is likely to be different for each organisation taking into account their sector, size and objectives. However, given the importance of EVPs in attracting workers, it is essential that businesses and organisations strongly consider articulating their EVP as part of their overall recruitment strategy.

There is still high demand for soft skills

Employers are still keen to recruit employees with good soft skills. According to the National Skills Commission’s Regional Snapshot update on recruitment trends and employers’ needs for the Central West, the top skills in demand are communication skills, building relationships, planning, teamwork and collaboration.

Skillset’s Recruitment Team also believes that flexibility is becoming increasingly important. Employees that can adapt and have the ability to take on new projects or learn new skills in line with a business’ needs are very attractive in a working environment that is subject to change.