In November of 2021, a record number of job vacancies were listed, according to the Australian Bureau of Statistics (ABS).
A promising post-pandemic situation for employees, the number of job vacancies is 74% higher than they were at the start of the pandemic. To put this into literal numbers, the overall total for Australia sits at just below 400,000 vacancies.
This perhaps comes at a cost for business owners, who are struggling to find the talent they need to ensure their business runs smoothly. As is a condition of the rest of the world, the ‘Great Resignation’ has inspired potential employees to demand higher salaries, more benefits and other conditions that SMEs may find difficult to meet.
Ongoing labour shortages, particularly in lower paying industries, is going to be a problem for many throughout 2022 and the path clear from this is not entirely clear. Although upward trends for employment listings are seen across all sectors, it is for talent in art and recreation where the highest demand is seen.
This cultural sector has seen a 271% increase in demand since February 2020.
Closely following this is accommodation and food services with a 211% rise and rental, hiring and real estate sector with a 165% rise.
The smallest rise was 28%, within administration and support.
YBM are happy to work with all Australian businesses and help brainstorm innovative and creative ways to both retain their current employees, bring on new ones comfortably or to restructure their business to reduce the need for talent that they cannot find.
There are plenty of options out there for those who are willing to think outside the box. These are the businesses that will succeed. As we have learned throughout the period of restrictions and lockdowns caused by the COVID-19 pandemic, those that have been able to adjust and pivot are the ones that remain standing.
These record high vacancies have been attributed to the COVID-19 pandemic, with increases consistently following periods where lockdown restrictions eased. These upheavals have been difficult for employees and employers alike and with changes in business strategy, comes the need for talent willing and able to work alongside.
For those business owners who are finding it difficult to find talent, and for those professionals who are spoiled for choice right now, make sure that you understand your financial position and get in touch with a team member at YBM who can help you make the most of your current situation.