Time to reflect on FY24

As many of Atlas Partners ' clients bury their heads in year-end activity, it gives us a chance to reflect on the 23/24 Financial Year.

FY24 was a much tougher market for the recruitment sector than the preceding period. 12-months of aggressive interest rate hikes, historically high net-migration and sticky inflation figures saw a drop-off in new hiring activity. SEEK's latest figures show a fall in the number of jobs advertised, down by 1.5% in June, and down 17.1% year-on-year. This is in contrast to the number of applicants per job ad, which rose by 3.0% over the month.

Victoria was the hardest hit in FY24 with a staggering 24.2% annual drop-off in advertised jobs across the platform.

So what does this mean? Well, by most measures, we are returning to the norms of the pre-pandemic market. Job ads are down, but consistent with what we saw from 2016 through to early 2020. Applications-per-job growth, through climbing, appears linked to our net migration figures. Australia's non-migrant workforce, by comparison, is increasingly withdrawing from the market, pointing to a sharp decline in job mobility.

The overriding message is that there are fewer jobs out there, but fewer qualified candidates willing to take them up.

Luckily, our talent sourcing approach holds up in tricky markets. We run comprehensive search programs, maintain engaged communities through events & marketing initiatives and challenge our clients thinking on what a good candidate profile looks like. We will continue with this approach in FY25 - fostering more connected relationships with our clients and talent community.

For a more tailored overview of the market or advice on hiring, drop me a direct message to start a conversation.