Good news – unemployment in Australia is currently at a thirteen-year low of 4% and it is projected to drop even lower. According to this article in The Guardian, “the economy added a net 77,400 jobs last month, with full-time work rising by more than 4,000 a day, or 121,900 for February.”
There are evidently many employment opportunities out there, so let’s look at which particular industries are currently experiencing the greatest growth.
Data sent to us this month by LinkedIn talent insights shows that “865K professionals have changed jobs in the past 12 months (~38K increase since Decembers report) and there are currently 138K jobs open (down ~ 3K from Decembers report).”
The LinkedIn analysis indicated the below high growth and high employment industries:
Top 10 fastest growing industries in Australia (over the past 12 months)
1. Computer Software
3. Management Consulting
5. Staffing and Recruiting
6. Mental Healthcare
7. Medical Device
8. Renewables & Environment
9. Financial Services
Top 5 industries in Australia (by employment number)
2.5k jobs Open
2. Hospital & Healthcare
7.8k jobs open
7.8k jobs open
12.4k jobs open
5. Gov Admin
9.4k jobs open
If you are working in one of the fast growth industries, now may be the perfect opportunity to negotiate a better salary with your current employer or else move into a better paid job. Even if you’re not working in one of the high growth or top industries, now is a great time to be an employee as we continue to experience a skills shortage and candidate-short job market.
When considering the opportunities that the current job market may afford you, ensure that you are also considering aspects to your role other than salary. Important questions to consider are: How flexible is this position? Are there any training and development programs in place that I would benefit from? What lifestyle-related incentives and rewards are on offer? Does the company that I would be working for have attributes that align with my core values?
Despite the challenges of the past two years, the 2022 job market presents many opportunities to examine, with job ad volume on the rise and a residual skills shortage in many industries.