EOFY Optimism, How You Can Keep Your Best Employees and More.

From the Director’s Chair

Welcome to the June edition of our newsletter, and welcome to winter – which has truly arrived here in Melbourne!

As we approach the end of the 2023/24 financial year, we continue to experience tight market conditions with the economy remaining slow this month. With interest rates holding steady, there is still hope of at least one interest rate drop by the end of the year, or early 2025. However, with the news of an unexpected rise in inflation yesterday, which rose from 3.6 back to 4 per cent, economists are forecasting that, rather than us seeing another rate increase this year, this figure may push back the timing of the first rate cut to February next year. While inflation jumped slightly, the ABS measure of inflation excluding volatile price changes eased slightly from 4.1 to 4 per cent. Let’s hope that the quarterly inflation figures, which land on July 31st, will paint a better picture and that we see a return in business confidence sooner rather than later.

The latest Labour Force Survey data for May 2024, released by the Australian Bureau of Statistics (ABS), presents an encouraging snapshot of the employment landscape in Australia. Despite the slight uptick in the unemployment rate to 4.0%, several key indicators highlight positive trends and robust economic activity. Here’s some of their finding below – grab a coffee and enjoy the read!

Rising Employment Figures

Employment figures have shown consistent growth, with 14,355,100 Australians employed in May 2024, a notable increase of 38,700 from April. This 0.3% rise in employment underlines the resilience of the job market. Notably, full-time employment saw a significant boost, increasing by 26,200 positions to reach 9,892,000, demonstrating strong demand for permanent, full-time roles.

Stable Participation and Employment-to-Population Ratios

The participation rate held steady at a healthy 66.7%, reflecting continued confidence among Australians in their job prospects. The employment-to-population ratio also remained constant at 64.1%, indicating that a significant portion of the population is engaged in productive employment.

Positive Movement in Hours Worked

Another positive to come out of the report was the increase in monthly hours worked, which rose by 5.6 million hours (0.3%) to 1,958 million hours. This increase signifies higher labour demand and suggests that businesses are thriving and requiring more workforce hours to meet operational needs.

Underemployment Rates Holding Firm

While the underemployment rate remained at 6.7%, it’s important to note that this stability points to a balanced labour market where those seeking additional hours are not increasing. This consistency in underemployment rates is a positive sign, indicating that part-time workers are finding sufficient work hours to meet their needs.

Regional Insights

On a regional level, employment growth is broadly distributed, with New South Wales, Victoria, Queensland, and Western Australia all showing increases in employment figures. The employment-to-population ratios across these states remain robust, with Western Australia leading at 66.7%.

While the headline unemployment rate saw a marginal increase, the overall picture of the Australian labour market in May 2024 is one of growth and stability. Employment numbers are on the rise, participation rates are solid, and the increase in hours worked suggests a vibrant economic environment. These indicators collectively paint a positive outlook for the Australian workforce, demonstrating resilience and an upward trajectory in the face of global economic challenges.

The Labour Force Survey's findings highlight the dynamic nature of Australia's job market, emphasising that while challenges remain, there are significant reasons for optimism about the future of employment in the country.

Attracting and Maintaining High-Calibre Staff: Strategies for Businesses

In today's competitive business environment, securing and retaining top talent is paramount. Luckily, this happens to be our specialty here at BWS Recruitment.

To help you and your business achieve success with great staff by your side, we've compiled a list of our top strategies for attracting and maintaining high-calibre staff. To read our full blog on this topic, click here .

1. Creating a Strong Employer Brand

• Visibility and Reputation: Build a strong employer brand by engaging on professional networks, sharing success stories, and maintaining transparency about work culture.
• Employee Testimonials: Encourage employees to share their positive experiences to boost the company’s image.

2. Offering Competitive Compensation and Benefits

• Market-Competitive Salaries: Regularly review and adjust salaries to remain competitive, including bonuses and financial incentives.
• Comprehensive Benefits: Offer health insurance, staff discounts, gym memberships, and wellness programs tailored to employee needs.

3. Fostering an Inclusive and Supportive Work Environment

• Diversity and Inclusion: Promote a culture that values diversity to enhance creativity and innovation.
• Mental Health Support: Provide mental health resources and support, including mental health days.

