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What does the 2024 job market look like?

What does the 2024 job market look like?

2024 is kicking off to a promising start based on the conversations we’ve been having with our clients. New projects are lined up and many are ready to kick off right away. We’ve been speaking with talented candidates about new opportunities and we’re genuinely feeling the buzz. While the market remains competitive, we have observed that if a candidate doesn’t quite match our requirements for a specific role, another opportunity often arises that aligns better with their skills and qualifications.

For a person looking for their next career move, it’s also important to keep in mind that job hunting is challenging, particularly for Projects and Transformation professionals. Signs suggest a turnaround, but patience is key. It can mess with your confidence. Just a reminder: it’s not you; it’s the market dynamics. Be kind to yourself. Green heart

How happy are people in their current roles?

Three-quarters (76%) of Australian professionals are considering a new job in 2024, up 15% year-on-year, according to analysis of LinkedIn data.

The surge signals a shift in attitudes among Australian professionals who are no longer willing to stick it out and in 2024 are taking ownership of their careers by making up for lost time and focusing on productivity and career growth.

LinkedIn data shows that job search activity on its platform in Australia has increased year-on-year, with 16% more job applications in 2023, compared to 2022.

In the upcoming years, the Australian economy is expected to experience substantial expansion. Several industries will lead the way, offering fresh opportunities for businesses, employees, and investors. Here’s a closer look at Australia’s top 10 fastest-growing and largest industries ⇒

 

Hospital HEALTHCARE: Australia’s biggest industry and largest employer. With demographic shifts and an aging population, there’s increasing demand for pharmaceutical businesses, aged care providers, nursing, and home care services.

Construction sign CONSTRUCTION AND ENGINEERING: The construction industry is booming due to the demand for improved housing and infrastructure. More Australians need housing, recreational centres, schools, and other amenities. This creates opportunities in architecture, construction, and engineering.

Student EDUCATION AND TRAINING: As the economy expands, the education and training industry is set to grow significantly. Skill development and creating new job opportunities are at the forefront.

The ‘Top 15’ fastest-growing jobs in Australia are:

  • Cyber Security Analyst
  • Crime Analyst
  • Workplace Specialist
  • Sustainability Manager
  • Audiologist
  • Buyers Agent
  • Director Energy
  • Diversity and Inclusion Specialist
  • Clinical Care Manager
  • Growth Specialist
  • Employee Relations Specialist
  • Partnerships Coordinator
  • Platform Engineer
  • Integration Engineer
  • Engineering  Officer

 

(source: https://www.adnews.com.au/news/australians-are-no-longer-career-move-cautious)

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Better work-life balance

The need for higher wages (49%) in a challenging economic environment and the desire for better work-life balance (33%) are the biggest motivators for changing jobs. Australians are also open to exploring new career paths, with 52% of professionals actively seeking opportunities outside their current industry or role type.

So, what are some other underlying constraints in the market?

Professionals are finding it hard to match their skills to the jobs they want. Australians face challenges in keeping up with rapidly evolving skill requirements due to advancements in AI. Around 33% of professionals struggle to align their skills with desired jobs, making the job search process more complex.

Insights from LinkedIn data reveal a 25% transformation in job skills since 2015, with a projected global shift of 65% by 2030. Australians encounter difficulties in their job search, with 59% expressing frustration and 39% reporting infrequent responses from recruiters.

Professionals are changing their job search approach to stand out.

Amidst intense competition, Australians are adapting their job search strategies to stand out. A noteworthy 42% of professionals are exploring innovative formats like video and digital resumes. They leverage AI to streamline the job-hunting process, with 50% currently utilising it. Aussie professionals invest in their professional brands and connections to boost success. Notably, 32% actively share content on LinkedIn, while 42% expand professional networks.

Here are some examples of AI to use for your job hunting.

AI tools for job seekers

The job market across Australia.

  • December reveals strong growth in the Australian workforce and employment – there are over 9.2 million Australians in full-time employment, a record high.

  • One of the key factors contributing to these record highs, (as well as the persistence of unemployment and under-employment rates), is the significant growth in the Australian population over the past year (nearly three times larger than the long-term average over the last 25 years.)

  • The Australian workforce has grown by almost 600,000 from a year ago.

  • Overall labor under-utilisation has risen by 270,000 from a year ago to 3,015,000, (nearing post-pandemic highs)

  • Worth noting that the high net immigration that has fuelled this labor market growth has helped keep Australia out of a recession in the past two years.

Interesting facts about Australia’s current job market stats, based on Roy Morgan – https://www.roymorgan.com/findings/australian-employment-december-2023.

Trends defining the future of work.

LinkedIn’s latest Jobs on the Rise list provides valuable insights into the rapidly expanding occupations of the past five years. Uncover trends shaping the future of work and discover long-term opportunities worth exploring. In Australia, the top three jobs in 2024 are Cyber Security Analyst, Crime Analyst, and Workplace Specialist, all experiencing growth rates exceeding 57% for Cyber Security Analysts. Stay ahead with these in-demand roles!

Executive salaries in Australia are stagnating as companies prioritise hiring specialists in areas like user interface (UX) design, data analytics, and solutions engineering. Additionally, there has been a significant increase in well-being programs, although gender salary gaps persist. According to the 2023/2024 Australian Tech Salary Guide, software engineering practitioners saw a median salary growth of 18.5% compared to just 1.4% for team leaders.

Top-paying roles include Senior Engineering Manager, Software Architect, Solutions Architect, and Senior DevOps Engineer. Victorian firms pay more for certain roles, while NSW businesses pay more for business strategists, designers, finance, and project management. With startups tackling complex problems across various engineering disciplines, Australia is experiencing a rise in engineering-centric sectors beyond software.

Despite economic uncertainty, salaries for software engineers remain consistently high and continue to grow year after year.
Top-paying software and engineering roles included Senior Engineering Manager (median salary $225,000), Software Architect ($209,100), Solutions Architect ($195,000), Senior DevOps Engineer ($190,000), Engineering Manager ($180,000), Senior Fullstack Developer ($180,000), Senior Backend Developer ($177,500), and Senior Frontend Developer ($171,500).

Need some help scoping out your next move? We’d love to hear from you. 

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