Australia’s official unemployment rate has dropped to 3.5 per cent, with an estimated 88,400 jobs added to the economy last month. This is the lowest official jobless rate recorded since August 1974. Job vacancies remain high, with almost one available position for every officially unemployed person. Therefore, many businesses are reporting difficulties in recruiting qualified staff.
In further positive news for the Australian economy, the fall in unemployment occurred despite another increase in the number of people looking for work, with the participation rate rising to a record high of 66.8 per cent.
Even with more jobseekers, there were almost as many vacant positions (480,000 in May 2022) as people still looking for work (494,000 in June 2022).
Big Wave Digital is seeing this buoyancy as well, so many jobs in digital data and tech to fill. The market is at a record low in terms of supply of quality candidates. Despite the strength of the booming jobs market (nationally there is now almost one job for every jobseeker, according to the ABS, up from a ratio 3:1 pre pandemic), this market tightness is an issue as well as an opportunity. “In a normal cycle, the number of unemployed per vacancy ranges from three to five – one is an unheard-of level of labour market tightness,” Mr Smirk said. Australian Chamber of Commerce and Industry chief executive Andrew McKellar said the nation’s skills shortage had “gone from bad to worse”.
As a result, there are many consequences in candidates’ willingness to accept a job, that often depends on:
- FLEXIBILITY, which includes not just the opportunity to take a few hours off for an emergency, but also the ability to work in the office once a week while working from home on the other days.
- SALARY, some businesses are paying higher wages to attract and retain staff. For example, the CEO of Ross Transport in Port Kembla, South of Sydney, stated, “We generally do 3% hikes every year.” She went on to say, “This year, we pushed through a 6% increase; some are more, depending on what they perform within our company.” It goes without saying that offering a competitive wage is critical nowadays in order to attract the best individuals.
- ENGAGEMENT, meaning emotional connection employees feel toward the work they do, their teams, and their organization. Talent-minded organizations know that their people are their greatest lever for business success. Furthermore, 92 percent of executives believe that engaged people outperform unengaged ones. This is only one of several employee engagement statistics that highlight the importance of employee engagement in the workplace.
As a pianist who is simultaneously pursuing a bachelor’s degree in economics, I fully support this study and am willing to share my personal experience.
In a society that still operates behind the facades of images and social trends, where our reality is filtered, we sometimes feel “forced” to follow the regular path in our career, because anything out of the ordinary may be ridiculed by many people.
At the end of the day, I realized that it is all about yourself and not about others, i.e. “What do I want to do with my career in life?”.
Sometimes market conditions may affect the decision to go for a well-paid job instead of following your dream career (which could be uncertain). In some eras, market dynamics may dictate that this is the best option because your priority is to survive, even if not in the most pleasant way. Indeed, according to Abraham Maslow “Hierarchy of Needs”, you need to fulfill most basic needs before moving on to more advanced needs.At this point, I think it is important to explain the concept of self-actualization that was brought into the mainstream by Maslow when he introduced his “Hierarchy of Needs.” Maslow discussed self-actualization by stating, “What a man can be, he must be. This need we may call self-actualization ”. Maslow described the top of his hierarchy of needs by remarking that: “a musician must make music, an artist must paint, a poet must write, if he is to be ultimately happy”.
Once we realize that self-actualization is not about making the most money or achieving the highest status, that it is a desirable state achieved through reaching one’s full personal potential, we open the door of possibility in our own lives. Self-actualization is about achieving your dreams, which means that it is within your grasp–whether that means becoming a painter, a politician, a philosopher, a teacher, or anything else that sparks your passion.
So, stay aware of the current market dynamics and catch the wave to build the career you have always dreamed of!
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