~~Sydney, 24 September, 2014 – New research from Hudson, a leading provider of specialised recruitment, talent management and RPO solutions in Asia Pacific, reveals an optimistic outlook for the end of year with intentions to hire across Australia reaching the highest level in 18 months.
On the back of the recent drop in the official unemployment rate, the latest Hudson Report: Employment Trends found that the number of employers looking to increase headcount in the final quarter of 2014 rose to 23.9% - the highest level since Q2 2013. The 2.7 percentage points (pp) increase over the previous three months also represents the highest quarterly rise recorded in almost four years.
The positive sentiment is consistent across every state in Australia, excluding only the ACT. Positive hiring intentions for the final quarter of the year also increased in seven out of the ten professions surveyed.
“Hiring intentions are all about sentiment, and employer sentiment has improved markedly,” said Dean Davidson, Executive General Manager, Hudson Australia. “Over recent weeks, we have seen improvements in a number of indicators of employment conditions and our research shows significantly more employers are looking to hire than to fire in the final three months of this year.”
Positive intentions across states and professions
? In Queensland, the picture is particularly promising, with the number of employers who are looking to boost headcount rising by 2.7pp to 27.8%. Demand for legal professionals continues to be strong while accounting and finance staff with blue-chip backgrounds are in short supply
? In Western Australia, the number of employers looking to increase headcount has surged by 7.6pp to 24.7%. This increase is also largely driven by intention to hire legal professionals, increasing 35pp
? The percentage of employers in Victoria who are looking to hire has risen by 4.5pp to 25.3% with particularly strong demand for talented sales & marketing professionals
? While the number of employers in NSW looking to boost permanent headcount fell by 0.6pp to 21.9%, those looking to increase their office support teams jumped 13pp
? The ACT continues to lag the other states in positive hiring expectations, with one in five employers looking to reduce permanent headcount, a drop from one in three last quarter.
Across 10 skilled professions in the survey, the legal profession was a clear winner, with the number of employers looking to boost permanent headcount of legal professionals soaring over the last three months by 20.7pp to 44.8%.
“We are seeing a continued increase in the need for front-end transactional lawyers within private practice, especially those with 3-5 years experience. Firms are now playing catch-up after many years of downsizing,” said Davidson.
Hiring expectations for Sales, Marketing & Communication professionals is also strong. Boosting the digital bench-strength of marketing teams is a key focus for many employers over the coming months.
A war for talent
The latest Hudson Report also found that 60% of hiring managers believe there is a talent shortage, with nearly 90% saying that sourcing the right talent is the most challenging aspect of the recruitment process.
“During the slower growth of the past 18 months, organisations may have felt comfortable waiting to fill current – and potential – open positions. But the reality is that organisations are already struggling to identify the right talent and given positive hiring expectations for the fourth quarter this challenge is only going to increase over the coming months and into 2015,” said Davidson.
“Make no mistake, there is a war for talent, and a challenge in finding the right people for key positions. To stay ahead of the competition, organisations need to establish a clear understanding of the skills and other attributes needed for their important positions, continually manage a talent pipeline and ensure that they are delivering a compelling employee value proposition.”
Recognising the positive sentiment and opportunities this will present, Hudson itself has invested in its local talent, increasing its team in Australia by over 30% in 2014 to ensure that it can meet the needs of its partners.
“The latest Hudson report reflects the optimism we are seeing in the market, with the economic environment –record low interest rates, low inflation and no major economic shocks on the horizon – all conducive to business growth. In anticipation of this growth we’ve ramped up our team to help both employers and candidates alike win the war on talent,” concluded Davidson.
For a full copy of the report, print-ready graphs or to arrange an interview, please contact:
+61 2 8248 3753
Hudson is a global talent solutions company with expertise in leadership and specialized recruitment, contracting solutions, recruitment process outsourcing, talent management and eDiscovery. We help our clients and candidates succeed by leveraging our expertise, deep industry and market knowledge, and proprietary assessment tools and techniques. Operating in 20 countries through relationships with millions of specialized professionals, we bring an unparalleled ability to match talent with opportunities by assessing, recruiting, developing and engaging the best and brightest people for our clients. We combine broad geographic presence, world-class talent solutions and a tailored, consultative approach to help businesses and professionals achieve higher performance and outstanding results. More information is available at Hudson.com
This press release contains statements that the company believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “predict,” “believe” and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties and assumptions, including industry and economic conditions' that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to, global economic fluctuations; risks related to fluctuations in the company's operating results from quarter to quarter; the ability of clients to terminate their relationship with the company at any time; competition in the company's markets; risks associated with the company's investment strategy; risks related to international operations, including foreign currency fluctuations; the company's ability to implement cost reduction initiatives effectively, including the recently announced restructuring program; the company's dependence on key management personnel; the company's ability to attract and retain highly skilled professionals; risks in collecting the company's accounts receivable; the negative cash flows and operating losses that the company has experienced from time to time in the past may reoccur in the future; restrictions on the company's operating flexibility due to the terms of its credit facilities; the company's heavy reliance on information systems and the impact of potentially losing or failing to develop technology; risks related to our dependence on uninterrupted service to clients; the company's exposure to employment-related claims from both clients and employers and limits on related insurance coverage; volatility of the company's stock price; the impact of government regulations; and restrictions imposed by blocking arrangements. Additional information concerning these and other factors is contained in the company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this document. The company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise
Honner Media is an Australian communications consultancy that specialises in the financial services sector.
We help our clients communicate their messages via the media, as well as direct to stakeholders such as customers, employees, members and prospects - people who directly impact a business.
Our specialist financial knowledge, longstanding industry relationships and proven processes enable us to build strategic plans that deliver results. We work closely with in-house marketing teams to proactively drive campaigns, ensuring communications goals are achieved efficiently for clients.