Gripped with a major skills shortage, for the first time in a long time, local talent now has the upper hand – and they are demanding change.
Keep in mind however that skills shortages can also be the disconnect between employee wage expectation and businesses reluctant to pay market rates.
Before we start panicking, it is important to understand that staff shortages will hit certain industries more so than others.
LinkedIn figures suggest employees, especially in white-collar jobs, are taking advantage of the tight labour market to secure better working conditions, pay rises or more interesting work.
ABS figures show one in five businesses reported job vacancies in August 2021, compared with one in eight in August 2020. Three out of four of the vacancies were to replace someone who had resigned.
However, the sector with the most vacancies is not surprisingly, health care, with employees quitting due to difficult work conditions.
The next biggest sectors for high vacancies were administration and retail.
The final high-vacancy sector was professional services, such as accountancy, law and consulting, which had only marginal growth in jobs. The sector also had high vacancies before the pandemic, suggesting high turnover.
In the Hunter we are seeing significant shortages across manufacturing and construction sector for skilled trades and technical staff.