Workers could ‘take the reins’ as job market shifts

Unemployment data released by the Australian Bureau of Statistics last week showed it remained stable at 4.1 per cent for the third month in a row, while 16,000 new jobs became available last month.

Recruitment specialists Robert Walters CEO Shay Peters said a stable unemployment rate suggested the numbers of applicants and available jobs were well matched.

“Although it doesn’t mean there are no shifts in individual employment, it reflects overall stability in the job market, suggesting that the number of job seekers and job opportunities are well-matched—offering a glimmer of hope for those searching for work,” he said.

And there are hints this could shift further in favour of people seeking employment.

For the first time in more than two years, applications fell by 0.9 per cent month-on-month per job advertisement, according to Robert Walters.

And a recent survey of more than 2000 white-collar businesses across the country revealed that 76 per cent of them were actively planning to hire in the next six to 12 months.

However, that compares to the finding that 58 per cent of employees are actively looking for new opportunities.

While still a majority of employees, it’s a significantly smaller number than the amount of companies looking to put new people on the books.

“For a long time now, the job market has been extremely candidate-heavy, with a significant amount of highly qualified and experienced individuals competing for fewer roles,” Peters said.

“But these new figures could be early signs that the job market is slowly shifting.”

Shay said the trend could see candidates “increasingly take the reins”.

“This could include more demands for things like higher salaries and flexibility,” he said.

“This power shift could make way for a significant change in workplace expectations and desires.”