Unemployment rate drops to 3.5% – lowest in 48 years
Todays unemployment rate showed a greater drop than was forecast. This was mainly caused by the increase in vacancies being listed as well another increase in the participation rate, those looking for work.
What the numbers tell us, is that at the end of May 2022, there were 480,000 vacancies, and at end of June 494,000 people registered as unemployed and looking for work. Consequently, 1 job per unemployed person per job, and that is assuming each person is an exact match for every job, which we know is not the case. So we can see why finding staff at present is so challenging.
A new client I picked up today was told by another recruiter they had dozens of skilled workers on their books looking for work, yet in 2 weeks submitted no resumes. Any agency telling you they have an abundance of skilled workers on their books, who are unemployed, may not be as honest as they could be.
At the moment, most of the roles we are filing is through headhunting and poaching. A slower process, but until we see an increase in the number of skilled workers coming in, this seems the best method.
The ban on overseas workers has been lifted, the issue now is that those who were looking for work away from their native country, have more than likely taken up positions in other countries, as Australia was the last to open its international borders. These skilled workers did not sit on their hands waiting for Australian borders to open up, they went elsewhere. Similar situation for backpackers etc. Simply opening the borders again, will not see an instant improvement with the labour shortage in Australia. This is going to take along time to correct itself.
Graham Wynn
#employment #unemployment #workforce #jobs