Australia’s unemployment rate has reached lows not seen since the 1970s.
The number of unemployed people, according to the Australian Bureau of Statistics, is down about 236,000 since March 2020.
At the same time, demand for new staff across the country remains high.
Let’s take a deeper look at the current issues for employers and how you can still secure the staff you need to grow your business.
For a long time, an unemployment rate of five per cent was considered “full employment”.
But with the rate now around 3.5 per cent and forecast by some to remain below the five per cent mark for some time, the economy has changed markedly.
COVID is obviously a key factor in why the unemployment rate now looks as it does.
Migration slowed to a trickle as international borders closed, depriving employers of a significant source of skilled labour and causing a chain reaction across the jobs market.
Turning to local residents has contributed to the squeeze currently being felt. It has also led to existing staff working more hours to fill gaps in rosters while, conversely, sick leave has created unexpected absences.
This shortage of people and skills is expected to ease during 2023 as global travel grows, but there remains a need for skilled staff right now.
A survey for the National Skills Commission at the end of 2021 found more than half of employers were facing difficulty when recruiting.
Hospitality, accommodation and food services are among the industries finding it hardest to attract fresh staff.
The question for many employers has become: How do we stand out to jobseekers?
One place to start is to make yourself a desirable workplace, or employer of choice.
Does your organisation have a clear vision and purpose? What are the foundations of your culture? Why would people want to work for you?
If you can demonstrate clear answers to these questions, then people looking for work will stand up and take notice.
Candidates will also respond to roles that address questions of work-life balance.
Is your wage package competitive in your industry? Is there flexibility when it comes to work hours and location? What benefits do your employees get just by working for you? How do you train and retain?
With jobseekers able to be choosy right now, an attractive employment package, a meaningful role and skill development opportunities will have candidates clicking to apply now.
Employers can also look at the profiles of people they are willing to employ.
Women and people with a disability are among the potential employees underrepresented in many Australian industries.
Tapping into underutilised sections of the workforce is a huge opportunity for employers. Diversity brings with it new ways of working and thinking, but it is a great way to grow your business.
Knowing how to tap into this cohort of jobseekers is where an organisation like ours comes in.
CVGT Employment helps people from all backgrounds to find meaningful work and then keep it. We also offer employers advice on recruitment.
Candidates sourced through our organisation have the right skills for your role while also being supported holistically to ensure they can stay in work.
Once one of our program participants has secured a role, our team of experts works with them and the employer to ensure the partnership is a success.
Ready to hire, visit looking for staff on our website.