The current unemployment market is seen by many experts as an ideal time to search for a new role: we are experiencing the lowest unemployment rate since 1974, employers struggling to fill open roles and changing their targeting from active jobseekers to passive ones. However, according to SEEK data, 65% of candidates have no intention to change jobs in the next 12 months, with lack of confidence being stated as the key factor.
Many employers are struggling to fill roles, particularly in industries that are reliant on migration, such as hospitality and healthcare. While migration is slowly recommencing post covid, there has been a significant lag in people wanting to relocate, resulting in the buoyant jobs market. Certain industries such as hospitality, healthcare, retail, and construction have been the hardest hit. Some employers are offering sign-on bonuses, increasing packages and offering greater flexibility to try and fill roles.
Treasurer Jim Chalmers warns that an economic downturn is likely to impact the jobs market in later 2023, resulting in a recession.
So is now the time to find a better job?
If you are looking to either change careers or take on a more Senior opportunity, now could be the perfect time to look for a new role: employers are desperate to fill vacancies and often prepared to re-evaluate who their perfect candidate is. This might mean that they offer on-the-job training or they consider candidates that they might have previously thought of as under qualified.
Another key reason to find a better job is to look for opportunities to build your skills. A new study by Amazon finds that almost three-quarters of Millennial and Gen Z workers are planning to quit their jobs in 2023 due to a lack of skills-building opportunities.
The study surveyed 3,000 workers from a range of industries and the findings included:
- 78% fear they lack skills to advance their career
- 71% are concerned they lack education to advance their career
- 58% are worried their skills are already outdated
- 70% feel unprepared for the future of work
If you’re in a role where you don’t feel that you can build your career and increase your skills, it’s a perfect time to leave. Dan Schawbel, Managing Partner from Workplace Intelligence said that in today’s employee-driven job market, employees feel the need to seek out an employer who “truly supports their long-term career goals and ambitions…Companies who recognize this and provide a high level of support—from more time for skills development during the workday, to better learning benefits and programs—are going to stay one step ahead in the ongoing war for talent.”
If you would like help with deciding the next stage in your career, speak to the recruitment team at Flexi Personnel.