Latest figures from the Australian Bureau of Statistics show a 0.1 per cent rise in the unemployment rate but the skills shortage is keeping employer hiring intentions buoyant, according to LINK Recruitment. It is an ideal time for employers to take advantage of changing market conditions, according to Jason Cartwright, client services manager for LINK Recruitment. “The unemployment rate is still at 35-year lows and the skills shortage still remains,” he said. “However, the number of people looking for full-time work has increased for the first time in over a year giving employers a larger pool a potential employees from which they can make their hiring decisions.”
With Australia’s tight labour market making it virtually impossible to find and keep good talent, experts are advising organisations to explore more modern and innovative approaches to HR in order to get ahead. “Australia seriously lags behind the US in solving it’s current labour crisis,” said Daniel Gavan, managing director of talent management firm Imprint Global. “The problem is that the Australian HR sector must be more innovative with the tools they use. The US and parts of Western Europe are exploring more strategic approaches, like talent management, which has yet to really take off here.”
Valuing generational differences key to attracting and retaining staff
Managers need to understand the differences between generations if businesses are to attract and retain new employees, according to management consultant Avril Henry. Speaking at a recent Chartered Accountants business forum, she said Australia is in the midst of a skills shortage that shows no sign of slowing. Some 25 per cent of generation X females will decide not to have a family, and these sorts of lifestyle choices will impact the labour market. “Employers need to create a more positive work environment which understands and accepts that different generations are motivated differently,” she said.