As the job market remains a crucial indicator of the overall economy, we are delighted to offer this knowledge to help guide your organisation. HOBAN Recruitment’s 14th annual Workforce Trends Report reveals the key indicators shaping the Australian labour market for 2024/25.
From our survey responses from over 500 employers across a range of industries, the report provides invaluable insights into hiring trends, workplace flexibility, salary dynamics, and sales forecasts.
Despite reports of a looming downturn, the 2024/25 Workforce Trends Report reveals a surprising optimism among Australian employers. 53% of respondents anticipate sales growth over the next 12 months, up from 42% the previous year. This optimism suggests that businesses are preparing for expansion and are confident in their market positions despite broader economic concerns.
Remote and Hybrid Work
The embrace of remote work continues to grow, with a notable increase in the number of personnel working from home. The report highlights that 26% of respondents now have more than a quarter of their workforce operating remotely. This shift is supported by the finding that four out of five employers report that their remote personnel are as productive or more productive than when working on-site. 84% of organisations employ hybrid workers, emphasising the sustained popularity of hybrid work models that balance flexibility and collaboration.
Pay Rates and Job Mobility
With cost-of-living pressures mounting, employees are increasingly likely to change roles for better remuneration. The report indicates that salary is now a more significant motivator for job changes than career development, marking a shift in employee priorities. Employers need to be aware of this trend and consider competitive pay rates as a key strategy for attracting and retaining talent.
Retention and Recruitment Strategies
Flexible working conditions have emerged as a prominent retention strategy, with 22% of organisations offering this benefit to employees. This trend underscores the growing recognition of the importance of work-life balance and adaptability in today’s workplace. Additionally, the percentage of employers predicting no staff turnover in the next 12 months has doubled from 8% to 16%, reflecting an increased confidence in their ability to retain talent.
Redundancies and Market Adjustments
The report also notes an increase in redundancies, with 31% of organisations reporting making roles redundant in the past year, up from 19%. This trend is particularly pronounced in white-collar industries and highlights the ongoing adjustments businesses are making in response to economic pressures and evolving market demands.
If you are eager to learn how over 500 of Australia’s employers are reacting to the current business climate, request a copy of our 2024/25 Workforce Trends Report today here https://www.hoban.com.au/2024-workforce-trends-report/
