people2people Recruitment Releases Annual Employment and Salary Report for NSW
Sydney, April 30, 2024 – people2people Recruitment, a premier recruitment agency in New South Wales, today unveiled critical insights from its latest Employment and Salary Report, shedding light on key employment trends and workforce sentiments affecting the region.
The comprehensive report highlights a troubling trend, with one in three NSW employees resigning due to inadequate career progression opportunities. Moreover, over half of the respondents feel their current salary does not reflect their actual performance or skills, a significant concern in today’s competitive job market.
As 2024 progresses, the findings suggest a shift in employee priorities, with 47% of workers planning to seek more flexible working conditions. This demand for flexibility is closely followed by 41% of employees who intend to negotiate for higher salaries and 33% looking for enhanced employment benefits.
In a notable contrast, NSW employers are displaying optimism about their hiring capabilities for the year, with over 80% planning to recruit new staff either to fill existing positions or to support business growth. Bianca Luck, NSW Director at people2people Recruitment, commented on the current market conditions: “Despite decreasing business confidence and heightened cost pressures, there’s a strong need to address workforce inadequacies, as half of the NSW employees feel their teams are understaffed.”
The report underscores the necessity for employers to adapt to the changing dynamics of the job market. “To attract and retain top talent, employers must offer meaningful career pathways, fair compensation, and adaptable work arrangements,” Luck stated.
Additionally, the report delineates a disparity between employee desires and hiring managers’ perceptions:
- Career advancement tops the list of retention strategies for 2024, slightly outpacing management support and trust, and closely followed by training and development opportunities.
- While over 70% of employees view training and development as crucial for retention, only 40% of hiring managers recognize its significance.
- The understanding of financial benefits is more aligned, with only a 1% difference between employee expectations and hiring managers’ perceptions.
Since 2022, there has been a marked increase in the importance placed on mental health, diversity equity and inclusion, work purpose, career opportunities, job security, and training and development among job seekers and employees.
As of February 2024, New South Wales reported 74,400 online job vacancies, a 3.7% unemployment rate, and a 4.6% decrease in annual job advertisements, reflecting the ongoing fluctuations in the job market.
About people2people: Founded in early 2005, people2people is an established Australasian recruitment company known for its professional and personalized recruitment services. With expertise spanning various sectors including accounting, finance, business support, executive roles, government, human resources, legal, marketing, digital, property, sales, supply chain, and technology, people2people focuses on tapping potential today to build careers and businesses for the future.
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