Western Australia labour market update:
Key trends and insights for 2024
The labour market in Western Australia presents a unique dynamic as 2024 progresses. With active job seekers representing a substantial 78% of the market, competition for available roles is robust. Despite a steady unemployment rate of 4.0%, the region has seen a 3.0% drop in annual job advertisements, indicating softening demand in some sectors.
Employers continue to offer a variety of employment types, with 73% of online job vacancies being full-time, while part-time, casual, and contract roles collectively account for the remaining 27%. Although this decline in job ad volume may point to cooling demand, Western Australia continues to offer a stable job market, particularly for those seeking full-time opportunities.
For employers, this creates a candidate-driven market where active job seekers dominate, yet sourcing skilled talent in specific sectors may remain a challenge amidst shifting economic conditions.
Employment trends impacting Western Australia's labour market 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.
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?
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?
Employment trends impacting Western Australia's labour market 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.
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?
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?
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.
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.
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.
Our Western Australia Recruitment Team at people2people
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