View from the Ground
Over the past year we’ve seen skill shortages intensify and the talent mismatch widen. It’s no wonder then that Australia’s overall Hays Global Skills Index score has climbed for the fourth consecutive year. As we move further into the fourth industrial revolution, the demand for highly skilled professionals is surpassing that of low-skill workers. Yet while demand for highly skilled professionals exceeds supply, wage growth remains stubbornly subdued. Employee turnover is consequently rising since a higher salary increase can be achieved by changing jobs. Employers in 2019-20 must therefore find other compelling ways to attract, retain and engage staff, including reinvesting in training, career development and genuine work-life balance.
Nick Deligiannis, Managing Director, Hays Australia
Key Skills in Demand
- Business Analysts
- Systems Engineers
- Project Managers with major infrastructure experience
- Risk & Compliance Managers
- Marketing & Content Managers
The Australian economy continued to perform strongly in 2018, expanding by 2.9%. The robust economic performance was accompanied by improved labour market conditions. The numbers employed rose by 2.7%, with particularly rapid growth in the employment of people working under 35 hours a week, up 4%. This led to a decline in the unemployment rate to 5.3%, down from 5.6% in 2017. The progression of the economy into 2019 however has seen a more modest level of growth.
The Hays Australia 2019-20 Salary Guide shows that while employers will continue to add to their headcount, 70% simultaneously acknowledge that skill shortages are likely to impact the effective operation of their business or department, up from 67% in 2018-19.