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The hot demand for healthcare workers appears to be decelerating indicating the job market could be starting to shift. RCSA’s latest Jobs Report revealed a surprising 4.7% decline in job postings last quarter, suggesting pandemic demand seems to be softening.
In fact, the data collected from over to 6,000 employer, recruiter and niche job boards across Australia, shows the market is cooling across most professions, with the majority of sectors showing a slight decrease in job postings. The changes were reflected in the National Job Index which in the December quarter dropped for the first time since September 2021, but only by 1.0%.
“We are seeing a small dip in demand as the market begins to readjust from boiling point. The need for skilled workers is still huge but it looks as though it may be starting ease back from pandemic levels,” says RCSA CEO Charles Cameron
Despite a decrease in job listings from last quarter, vacancies are still 5.7% higher than this time last year but employers appear to be seeking permanent workers over flexible arrangements. Permanent postings climbed 1.3% in the December quarter, while flexible advertisements dropped a staggering 8.0%.
“This is an unusual trend during a time of economic volatility. Historically employers will favour flexible staffing arrangements when there is a looming threat of recession, says RCSA CEO Charles Cameron.
“To me, this shows resilience in the market and a strong desire to lock in talent permanently rather than choose a flexible workforce which can be perceived as more risk free.”
The Jobs Report data reveals the strongest need for staff was in the Professional Services sector with postings up 7.5% on last quarter and there was also a 2.4% increase in demand for Labourers, Drivers and Operators.
A telling sign that some organisations are starting to shield themselves and trim costs in case of a recession was the further drop in demand for Executives and Management professionals. Postings fell in October and have plummeted another 4.2% last quarter.
“It will be interesting to see what happens in the next quarter, says Cameron.
“The drop we are beginning to see in postings comes off the back of an enormous boom. Opportunities remain abundant, but early indications are that we are going to see the job landscape begin to shift and possibly neutralise in 2023.”
Interestingly State and Territory data collected in the past three months showed Queensland was the only large Eastern Seaboard state to record a blanket rise in job postings, but it wasn’t by much. Opportunities in the Sunshine State rose 1.7% while listings in New South Wales fell 4.2% and 1.7% in Victoria.
“New South Wales and Victoria account for 60% of national job vacancies so our latest data would have been heavily influenced by what is going on in these states. With skills shortages still rife and the unemployment rates still very low, there is no cause for alarm just yet,” says Cameron.
The December Quarter Jobs Report can be viewed here