Victoria labour market update:
Key trends and insights for 2024
Victoria's labour market remains relatively resilient as 2024 gets underway, with an unemployment rate holding steady at 4.0%. Although the state recorded a slight 1.8% decline in annual job advertisements, there are still 60,200 online vacancies available, providing ample opportunities for job seekers.
Active job seekers dominate the market, representing 75% of those looking for employment, while 22% remain passive. Employers continue to offer a broad spectrum of roles, with 74% of vacancies being full-time and the remainder spread across part-time, temporary, and casual positions.
As Victoria navigates broader national economic challenges, key industries such as healthcare, construction, and technology are expected to remain critical drivers of job creation. While competition for highly skilled talent persists, the overall market remains favourable for both job seekers and employers aiming to capitalize on emerging opportunities in the region.
Employment trends impacting Victoria's labour market in 2024
Key workplace flexibility trends for 2024
Workplace flexibility remains a top priority for employees in 2024. Employers face challenges in competing with flexible roles, meeting work-from-home expectations, and offering tailored arrangements. How can employers attract and retain talent by understanding employee preferences, balancing office and remote work, and providing flexibility from day one?
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?
Why employees are leaving their jobs in 2024
Employee retention and resignation remain significant challenges in today’s competitive workforce. Why are employees leaving their jobs, and what strategies can employers use to retain top talent? How does leadership influence employee engagement, and what role do workforce trends play in shaping supportive workplaces and addressing evolving career priorities in 2024?
Employment trends impacting Victoria's labour market in 2024
Key workplace flexibility trends for 2024
Workplace flexibility remains a top priority for employees in 2024. Employers face challenges in competing with flexible roles, meeting work-from-home expectations, and offering tailored arrangements. How can employers attract and retain talent by understanding employee preferences, balancing office and remote work, and providing flexibility from day one?
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?
Why employees are leaving their jobs in 2024
Employee retention and resignation remain significant challenges in today’s competitive workforce. Why are employees leaving their jobs, and what strategies can employers use to retain top talent? How does leadership influence employee engagement, and what role do workforce trends play in shaping supportive workplaces and addressing evolving career priorities in 2024?
Key workplace flexibility trends for 2024
To remain competitive, many employers emphasize flexibility, career growth opportunities, and strong company reputations to attract candidates. However, job seekers’ expectations around returning to the office vary widely, with many requiring significant incentives, such as pay rises, to give up flexible arrangements. Additionally, timing plays a critical role, as over half of job seekers expect work flexibility to be available from their first day in a new role.
Work-from-home preferences reveal that most employees desire a hybrid model, balancing office presence with remote work. While some teams adopt shared anchor days in the office, others implement tailored individual flexibility arrangements. Employers who fail to adapt risk resignations, as flexibility continues to be a driving force in job satisfaction and decision-making for modern professionals.
Key workplace flexibility trends for 2024
Flexibility in the workplace has become a critical factor in attracting and retaining top talent. As employers navigate the challenges of balancing operational needs with employee expectations, understanding the dynamics of flexibility preferences is essential. Key considerations include competing against roles offering greater flexibility, how work-from-home arrangements influence job decisions, and the timing of access to flexibility when starting a new job.
To remain competitive, many employers emphasize flexibility, career growth opportunities, and strong company reputations to attract candidates. However, job seekers’ expectations around returning to the office vary widely, with many requiring significant incentives, such as pay rises, to give up flexible arrangements. Additionally, timing plays a critical role, as over half of job seekers expect work flexibility to be available from their first day in a new role.
Work-from-home preferences reveal that most employees desire a hybrid model, balancing office presence with remote work. While some teams adopt shared anchor days in the office, others implement tailored individual flexibility arrangements. Employers who fail to adapt risk resignations, as flexibility continues to be a driving force in job satisfaction and decision-making for modern professionals.
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.
Why employees are leaving their jobs in 2024
One of the most significant reasons employees quit is the lack of career opportunities, which continues to be a leading factor in 2024. Employees also cite low pay, management issues, and unsupportive workplace cultures as additional barriers to staying. Other notable factors include insufficient flexibility, poor work-life balance, and the absence of adequate employee benefits. These challenges underscore the necessity for organizations to evaluate their internal structures and prioritize creating an environment that meets the evolving needs of their workforce.
To combat rising attrition rates, organizations are focusing on innovative retention strategies. In 2024, increased base pay and investments in training and development are among the most prominent approaches. Companies are also placing greater emphasis on retaining critical roles, offering more flexible work arrangements, and facilitating lateral promotions to encourage internal mobility. These strategies reflect a shift toward building a more inclusive and supportive workplace, which helps employees feel valued and motivated to stay.
Why employees are leaving their jobs in 2024
Employee retention and resignation are ongoing challenges in today’s dynamic workforce. Understanding why employees leave and how companies can improve retention strategies is crucial for fostering long-term engagement and productivity. In recent years, the factors driving employee resignations have evolved, highlighting the importance of addressing career development, workplace culture, and leadership. What are the root causes of employee resignations, the strategies businesses are employing to retain talent, and the broader implications for workforce management in 2024?
One of the most significant reasons employees quit is the lack of career opportunities, which continues to be a leading factor in 2024. Employees also cite low pay, management issues, and unsupportive workplace cultures as additional barriers to staying. Other notable factors include insufficient flexibility, poor work-life balance, and the absence of adequate employee benefits. These challenges underscore the necessity for organizations to evaluate their internal structures and prioritize creating an environment that meets the evolving needs of their workforce.
To combat rising attrition rates, organizations are focusing on innovative retention strategies. In 2024, increased base pay and investments in training and development are among the most prominent approaches. Companies are also placing greater emphasis on retaining critical roles, offering more flexible work arrangements, and facilitating lateral promotions to encourage internal mobility. These strategies reflect a shift toward building a more inclusive and supportive workplace, which helps employees feel valued and motivated to stay.
Our Victoria Recruitment Team at people2people
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