Market Update: July/August 2023

Permanent Recruitment

There has been consistent demand for permanent recruitment over the last two months. While it has slowed down considerably from last year, the market is showing trends in line with what we have historically observed at this time of year.

There is still a significant demand for high-quality candidates. However, processes are taking slightly longer, and employers' expectations of candidates and job seekers have increased.

Employers are placing a strong emphasis on specialised skills and industry-specific expertise.

Candidates with niche skills relevant to emerging technologies and market demands are in high demand. This has further widened the gap between what employers want and job seekers' expectations.

Additionally, candidates are cautious about changing roles, given the market conditions and the rise in redundancies, particularly among larger corporations. We have also noticed an increase in hiring freezes.

Salary expectations have continued to rise and remain a key driver in successful hires. Flexibility is becoming increasingly important to job seekers, as more companies are mandating a return to the office for more days per week. We anticipate that the demand for permanent roles will remain consistent throughout the remainder of the year.

Temporary Recruitment

Temporary demand has increased slightly, which is expected in times of market uncertainty. However, this is historically lower than what we typically see at this time of year.

There are a number of readily available temporary candidates. However, unless roles are critical, employees are being asked to cover breaks and absorb additional functions with increased business caution.

Changes to visas, with the reintroduction of a 6-month term for working holiday visas, along with the closure of the subclass 408 visa, are further impacting the temporary market.

We have seen an uptick in fixed-term contracts over the past two months. This is attributed to market conditions and the time of year, allowing employers flexibility for seasonal campaigns and varying market conditions.

This market update was authored and released by Felicity Barlow, Director on 5 September 2023. If you are interested in receiving future market updates, let us know here.