An Appraisal of August
Anton Roe ??
I solve problems by creating Talent Solutions | Podcast host @Tales from Tech Titans | Collaborating with companies to attract, hire and retain the best talent across Technology | Diversity, Equality & Inclusion champion
What’s happening in the job market?
The job market is showing signs of slowly picking up. Seek is reporting a monthly increase of 1.7% for job ads on their platform. However, we can see from the chart below that advertising levels are fluctuating from month to month, with no pattern or consistency. In Technology, job ads are showing a steady increase, up 1.3% on last month. Seek is also reporting a further increase in applications per role – up 2.5% month on month and are at levels higher than pre-COVID. This creates more options for hiring companies and increased competition for roles.
In terms of salaries, Seek is reporting advertised salaries grew 1% in the quarter to July – the fastest growth since November 2023, and is no doubt impacted by the changes to Award wages. Year on Year, advertised salary growth is steady at 4.2%. Specifically, in Victoria, annual advertised salaries are up 4.3%, and in Technology salaries are up 1.9% year on year, and 1.5% in the last quarter.
Anecdotally, we continue to hear from companies about their hiring plans, along with an ongoing challenge in identifying talent for roles with the most demanding scarce skills.
The full seek report can be found here:
In terms of the broader economic picture, inflation is down to 3.5% and unemployment has ticked up to 4.2% (up 0.5% in the last 12 months). The impact of both measures, and the knock-on effect to interest rate movement, has a major impact on the job market. Once both measures normalise, more opportunities will open up. The question is when will this happen?
Unemployment vs inflation: the impact on happiness
As an example of how these economic factors influence the job market, I was interested to read this month about a research project in 2014 by a team of European economists. Their focus was the impact of unemployment and inflation on happiness and well-being. You won’t be surprised to discover that an increase in both factors (unemployment and inflation) was shown to have a negative impact on happiness. However, like me, you may be surprised to learn that the research showed a 1% increase in unemployment has a five-fold negative impact on well-being than a 1% increase in inflation. The conclusion I drew from this research is that negative unemployment reports create concern about short-term job security. Inflation has an immediate impact on the day-to-day cost of living and involves tightening the purse strings, as opposed to the perceived threat of no income.
Given the emphasis of the RBA on reducing inflation right now, at the expense of employment, this research explains why more people are staying put and not risking their job security by voluntarily changing roles.
?The full study can be found here:
In other news!
Technology Trends Out 2024 - McKinsey
McKinsey recently published their 15 Tech Trends for 2024.
No surprises…Generative AI is featured high on this list! McKinsey reported a 700% increase in Google searches for GenAI in the last 12 months.
Within the report, McKinsey also analysed the job posting data over the last 2 years (to negate the impact of the softer market this year). Next-Gen Software ads are up 52% over this period, followed by Applied AI. Interestingly, climate technologies came in third, up 34%.
McKinsey also reported on adoption levels by Tech Trend. 26% of organisations are scaling in Cloud Computing, as well as AI.
Linkedin Polls
Every Thursday, I share a poll with my network on Linkedin to get their views and opinions on key topics.
When will the 4 day week become the norm?
Conversation about the 4 day week seems to have drifted off the radar. My feeling is this is due to a tighter economy, and with this less appetite from employees to rock the boat, coupled with employers pushing for more office-based presence.
This poll showed an optimistic 46% of people expect the 4 day week to be mainstream by the end of the decade. It also shows almost a third of people don’t expect to see it anytime soon. What do you think?
Do you have, or have you had, a mentor?
Research shows an increase in career outcomes for people with a mentor, in terms of salary, promotions etc…. It was great to see almost three-quarters of people have followed this path, or plan to.
Finding a mentor can be the biggest challenge. Check out this Linkedin post for some ideas on how to go about it:
When you think about your first job, how closely aligned is that role to your present role?
I was reflecting on the journeys of the Titans on our podcast. Many have come from a diverse range of backgrounds – nursing, the police force, teaching, physics etc.. and have pivoted to Tech. I was interested to see how common this is.
Around half of people have taken a total career pivot. The takeaway is it is never too late!
When starting a job search, the first thing I do is….
I was interested to understand what people do first when they come to the job market. Dusting off the resume is clearly the starting point. I’m interested to know what you do next. Look for a resume template? Pop it into ChatGPT?
TALES FROM TECH TITANS
Our Tales from Tech Titans podcast hit 30 episodes this month and has evolved to include a new quick-fire lightning round.
Based on listener feedback, we have also reduced the episode length to between 45 & 60 minutes. This means where we have longer epsiodes, we have introduced a two-part series.
?If you haven’t checked out the podcast, then I encourage you to take a look.
Every week we share the stories and lessons from some of Australia’s top tech leaders – essentially listening & viewing for any aspiring technologist!
Recommended Reads & Listens
Right now I’m reading The Geek Way by Andrew McAfee and it is blowing my mind!
Andrew McAfee presents the argument for a modern way to lead and grow a business, built on evidence from the success of the big tech companies of the last 20 years. He unpacks the lessons, the successes and failures of these organisations, with some practical guidance on how to apply these concepts.
For me, a sign of a great business book is when I’m putting it down every 4 to 5 pages to disappear down an online rabbit hole of more information, or taking images to share with the team! Let’s just say I’m working through the Geek Way very slowly. I think Marcail Roe can’t wait for me to finish it, so I stop bombarding her with the latest mind blowing revelation!
Podcast
In terms of podcasts, I'm enjoying Dr Ben Hamer 's ThinkerTank show. Ben is a futurologist, so he explores ideas and trends for how we will work & live in the future.
Check it out here: https://open.spotify.com/show/6B2aszqf2eflyAOHjkH3I8?si=1913e1ca280d4751
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Futurist | LinkedIn Top Voice | Adjunct Professor
2 个月Thanks for supporting the pod, Anton - Stoked you like it ??