November News (from the job market!)

What is happening in the labour market?

The latest statistics reveal notable changes in the job market and broader economic landscape as the year approaches its close:

Job Market Trends

• Job Ads Decline: SEEK job ads fell 3.1% month-on-month in October, marking the first drop in three months, and are down 10.7% year-on-year, signalling a potential slowdown in hiring activity.
• Applications Per job ad fall: Applications per job advert decreased by 0.9% month-on-month, the first decline in two years, suggesting a cooling in job-seeker engagement.

Slowing Salary Growth

• Advertised salaries grew 3.6% year-on-year and only 0.7% over the last quarter, with a 0.2% monthly increase—the slowest growth rate since December 2021.
• Technology salaries lagged, with just a 2% year-on-year increase and 0.3% quarterly growth, pointing to a softening in demand for tech talent.

Economic Indicators

• Inflation: Headline inflation remains steady at 2.1% for October, matching September’s figure, which is positive news. However, the trimmed mean inflation rose to 3.5% (up from 3.2% in September), keeping it outside the Reserve Bank of Australia’s target range.
• Interest Rates: The RBA's cash rate has held at 4.35% since November 2023, and the latest inflation data casts doubt on any immediate rate cuts.

What does this mean?

These shifts suggest a mixed environment: while wage and inflation growth are moderating, declines in job ads and applications hint at ongoing challenges in the labour market. Tech salaries and hiring show particularly subdued momentum, reflecting a slowing down in the sector. As the RBA monitors inflation closely, significant changes to monetary policy seem unlikely in the short term.

All these factors will affect the labour market. Whilst we’re seeing pockets of hiring and proactive intent from companies, 2024 cannot end quickly enough. The sentiment from most people we’re speaking to is “bring on 2025” and a fresh start.

How tight is the job market?

Seek consistently shares data on the Australian job market (more so) from the job seeker's perspective. In a tight market, it’s easier for candidates to find work but harder for hiring companies to attract talent. Conversely, a loose market is where it is easier for hiring companies to find people due to the volume of job seekers.

The latest Seek Labour Market Balance Report shows the labour market has loosened since late 2022 but remains tighter than pre-COVID levels. Competition for the available roles has increased, leading to longer job search times. Job advertising in some sectors, such as Healthcare & Medical and Manufacturing remains high, while job ads for higher-paying roles in Technology and Banking & Finance have fallen below pre-COVID levels.

Specific to Technology, the report suggests:

• Evolving demand for roles in cybersecurity and data analytics.
• Increased competition – with applications per role consistently trending upwards.
• Skill shortage – gaps for hiring companies searching for talent.

The full report can be found here:

https://www.seek.com.au/about/news/article/labour-market-balance-report-2024

In other news.....

Closing the Global Gender Gap

This week, I was interested to read Linkedin’s global report and analysis on the global gender gap

Specifically, the report focused on Linkedin’s findings that the recent rise of flexible work has driven record high labour force participation among women aged 25-54 (note, this is US data). Highlighting the role of flexibility in fostering gender equity.

Women show a stronger preference for remote and hybrid roles than men but face steep competition and limited availability, particularly for entry-level and senior positions.

Relocation for promotions and differences in career breaks further worsen gender gaps in career progression. Men are more likely to relocate for work, especially to areas with limited social connections, while women are more likely to move for their partner's career. Additionally, women often take longer career breaks for caregiving, further hindering their progression.

Addressing these challenges, including improving access to flexible roles, rethinking career break perceptions, and narrowing relocation-driven promotion gaps, is essential for advancing the careers of women and ensuring a more equitable workforce.

My key takeaways from this report:

• Flexible work boosts participation but faces challenges: Women show a stronger preference for remote and hybrid roles, but limited availability and high competition prevent their access, especially in entry-level and senior positions.
• Relocation and career breaks widen gender gaps: Men are more likely to relocate for promotions, while women take longer career breaks, often for caregiving, contributing to disparities in career progression and promotions.
• Systemic changes are essential: Improving access to flexible roles, addressing biases around career breaks, and narrowing relocation-driven promotion gaps are critical to advancing gender equity in the workforce.

