State of the Market in Digital Marketing and Technical Recruitment: August 2024

As we move through the second half of 2024, the landscape of digital marketing and technical recruitment in Australia is both challenging and full of potential. The latest data from the Australian Bureau of Statistics (ABS) provides a nuanced view of the economy, highlighting a mix of stability and gradual improvement.

Key Economic Indicators

In June 2024, the unemployment rate in trend terms remained steady at 4.0%, while the participation rate held firm at 66.8%. Employment increased to 14,402,500, and the employment-to-population ratio remained at 64.1%. The underemployment rate stayed at 6.5%, indicating a continuing need for full-time opportunities. Meanwhile, monthly hours worked increased to 1,967 million, reflecting the steady demand for labour.

In seasonally adjusted terms, the unemployment rate saw a slight uptick to 4.1%, with the participation rate increasing to 66.9%. Employment numbers rose to 14,406,100, and the employment-to-population ratio inched up to 64.2%. Notably, the underemployment rate decreased to 6.5%, suggesting a marginal improvement in job quality. Full-time employment saw a significant increase of 43,300, reaching 9,944,200 people, while part-time employment also grew by 6,800 to 4,461,800 people.

Navigating the Challenges

The digital and tech sectors have been navigating a period of uncertainty, influenced by economic factors such as inflation and interest rates. Yet, despite these challenges, the market remains navigable. According to Keiran Hathorn, Managing Director of Big Wave Digital, who has over 26 years of experience in tech and digital recruitment, “The current market, while complex, presents a unique opportunity for organisations to secure top talent. We are seeing a slow but steady thawing in the hiring landscape, especially as businesses begin to anticipate a reduction in interest rates.”

The relationship between interest rates and the robustness of the job market is increasingly evident. As the cost of borrowing begins to decrease, typically through lowered interest rates, businesses are more inclined to invest in growth, which includes hiring key talent. This dynamic is particularly relevant in the tech and digital marketing sectors, where skilled professionals are essential to driving innovation and maintaining competitive advantage.

Seizing the Opportunity

While it might be tempting for companies to wait for more stable economic conditions before hiring, there are compelling reasons to act now. The current market conditions, characterised by cautious optimism, mean that there is less competition for top-tier candidates. Julia Semmens, a seasoned recruitment specialist at Big Wave Digital, notes, “We are advising our clients that now is an opportune time to secure the talent that will be pivotal to their success in the coming years. The market is showing positive signs, albeit gradually, and those who are proactive will be well-positioned when demand inevitably spikes.”

An anecdote from recent months illustrates this point. A leading fintech company approached Big Wave Digital in June, initially hesitant to move forward with their hiring plans due to the prevailing economic uncertainty. However, after discussions with Keiran and Julia, they decided to proceed with recruiting a team of digital marketing specialists and technical developers. Within weeks, they had secured a team of exceptional professionals who were not only highly skilled but also aligned with the company’s culture and vision. The company is now positioned to capitalise on market opportunities as they arise, without the pressure of competing for talent during peak demand.

Positive Signs on the Horizon

There is no denying that the recruitment landscape has been challenging over the past year. However, it is important to recognise that things are not getting worse. In fact, there are positive signs on the horizon. With inflation showing signs of stabilising and the Reserve Bank of Australia (RBA) hinting at potential interest rate cuts in the near future, the economic environment is gradually becoming more conducive to business growth.

Keiran Hathorn adds, “The connection between interest rates and the health of the job market cannot be overstated. As the cost of borrowing decreases, we expect to see a resurgence in hiring activity, particularly in the tech and digital sectors. Businesses that are prepared to move swiftly will have a significant advantage.”

Another anecdote that highlights this evolving market involves a mid-sized e-commerce company that had been holding off on expanding its digital marketing team. After monitoring the market and economic indicators closely, they decided to engage Big Wave Digital in July. By the end of the month, they had successfully recruited a Paid Media Specialist and a Content Marketing Manager, both of whom are now instrumental in driving the company’s growth strategy. This company’s decision to act decisively, even in a cautious market, underscores the opportunities that exist for those willing to look beyond the immediate challenges.

The state of the market in digital marketing and technical recruitment in August 2024 reflects a delicate balance between caution and opportunity. While economic challenges persist, the signs of improvement are undeniable. For HR managers and business leaders in Australia, this is an opportune time to secure the talent that will drive future success. As the market continues to stabilise and interest rates potentially decrease, those who act now will be well-positioned to lead in the next wave of growth.

At Big Wave Digital, we are here to support your recruitment needs with the expertise and insight that comes from over 14 years in operation. With Keiran Hathorn and Julia Semmens at the helm, you can trust us to help you navigate this evolving landscape and secure the talent that will propel your business forward.

The future is bright, let’s go there together!

Thanks for reading,

Cheers Keiran

Let us help you build a Brilliant team in Digital.

Big Wave Digital are experts in?Digital Recruitment Sydney

At?Big Wave Digital , Sydney’s leading digital, blockchain and technical recruitment agency, we have deep connections, experience and proven expertise, and the ability to achieve a win for all parties in the challenging recruiting process. We can connect to highly coveted digital and tech talent with the world’s best employers.

Keiran Hathorn?is the CEO & Founder of?Big Wave Digital. A Sydney based niche Digital, Blockchain & Technology recruitment company. Keiran leads a high performance, experienced recruitment team, assisting companies of all sizes secure the best talent.