Recent research into job expectations among Australian employers suggests the market is on the brink of a new battle to attract and retain talented worker
RECENT RESEARCH into job expectations among Australian employers suggests the market is on the brink of a new battle to attract and retain talented workers.
The survey of almost 7,500 employers, conducted by Hudson, found that one in three employers (33.9 per cent) are planning to increase current staffing levels over the March 2004 quarter, compared with 8.1 per cent which are expecting to reduce staff numbers over the same period – a positive net effect of 25.8 per cent.
This second consecutive set of positive employment expectations follows four straight quarterly declines, with the ACT and Queensland leading the charge with positive net effects of 35.1 and 32.8 per cent respectively.
Each of the major industry sectors surveyed returned positive job expectations for Q1 2004 according to The Hudson Report, suggesting a positive outlook for jobseekers.
“Market sentiment is strong and all the indicators suggest that businesses across the board will be bolstering their workforces in 2004, particularly the white-collar market,” according to CEO of Hudson Australasia, Anne Hatton.
The professional services sector was up 7 per cent on the past quarter – the most optimistic view of employment with a positive net effect of 40 per cent. This was indicative of a strong economy with record low unemployment, controlled inflation and a global economy waking from its slumber, Hatton said.
“As the Australian market remains strong and the other major economies begin to gather momentum we may experience another ‘war for talent’ type scenario like we saw in the late 1990s.
“Companies will continue to seek competitive advantage over their rivals by attempting to attract and retain the best possible team of people, which places the knowledge worker in an advantageous position,” she said.
Although it has widely been reported that the Australian building industry will slow over the next 12 months, the construction/property/engineering sector returned the second highest result with a positive net effect of 37 per cent, followed by telecommunications (33.5 per cent), information technology (31 per cent) and tourism and hospitality (30.2 per cent) – the big mover for the quarter, up 14.4 per cent.
The figures suggested that sectors directly exposed to the global economic recovery, such as professional services, commodity resources and tourism, will take over from a cooling Australian housing market in the second half of 2004.
“The recent interest rate rises have certainly had the necessary slowing effect on the residential property market. With inflation under control and the economy poised for solid business investment the need for further interest rate rises now appears unnecessary,” Hatton said.
As one of the leading suppliers of natural resources to the world, Australia had already seen the beginning of a commodities boom as global economies such as the US, Japan and, in particular, China, showed strong signs of improving economic conditions and increased demand for Australian resources, she added.
“The Australian economy has always had a strong dependence on the commodities industries and is well positioned to continue to capitalise on the global recovery that is taking place,” she said.
“Similarly, the domestic tourism market has bounced back from the effects of global terrorism and the SARS virus, with a positive knock-on effect for our economy and levels of employment.”
