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From March 10, 2020, the day prior to the World Health Organization's declaration of COVID-19 as a pandemic, to February 28, 2022, a total of 122,823 movement restrictions were put in place globally. As a result, in 2020, the unemployment rates among migrants surged significantly in over 75% of all OECD member countries1.
These pandemic response measures resulted in many temporary workers returning to their homes in an effort to safeguard the public and limit worker mobility. Although this approach played a significant role in effectively controlling the spread of COVID-19, its effects are currently being felt by the recruitment industry globally.
The pandemic was responsible for the emergence of workplace trends, many of which promoted changes in working styles, such as ‘The Great Resignation’, ‘The Great Reshuffle’, and ‘The Great Re-evaluation’.
The difficulty of obtaining and retaining skilled workers is also on the rise, with a growing trend of candidates failing to show up for interviews or respond to job offers. In Australia alone, as per the recent release from the Australian Bureau of Statistics, there are 480,100 open job positions in Australia, representing a 111.1% rise since February 20202. According to SEEK's March 2022 employment dashboard, the number of job applications per advertisement has decreased by 42.5% from February 2021 to February 20223.
Businesses are facing retention challenges primarily due to competition from other employers and inadequate pay or working conditions4. This has led to pressure on companies to enhance salary and benefits packages to retain skilled workers or to incur high recruitment expenses. It's worth noting that the cost of hiring a single employee has risen significantly, from an average of $10,500 to $23,860 per candidate in just one year5.
A lack of skilled workers can impede a business's expansion, as there is not enough expertise, knowledge, or personnel to support scaling opportunities. Training costs may increase as businesses are compelled to hire unqualified candidates to meet production or project deadlines.
According to Hays6, the top 10 in-demand jobs for 2023 are:
Knowing the skills that are in demand is important for several reasons - from both an employer and employee-candidate perspective:
The in-demand skills of 2023 can be broadly categorized into three categories: technical, soft, and industry-specific.
The future of labor is expected to be shaped by a number of factors, including advances in technology, changing demographics and shifting economic conditions. Some of the key trends that are likely to impact the labor market include:
The labor market is constantly evolving and it is important for businesses, workers, and policymakers to stay informed and adapt to the changes. With technology advancing rapidly, the demand for skilled professionals in technical fields such as artificial intelligence, robotics and cybersecurity is expected to grow.
The shift towards remote and hybrid work models will also change the way we work and will require new skills and tools to be used. Furthermore, the trend of outsourcing and offshoring is also expected to continue, which will have both opportunities and challenges for workers and businesses.
To stay competitive, it is important for individuals to invest in their own professional development and for businesses to provide opportunities for employee training and development. Overall, with the right skills and knowledge, workers and businesses can navigate the ever-changing landscape of the labor market and capitalize on new opportunities for growth and success.
Reference:
[1] https://www.migrationdataportal.org/themes/migration-data-relevant-covid-19-pandemic
[2] https://www.abs.gov.au/statistics/labour/jobs/job-vacancies-australia/latest-release#industry
[3] https://www.seek.com.au/about/news/seek-employment-dashboard-march-2022
[4] https://www.nationalskillscommission.gov.au/sites/default/files/2022-08/Recruitment%20Insights%20Report%20%20-%20July%202022.pdf
[5] https://elmosoftware.com.au/resources/research-reports/2022-hr-industry-benchmark-report/
[6] https://www.hays.com.au/it/career-advice/in-demand-it-skills-australia
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