The economic bounce back – What does it mean for the job market?

The COVID-19 pandemic wreaked havoc on the Australian economy, with national unemployment rates reaching devastating heights in 2020 and women in particular feeling the brunt of job losses.

As the nation entered the biggest recession in living memory, a long and painful path to recovery was predicted by analysts who applied the historic trends of past recessions. However, the future is now looking a lot less bleak than initially anticipated.

The labour market has recovered rapidly since the height of the pandemic, and continuing improvement remains evident.

So what does this mean for the job market?

On the upside, the number of opportunities for candidates has soared. In March, ANZ recorded a 12 year high in job advertisements after a strong jump in February, signifying significant improvements in the unemployment rate. There are literally jobs everywhere.

However, if you are an employer looking to recruit, you may be experiencing something commonly known as the “War for Talent”.
The War for Talent describes a situation where the number of job vacancies outstrips the immediate supply of candidates willing to take the roles. What ensues is something of a bidding war: employers compete hard to win over prospective candidates, and prospective candidates may find they receive offers from multiple employers, some with a salary premium compared to the normal market. Suddenly, the exciting prospect of bringing in new people becomes much harder!

We have written about the War for Talent here.

With the rollout of COVID-19 vaccines now taking place across the nation, the outlook for Australia’s economy is likely to continue improving and this coincides with greater job prospects for Australians. Here at Open Door, we are thrilled to see Australia’s economy bouncing back after such a difficult 2020.

We are dedicated to working with our Clients and Partners to assist with bringing people back to the workplace, particularly women who experienced greater job losses during the recession.

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