We look at the main recruitment statistics that could shape recruitment trends for 2023.
Nearly a month into the new year, it’s time to look forward and get a feel for what recruitment trends might look like according to relevant recruitment and economic data.
Working in the healthcare and legal sectors, we wanted to kick off with recruitment statistics leading into 2023 that help paint the picture for what might happen in the world of recruitment in the year ahead. Recent economic factors have the potential to impact recruitment in a number of different ways and per sector we may see different knock-on effects in the ways that employees want to change jobs or how and when employers have recruitment needs.
Employment to population ratio increased to 64.5%.
Underemployment rate decreased to 5.8%.
Full-time employment increased by 34,200 to 9,601,500 people.
Part-time employment increased by 29,800 to 4,167,800 people.
A Monster global report found that 90% of employers are having difficulty filling jobs, meaning they are looking to new ways to attract staff.
And, on the back of the “Great Resignation” of 2020 and 2021, and with such a tight labour market, there is also still a fair degree of either planned or actual employee movement in Australia and abroad.
According to a McKinsey report, the number of those saying they may change jobs remained steady at about 40% as people look for higher wages to battle cost of living pressures or seek out employers who have embraced new ways of work, most notably remote and flexible working arrangements, that offer employees more options around work-life balance.
Inflation has been high for some time, hitting 7.3% in September 2022, and while it eased through October, it once again rose to finish of 2022 at 7.3%.
In response to this stubbornly high rate, the RBA has been increasing its official cash rate (OCR) over the past year, and on December 6th the OCR hit a high of 3.10%, pushing many variable mortgages up into the 4-5% range.
Key recruitment data takeaways that point to recruitment trends
The level of unemployment in the economy remains low, meaning in many ways it’s still a seller’s (i.e. employee’s) market, with employers in a range of sectors still desperately scrabbling to fill vacancies.
As borders open and immigration gains momentum again, more skilled workers will become available to fill some of the outstanding skills gaps.
However, this will only solve some of the issues with filling employment vacancies, so the more employers are able to offer competitive wages and packages that are tailored towards the bigger picture and employee needs, the more likely they will find the staff they need.
As inflation is brought into check, and cost-of-living increases slow down, more people may be content to stay in jobs rather than look for higher-paying roles.
This may slow down employee movement, which could in turn mean the labour market remains fairly competitive for those who continue looking for new roles.
In terms of recruitment, this could mean a more conservative approach to hiring in a “wait and watch” way, although the general and ongoing shortfall of medical and healthcare workers should mean this sector remains fairly buoyant recruitment-wise.
Gorilla Jobs Can Help
Reach out to us today if you have any questions and would like to discuss opportunities!