New South Wales labour market update:
Key trends and insights for 2024
New South Wales enters 2024 with a labour market marked by mixed signals. The unemployment rate remains low at 3.7%, indicating a generally favourable environment for job seekers despite a 4.6% annual decline in job advertisements. With 74,400 online job vacancies and 73% of job seekers actively pursuing employment, competition remains strong.
Employers in the state offer a wide range of opportunities, with 77% of roles being full-time and a smaller share of part-time, temporary, and casual positions available. The decline in job ads could point to a cautious approach from employers amid broader economic uncertainty.
Nonetheless, key sectors such as construction, healthcare, and renewable energy are likely to offer continued employment opportunities. As monetary tightening persists, employers may face challenges in attracting top-tier talent, particularly in highly skilled fields like technology and engineering.
Employment trends impacting New South Wales's labour market in 2024
Key factors driving talent retention in 2024
Talent retention is a crucial focus in today’s competitive workforce. What drives employee loyalty, from career opportunities to work-life balance? How can businesses align retention strategies with employee expectations and bridge gaps in understanding between managers and staff to foster meaningful, engaging, and productive workplace environments in 2024?
What counteroffers included in 2024
Talent shortages have made counteroffers a key challenge in recruitment. Why is understanding jobseekers' reasons for leaving and reactions to counteroffers crucial for hiring managers? How can proactive engagement, clear communication, and early issue resolution secure commitment and prevent losing top talent during the notice period? Stay ahead of your competitors in a tough market.
Most Desired Employee Benefits in 2024
In 2024, employees prioritize flexible working options, career development opportunities, and incentives like bonuses and wellbeing programs. Tailored benefits packages are critical for attracting and retaining talent. How can employers create competitive packages that meet these evolving preferences, align with workforce trends, and foster long-term employee satisfaction and engagement?
Employment trends impacting New South Wales's labour market in 2024
Key factors driving talent retention in 2024
Talent retention is a crucial focus in today’s competitive workforce. What drives employee loyalty, from career opportunities to work-life balance? How can businesses align retention strategies with employee expectations and bridge gaps in understanding between managers and staff to foster meaningful, engaging, and productive workplace environments in 2024?
What counteroffers included in 2024
Talent shortages have made counteroffers a key challenge in recruitment. Why is understanding jobseekers' reasons for leaving and reactions to counteroffers crucial for hiring managers? How can proactive engagement, clear communication, and early issue resolution secure commitment and prevent losing top talent during the notice period? Stay ahead of your competitors in a tough market.
Most Desired Employee Benefits in 2024
In 2024, employees prioritize flexible working options, career development opportunities, and incentives like bonuses and wellbeing programs. Tailored benefits packages are critical for attracting and retaining talent. How can employers create competitive packages that meet these evolving preferences, align with workforce trends, and foster long-term employee satisfaction and engagement?
Key factors driving talent retention in 2024
In 2024, career opportunities emerged as the most significant factor driving retention, with a close focus on training and development, management support, and trust. While hiring managers and employees largely agree on the importance of financial benefits, the biggest disconnect lies in their views on training and development. Employees prioritize career growth and learning opportunities, while managers may underestimate their value. This gap highlights the need for organizations to bridge the divide and align retention strategies with employee expectations.
Moreover, factors such as work-life balance, flexible working, and the sense of purpose in work continue to play a vital role in retention. Company culture, job security, and mental health support remain consistent priorities, reflecting the increasing emphasis on holistic employee well-being. While environmental contributions and community engagement rank lower on the list, they still hold value for a significant portion of employees. As retention strategies evolve, understanding these trends can help organizations stay ahead in attracting and retaining top talent.
Key factors driving talent retention in 2024
Talent retention remains a top priority for organizations in today’s competitive job market. With evolving workforce dynamics, understanding what matters most to employees and job seekers is critical for employers to develop strategies that foster loyalty and engagement. Exploring key retention levers, including career opportunities, management support, and work-life balance, reveals how companies can better align their efforts with employee priorities to create meaningful workplace experiences.
In 2024, career opportunities emerged as the most significant factor driving retention, with a close focus on training and development, management support, and trust. While hiring managers and employees largely agree on the importance of financial benefits, the biggest disconnect lies in their views on training and development. Employees prioritize career growth and learning opportunities, while managers may underestimate their value. This gap highlights the need for organizations to bridge the divide and align retention strategies with employee expectations.
