The tide has turned ... welcome to the age of the employee!

The latest headlines are all screaming about “The Great Resignation” coming to Australia which is clearly playing out in the US at the moment. Australia is yet to see any real indication of this, in fact, the ABS claims that in 2021 Australian resignation has fallen to an all time low. However, we do believe that this may change dramatically as we enter 2022.

Recent surveys conducted by Microsoft and PwC showed that 40% and 38% (respectively) of employees questioned expected to leave their jobs in the next year. So what will this look like for business?

Firstly, we really need to be aware that the balance of power has shifted from the employer to the employee and that job candidates have greater bargaining power. This, along with a skills shortage across many key industries such as Health, Information Technology, Engineering and Finance has contributed to a very competitive marketplace. What we are seeing is that candidates are securing a number of job offers before making a decision. For many, remuneration and reward is important, however and, especially in the post-pandemic era, people are also seeking a better work/life balance.

Secondly, this movement will place upward pressure on wages, which have been stagnant for about six years. We are seeing a greater evidence of this in the past few months. This may be doable for mid-larger size businesses but how will this play out in the small to medium sized businesses who may not be able to afford the higher wages?

Thirdly, Immigration will be a huge focus in 2022 and employers are already forecasting a huge upheaval in the labour markets which, when people are moving around, it gets very expensive for the employer.

We are already seeing heightened debates about immigration in the New Year when borders open and there have been many changes made to Australia’s skilled migration program already. 

In all honesty, it was challenging to fill key roles well before COVID hit us all, but right now there is a global war on talent and most especially in the digital space. Companies have had to adjust and this is where the focus has been. When Covid first happened, we lost a large number of talented and skilled professionals, and now we have to look to get them back.

Right now, here at Elite Executive in Brisbane, Cairns and in fact, throughout Australia we are in the middle of the biggest recruitment drive we have ever seen. We are working alongside businesses to forecast their growth into 2022, identify key skills and projected start dates. Immediate needs are being met here in Australia which requires extensive searching for quality candidates but looking into 2022 we will be focusing internationally. We have partnered with key international recruitment companies to attract people with the skills we will need moving forward. 

Australia will need to be ready to compete on the global stage and those businesses who think they can continue with the ‘tried and tested’ way of doing things are going to be sorely disappointed. You must prepare now and you must focus on the future. 

Eva Grabner

Managing Director

Elite Executive – Recruitment & Search Consultants

07 4088 1571

www.eliteexecutive.com.au