Full report here:

https://www.dhirubhai.net/pulse/spotlighting-global-gender-gaps-leading-new-year-uldde

8 Workplace Trends for 2025

We’re at the time of year when we start to see predictions for the year ahead. Forbes shared their 8 predictions that will define the workplace of 2025.

Not surprisingly, AI and hybrid working are the dominant themes, specifically emphasising reskilling & upskilling as the demands for work and skill evolve.

Full report here:

https://www.forbes.com/sites/bernardmarr/2024/10/07/8-workplace-trends-that-will-define-2025/

And our survey says....

Every Thursday, I share a poll with my network on Linkedin to get their views and opinions on key topics.

Would you look for a new job if your employer ordered you back to the office 5 days a week?

The result from this poll gives a clear picture of how people feel about a return to the office. Or does it? I wonder if this result is more indicative of how people feel about the lack of personal choice and autonomy. It’s probably a bit of both. We know that hybrid working has become a popular work option for most people. My feeling is that the way this is being handled is as much the issue as the idea of 5 days back in the office.

Either way, with 80%+ of CEOs believing we’ll end up back in the office and 80%+ of people stating they would look for a new role if this was the case, we’ve got a potential labour market disruption on the horizon.

What is the MOST IMPORTANT thing you expect from a recruiter during the hiring process?

I asked this question as much from the perspective of professional curiosity as anything else! As an industry (and I include the internal talent acquisition function in this category) we have a shocking reputation for our lack of communication and updates.

We’ve got a lot of work to do to fix this. Technology is one solution. You can get live time tracking when you order a pizza, so why not on your job search?! With the increase in AI, I see the opportunity for increased human interaction as some of our admin tasks are automated.

This is something we are thinking about at Emmbr and how we can keep improving next year.

How important is company reputation on deciding where to apply for a job?

We now live in an era where we can research feedback on pretty much anything. Would you book a holiday without checking TripAdvisor? Would you buy a TV without reading online reviews? Surely the same goes for your potential employer.

It’s clear from this poll that reputation is important to some extent to most people. The question is how do we make this reputational feedback more objective? I’ve read a few Glassdoor reviews in my time, and I’m personally not convinced they are truly reflectivity of reality. There must be a better way to get an objective view.

What do you think about the new focus on video content on LinkedIn?

?

Maybe you’ve noticed the increased video content (including the video tab on the app), or maybe you haven’t. As someone who is highly active on Linkedin I’ve been interested in watching this not form of content develop. A lot of the video content I see has a TikTok feel eg someone sat in their car/office/garden giving career tips. It’s fun and contemporary but is it what people want or expect from Linkedin? For me, the jury is still out. It would seem you share the same view with only 20% of you “loving it”.

Let’s see how this evolves in 2025.

TALES FROM TECH TITANS

As we come to the end of 2024, I’m reflecting on how far we’ve come with the Tales from Tech Titans podcast in such a short amount of time.

This time last year, we shared our first episodes with extremely positive feedback. We’ve since gone on to record episodes with more than 40 guests at the rate of a new episode every week. We also created the spin-off Terabytes series of shorter clips and key lessons. In addition, we evolved each episode into two parts (mostly due to the recordings consistently breaking the hour mark).

Moving into 2025, we’ve got a few new ideas we’re working on. This includes a couple of collaborative mini-series and the potential for a Titans live event.

Whatever comes next, this year has been a lot of learning and a lot of fun. We’ve pushed the envelope to do something different and enjoyed every minute. The guests have been exceptional. They’ve shared so much of their own personal journey, whilst being both vulnerable and insightful at the same time.

Thank you for listening. I’d love your feedback, so please DM me with your thoughts, observations, likes and dislikes. All feedback is useful and helps us to keep evolving

Recommended Reads & Listens

Right now, I’m obsessed with Ali Abdaal ’s Feel Good Productivity.

This book has sat on my shelf since March. I picked it up as I was rushing out the door one morning a few weeks ago and was instantly blown away by some of the ideas.

Is it just another productivity book, espousing how to get more done? No, it is not.

This book focuses on finding enjoyment in the things we get to do.

What do I mean? Sorry, no spoilers here.

Just a recommendation that if you’re looking for a read over the Christmas break or a last-minute Christmas gift, then pick it up. You will not be disappointed.?