The Year in Review – Job Market Statistics

The Year in Review – Job Market Statistics
December 7, 2021 Construction People

We take a moment to look at 2021 in review regarding questions about staff movements and job market statistics. Also, some interesting insights into what 2022 has in store.

I’ve heard about ‘The Great Resignation’ – Are many people changing jobs currently?

According to the latest PwC report*, Australia has just experienced the lowest employee turnover since the Australian Bureau of Statistics started tracking labour mobility in 1972!

So, it’s all media hype and people are happy to stay where they are?

No – PwC also reported from their sample survey, that 38% of workers plan to leave their current employer during the next year.

But are there many jobs currently available?

The latest SEEK Employment Report shows national job ad volumes increased by 10.2% m/m in October. Job ad volumes were 63.2% higher nationally than in the same month in 2020 and up 44.0% compared to 2019.

In fact, across the nation, SEEK mentions that they’ve had the highest number of job ads posted in the month of October this year in their whole 23+ year history.

What does that mean for applying?

Even though there are more jobs than ever, applications per job ad are low and have declined by 5.4% m/m, so within choice, you also have better odds of landing the position if you apply.

Why are there more jobs?

The main factors for the double-digit job ad growth relates to the easing of COVID restrictions, namely in NSW and VIC, and businesses opening again for what is perceived to be a favourable holiday period.

Will everyone seize the job opportunities now?

Recent SEEK data* shows that even though 28% of Australians are likely to consider changing jobs in the next 6 months, it won’t happen just yet, as traditionally, many don’t like to change jobs leading up to the Christmas season. Therefore, it is expected we’ll see movement on job changes from early 2022.

What is the percentage increase for construction job ads?

Compared to September 2021, by October 2021 construction job ads had increased by 6.2% and are climbing.

So, what is important to candidates right now?

According to the PwC report mentioned earlier, above all other factors, 25% of workers want remuneration and reward (ranging from fixed pay, to financial incentives such as bonuses and improved super); 22% want wellbeing (ranging from training support, to wellness benefits such as gym membership, to a good work-life balance); and 16% want a good experience (ranging from working with good co-workers, to inclusion and a great workplace culture). Concerning wellbeing, this rated high amongst 85% of surveyed workers who said that their wellbeing had declined during the pandemic.

In a recent CP blog, you mentioned that employers are offering more than ever before – why?

On top of candidate shortages and an increase in jobs as mentioned in our blog, according to PwC, businesses know only too well that they must prepare for post-pandemic recovery and growth. Failure to be ready, will be failure to succeed.

In summary

It promises to be an active, if not stellar, 2022 ahead as the post-pandemic recovery marches forward. Subscribe to our blogs in time for 2022 to keep up with all the news!



* PwC Report – What Workers Want: Winning the War for Talent 2021

* SEEK Employment Report, SEEK Employment Marketplace 2021

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