Moreover, factors such as work-life balance, flexible working, and the sense of purpose in work continue to play a vital role in retention. Company culture, job security, and mental health support remain consistent priorities, reflecting the increasing emphasis on holistic employee well-being. While environmental contributions and community engagement rank lower on the list, they still hold value for a significant portion of employees. As retention strategies evolve, understanding these trends can help organizations stay ahead in attracting and retaining top talent.
What counteroffers included in 2024
Upon extending an offer, hiring managers must transition swiftly into a proactive engagement strategy. This entails maintaining open lines of communication with the new hire, providing insight into the company culture, and fostering a sense of belonging even before their official start date. By involving them in relevant discussions, introducing key team members, and offering resources for personal and professional development, managers can instill a strong sense of anticipation and commitment.
Vigilance against potential counteroffers is equally critical. Research indicates that many employees reconsider their decisions during the notice period, especially when confronted with lucrative counteroffers. To preempt such scenarios, hiring managers should maintain candid conversations with the new hire, addressing any concerns or reservations promptly.
What counteroffers included in 2024
Due to talent shortages, many employers might consider counteroffering to retain key staff, adding a new layer of complexity to the recruitment process. To avoid any surprises, all hiring managers undertaking a recruitment process must have a clear understanding of candidates' key reasons for leaving their current role, as well as how they would react in the case of a counteroffer
Upon extending an offer, hiring managers must transition swiftly into a proactive engagement strategy. This entails maintaining open lines of communication with the new hire, providing insight into the company culture, and fostering a sense of belonging even before their official start date. By involving them in relevant discussions, introducing key team members, and offering resources for personal and professional development, managers can instill a strong sense of anticipation and commitment.
Vigilance against potential counteroffers is equally critical. Research indicates that many employees reconsider their decisions during the notice period, especially when confronted with lucrative counteroffers. To preempt such scenarios, hiring managers should maintain candid conversations with the new hire, addressing any concerns or reservations promptly.
Most Desired Employee Benefits in 2024
Employee benefits have become one of the most influential factors in driving job satisfaction and retention in 2024. In an increasingly competitive job market, organizations are striving to understand and deliver the benefits that matter most to their employees. From flexible working arrangements to professional development opportunities, these perks are essential for attracting and retaining top talent. Employers who tailor their benefits packages to align with employee expectations are better positioned to build a motivated and engaged workforce. The goal is to offer a comprehensive package that not only meets employee needs but also enhances workplace appeal and fosters loyalty.
Flexible working hours, bonuses, and career development opportunities rank among the most sought-after benefits in 2024. Employees are placing a greater emphasis on flexibility, with options like remote work, additional leave, and flexible work locations becoming critical considerations in their job decisions. The ability to balance work and personal life is no longer a luxury but a necessity for many professionals. growth is equally valued.continue to be a powerful motivator, while team activities and discounts help create a sense of belonging and appreciation among employees.
Most Desired Employee Benefits in 2024
Employee benefits have become one of the most influential factors in driving job satisfaction and retention in 2024. In an increasingly competitive job market, organizations are striving to understand and deliver the benefits that matter most to their employees. From flexible working arrangements to professional development opportunities, these perks are essential for attracting and retaining top talent. Employers who tailor their benefits packages to align with employee expectations are better positioned to build a motivated and engaged workforce.
Employee benefits have become one of the most influential factors in driving job satisfaction and retention in 2024. In an increasingly competitive job market, organizations are striving to understand and deliver the benefits that matter most to their employees. From flexible working arrangements to professional development opportunities, these perks are essential for attracting and retaining top talent. Employers who tailor their benefits packages to align with employee expectations are better positioned to build a motivated and engaged workforce. The goal is to offer a comprehensive package that not only meets employee needs but also enhances workplace appeal and fosters loyalty.
Flexible working hours, bonuses, and career development opportunities rank among the most sought-after benefits in 2024. Employees are placing a greater emphasis on flexibility, with options like remote work, additional leave, and flexible work locations becoming critical considerations in their job decisions. The ability to balance work and personal life is no longer a luxury but a necessity for many professionals. growth is equally valued.continue to be a powerful motivator, while team activities and discounts help create a sense of belonging and appreciation among employees.
Our New South Wales Recruitment Team at people2people
Copyright © 2025, people2people
people2people acknowledges the Traditional Custodians of country, pays respect to their Elders past and present, and extends that respect to all Aboriginal, Torres Strait Islander and Māori peoples today.
people2people partners with CarbonInvoice to measure and mitigate any carbon emissions associated with the work we do.
Specialisations
Locations
Resources