Market Update: Economy and Recruitment/Employment Trends

Welcome to our latest market update! Grab a coffee, get comfy, and let's dive into the latest trends and insights in the recruitment world. 

Job Ads Take a Dip 

Our friends at ANZ and Indeed have crunched the numbers, and here's the scoop: job ads declined by 2.2% in June. Yep, you read that right! The recruitment rollercoaster is on a bit of a downhill ride, with a 7.1% drop in job ads over the last three months, compared to a 3% dip in the first quarter. There is also a Year-on-Year Decline: We're down 17.6% from last year.

It's a sign of the times, but there's still plenty to be optimistic about. 

• Above Pre-COVID Levels: Despite the dip, we're still 17.8% above the 2019 average.
  
  

Madeline Dunk, ANZ’s economist, shares that much of the labour market adjustment has been through hours worked rather than job cuts. The hours-based underutilisation rate has crept up to 5.3% in Q2 2024 from its low of 4.5% in Q4 2022. So, while average hours per person are back to the long-run trend, expect employment growth to slow a bit. 

Regional Insights: Victoria and WA vs. NSW and Queensland

The job ad decline hit Victoria and WA the hardest, overshadowing some modest gains in NSW and Queensland. Indeed’s senior economist, Callam Pickering, highlighted that NSW and Victoria contributed to 85% of the annual decline in job ads. Despite this, some regions are proving to be more resilient.
 

• Occupational Impact: The drop in job ads was significantly due to lower demand for cleaners, tradies, and food service workers. Over the past year, 86% of occupational categories have seen a decline in job ads. 
  
  

Looking Ahead

So, what's next? The pace of employment growth may slow, but the resilience of the job market, particularly in regions like NSW and Queensland, offers a silver lining. Whether you're hiring or seeking new opportunities, staying informed and adaptable is key. 

Event Wrap-Up: July Breakfast

 
Our July Breakfast event, in partnership with Diamond Women, was a huge success! We welcomed Jen Gurry, who enlightened us about the incredible work Diamond Women is doing to support women with unplanned pregnancies. Diamond Women offers a wide range of services including information on options, pregnancy support, counselling, advocacy, material assistance, mentorship, and parenting programs. With 1 in 5 expecting mums experiencing symptoms of perinatal anxiety and depression, Diamond Women is committed to providing high-quality support. 

On the morning of our breakfast, we collected donations of baby goods to help support this fantastic cause. Your generosity was truly appreciated.
Our guest speaker, Ron Woods, captivated us with his storytelling. Some key takeaways from Ron’s talk were: 

"Leaders, prioritise your open communication, your empathy, and your transparency. If you can foster a culture of connection where every individual feels valued and heard, the sense of belonging leads to higher morale, lower turnover rates, and ultimately better business outcomes." 

"P=C" (if you know you know) 

"Collaboration across industry sectors and borders is essential for innovation and growth."

"People might forget what you said, people might forget what you did, but people will always remember how you made them feel." 

Ron’s insights into fostering positive relationships and driving change within diverse environments, coupled with his captivating storytelling, inspired and empowered us all.