4. Investing in Employee Development and Career Growth

• Training and Development: Offer training programs and continuous learning opportunities.
• Career Progression Opportunities: Outline clear career paths and support with mentorship and regular feedback.

5. Enhancing Work-Life Balance

• Flexible Working Conditions: Implement flexible hours, remote work options, and adaptable workspaces to support work-life balance.

6. Leveraging Technology for Better Work Environments

• Automation of Mundane Tasks: Use technology to automate repetitive tasks, freeing employees for meaningful work.
• Collaborative Tools: Introduce tools that enhance communication and teamwork, especially for hybrid or remote work models.

7. Encouraging Feedback and Open Communication

• Feedback Mechanisms: Establish regular check-ins and anonymous feedback tools.
• Responsive Leadership: Ensure leadership is approachable and responsive to feedback, demonstrating commitment to employee welfare.

8. Recognising and Rewarding Performance

• Recognition Programs: Implement programs that celebrate accomplishments to boost morale and motivation.
• Tailored Rewards: Customise rewards to fit individual achievements and preferences.

Implementing these strategies can help businesses attract and retain top talent, leading to a productive and positive work environment and enhancing overall competitiveness and reputation. Click here to learn more.

Discover the Hidden Advantages of Partnering with a Recruitment Agency

In today’s competitive job market, finding the right talent can be challenging, time-consuming, and costly if handled in-house. To read this blog in full, click here .

Partnering with a recruitment agency offers strategic advantages.

1. Access to Passive Candidates:

Tap into extensive networks to reach high-calibre candidates not actively job hunting.

2. Reduction in Time to Hire:

Agencies expedite the hiring process, allowing companies to focus on core activities.

3. Expertise and Market Knowledge:

Leverage industry-specific knowledge, salary benchmarks, and in-demand skills.

4. Diversity and Inclusion Initiatives:

Improve diversity efforts with unbiased job descriptions and inclusive hiring practices.

5. Reduced Hiring Risks:

Mitigate risks with thorough background checks, reference checks, and skills assessments.

6. Flexibility and Scalability:

Adapt to business needs with temporary, contract, or permanent positions.

7. Confidentiality:

Conduct discreet searches for sensitive or high-profile roles to maintain privacy.

8. Employer Branding:

Enhance employer brand by promoting company values and culture to potential candidates.

By incorporating a recruitment agency into your hiring strategy, you can save time, reduce risks, access a broader talent pool, and benefit from expert market knowledge. Discover more about how BWS can help by clicking here .

Does Your Team Need an Extra Pair of Hands this EOFY?

A BWS Temp is the solution!

Temporary staff can provide essential support during peak periods, tackle big projects, cover staff leave, or free up your team for other tasks. Whether you need help for a day, a week, or longer, BWS has a diverse array of talented temporary candidates ready to start immediately. Below is a sample of our exceptional talent ready to assist you today!

Finance Manager

• Expertise in all finance functions, including tax advisory, bookkeeping, financial analysis, and compliance.
• CPA qualified, with a professional, adaptable leadership style.

Payroll Officer

• 10 years of experience, immediately available.
• Proficient in all payroll functions with strong communication skills.
• Ideal for not-for-profit organisations, flexible with work arrangements.

Accountant

• CPA with commercial focus and investigative problem-solving skills.
• Experienced contractor, seeking a role in a growing SME.

HRBP

• Extensive experience in large, multi-site manufacturing settings.
• Skilled in strategic and operational HR, available immediately.

Contact Belinda Wiggins at [email protected] or give us a call on 9535 9500 to discuss your needs!

Job Spotlight

Practice Manager

Our client is seeking an experienced and motivated Practice Manager to enhance and streamline the daily operations of their medical practice in the outer Eastern suburbs. This practice consists of a single general clinic and is overseen by the Director who will support your onboarding. The team cares for a diverse group of patients, underpinned by a team of well-established local doctors, and a support team of nurses & administrative staff.

Find out more about this role, here .

Have a great end of financial year. Don’t forget to reach out if there is anything we can help you with. See you again next month!