July 2024 Market Update

As we enter the second half of 2024 (yes, I know!) it's all quiet on the recruitment front as the financial and professional services world sees the demand for talent dropping due in large parts to job mobility falling this month to pre-Covid levels.

To most working in the recruitment sector, those seeking new employment or even hiring talent this is no surprise as the stagnancy of the high interest, low investment market really starts to take grip globally and locally in Australia. After every boom comes a period of calm, and what we're seeing now is completely normal in historical context.

This seems to be widespread across the Australian employment landscape with the ABC's recent job mobility article noting:

The ABS has recorded a decrease in job mobility for the first time in three years.

It also found more people are finding it difficult to secure work this year than previous years.

Peak employment advocacy organisation Anglicare Australia said more people wanted to stay in their jobs amid the cost of living crisis, but it called for the creation of more entry-level jobs to help people find work.

Once more compounding the notion that the new normal of stagnancy in employment is here for a while to come.

I've noted multiple times that this is likely to continue for the next 12-18 months, with internal talent blocking external providers not through want but through business budgeting decisions, which are completely rational and understandable after the alarming agency spend for many organisations over the past few years.

Alarmingly though there is a general consensus that there is a plethora of incredible talent waiting to take up the offer of employment, which is simply not true. In fact dare I say it, it's harder to find the top quality talent interested in taking on a new challenge in this climate than during the height of the hiring boom of 2021-3. This is due in large part to what was mentioned before, economic headwinds, household budget pressures and a negative market sentiment make the prospect of leaving a role and joining a new business much riskier than in previous years, wrongly or rightly.

If you're seeking talent or looking for a new role, it's important to understand the current landscape and shape your search accordingly to it. I've noted some important points below to help when looking for employment.

Make yourself relevant and stand out from the crowd:

To make yourself truly relevant when hunting for the next role, you need to keep in mind that Internal talent teams are mostly 'generalist' recruiters and not 'specialists' across individual functions like Finance, Marketing, Tech, etc so making their lives easier by being clear and concise as to what qualifies you for the role you're applying for is absolutely imperative. Think of it very simply, make their lives easier by solving problems rather than creating obstacles. Make sure you align your resume to the role you're applying for and ensure you're using the right keywords and metrics to guarantee you're one of the people they contact about the role.

Application numbers are high, which are first glance can be very off-putting for the 'passive' candidate market, but as someone who wades through the incoming applications it is important to understand that the quality remains hard to find. Many applications are way off-piste which even further drains the resources and available time for those advertising roles. When applying for roles, be clear and pointed, ensure that you're qualified for the job you're applying for. In a market with lower job numbers and higher expectations, businesses are not as prepared as they once were to upskill and dedicate resource to training new staff, they might as well move someone internally to do that. Instead they seek qualified and experienced talent to join and provide solutions quickly.

Being relevant and present is important, try to allot time where you can spend a few hours a day/week hunting for the next role. Try not to be desperate and apply for everything as it only ends up with you chasing your own tail and going down avenues you know deep down probably aren't going to eventuate into anything. Use your network and LinkedIn to good effect by posting about your availability (it's not desperate, believe me!) and connect with people that can help you like Recruiters, Internal Talent, hiring managers and industry leaders.

Keep the faith and do the basics right and do try to keep spirits up as this market isn't forever.

As always, if you're a job seeker or a client looking for talent, I'm always available to chat on LinkedIn or [email protected]