In the complex world of business, staying informed about key economic indicators is crucial for both job seekers and businesses.

Whether you’re searching for a job or managing a company, understanding these indicators can guide your decisions and strategies effectively.

Below, we will simplify these economic signals to help you understand their impact on job markets and industries. Plus, we’ll provide practical tips on how to use this information to your advantage:

Unemployment Rate

As of early 2024, the unemployment rate has declined to 4.7% – suggesting a tightening job market with increased competition for available positions (Bureau of Labor Statistics, 2024). This is a critical indicator for the overall job market.

Actionable Advice

A low unemployment rate doesn’t guarantee instant success in finding a job, but it does indicate a favourable environment. Use this time to refine your skills, network actively and pursue opportunities that align with your career goals. For businesses, a low unemployment rate can signal a competitive hiring landscape. To attract top talent, focus on offering attractive compensation packages, fostering a positive company culture and investing in employee development programs.

GDP Growth

The Gross Domestic Product (GDP) measures the economic activity within a country, reflecting the condition of the economy. The GDP growth rate recently reported a robust increase of 3.2% for the fiscal year 2024, indicating a vibrant economy (World Bank, 2024).

Actionable Advice

Job Seekers should pay attention to GDP growth trends to identify industries and regions experiencing an economic boost. Consider targeting your job search in sectors that are expected for growth and investment.

Businesses should use GDP growth data to plan strategic decisions about expansion, hiring and investment. A robust GDP growth rate may present opportunities to scale your business and capitalise on emerging markets.

Wage Growth

Wage growth indicates the increase in average wages of labour and its demand. Recent trends show a 5.3% increase in average wages across sectors in 2024, suggesting tightening labour conditions and a competitive job market (Bureau of Labor Statistics, 2024).

Actionable Advice

Job Seekers can focus on negotiating for competitive salaries based on market trends. Invest in skills development to enhance your value in the job market. Consider industries or roles experiencing higher wage growth for better earning potential.

Businesses must stay competitive by offering competitive wages and benefits packages to attract and retain top talent. Monitoring wage growth trends to anticipate changes in labour market dynamics can help in adjusting recruitment and retention strategies accordingly. Invest in employee training and development to ensure workforce productivity and satisfaction, contributing to long-term growth and success.

Conclusion

Navigating the economic indicators is important for informed decision-making in your career or business. By understanding and interpreting these signals, you can strategically position yourself to take advantage of the dynamic job market and economic conditions.

Remember, in the vast expanse of economic seas, knowledge is your compass, and foresight your guiding star. Arm yourself with insights, adapt to changing tides and chart a course towards success in the world of work and commerce.

Sources: Bureau of Labor Statistics, Federal Reserve Economic Data, World Bank

Recruiting new talent is a fundamental aspect of business growth and development.

However, the process of finding, vetting and hiring the right candidates is often resource-intensive and can place significant strain on a business.

By exploring the true cost of recruitment and the benefits of partnering with a recruitment agency, businesses can make informed decisions to optimise their hiring processes and mitigate operational pressures.

The True Cost of Recruiting

Recruitment isn’t just about posting a job ad and waiting for applications to roll in. It involves a complex and often costly series of steps:

1. Advertising and Job Boards: Posting on popular job boards and industry-specific sites can quickly add up. Premium listings, featured ads and sponsored posts increase visibility, but come with higher price tags.

2. Time Investment: The time spent by HR and management teams in crafting job descriptions, reviewing resumes, conducting interviews and communicating with candidates is substantial. This time investment translates directly into financial costs, as these hours could be spent on core business activities.

3. Screening and Assessment: Background checks, skills assessments and personality tests are essential to ensure candidate suitability. These services often require external vendors, adding to the overall expense.

4. Opportunity Cost: The longer a position remains unfilled, the greater the impact on productivity and, potentially, revenue. Delays in hiring can stall projects, overburden existing staff and lead to burnout and reduced morale.

The Strain on Business Operations

The recruitment process can strain a business in several ways:

• HR Overload: For smaller companies, the HR team may already be stretched thin – managing payroll, benefits and employee relations. Adding the recruitment process can lead to burnout and decreased efficiency.

• Management Distraction: Leaders and managers need to be involved in the hiring process to ensure candidates align with company goals and culture. However, this involvement can distract them from strategic decision-making and other critical tasks.

• Inconsistent Hiring Outcomes: Without dedicated recruitment expertise, the process can be inconsistent – leading to suboptimal hires. This can result in higher turnover rates, which, in turn, repeat the cycle of recruitment costs and operational strain.

Why Engage with a Recruitment Agency?

Partnering with a recruitment agency can alleviate many of the costs and pressures associated with hiring. Here’s how:

1. Expertise and Efficiency: Recruitment agencies specialise in identifying and attracting talent. Their expertise ensures a more efficient process, reducing the time to hire and increasing the quality of candidates presented.

2. Cost-Effective Solution: While there is an upfront cost to engaging an agency, it often pales in comparison to the cumulative costs of a prolonged, in-house recruitment process. Agencies streamline the hiring process, minimising downtime and lost productivity.

3. Access to a Wider Talent Pool: Agencies have extensive networks and databases of pre-vetted candidates.

4. Mitigation of Hiring Risks: Agencies often provide guarantees, offering replacements if a hire doesn’t work out within a certain period. This reduces the risk associated with recruitment and provides peace of mind.

5. Focus on Core Business Activities: By outsourcing the recruitment process, businesses can focus on what they do best – driving growth, innovation and serving their customers. This delegation can lead to better overall performance and employee satisfaction.

Recruitment is a critical but costly and time-consuming process. The strain it places on businesses can be significant, impacting productivity and growth. By partnering with a recruitment agency, businesses can leverage specialised expertise, reduce costs and ensure a more efficient and effective hiring process. In the long run, this strategic move can lead to better hiring outcomes, improved operational efficiency and a stronger, more focused organisation.

In an era defined by economic shifts and global uncertainties, job seekers are faced with unique challenges.

The PERSOLKELLY 2023-24 Economic and Employment Key Insights and Salary Guide is your job-seeking compass, guiding you through the intricate maze of career choices and salary landscapes.

Here are seven ways this comprehensive guide can be your ultimate tool for making informed decisions and securing the right job in a rapidly evolving employment market:

1. Navigating the economic waves

• Understand the impact of inflation and geopolitical instability on job markets globally.
• Gain insights into how these factors influence salary trends across industries, helping you align your expectations with the current economic climate.

2. Decoding the Australian and New Zealand job markets

• Explore the economic slowdown in Australia and New Zealand, and its direct impact on job opportunities.
• Leverage information on changing government policies to identify sectors with burgeoning job prospects.

3. Tailoring your job search strategy

• Uncover the challenges organisations face in talent acquisition and position yourself as the solution.
• Use our Salary Guide to align your skills with industry needs, making your job search more targeted and effective.

4. PERSOLKELLY’s 2023-24 Salary Guide: Your personalised resource

• Discover how the guide compiles salary data from industry experts, offering a detailed breakdown across various sectors.
• Access tips and tricks tailored for candidates, providing insider knowledge on securing the right job in a competitive market.

5. Industry insights for informed decision-making

• Gain a comprehensive understanding of salaries in your desired industry, enabling you to negotiate effectively during job offers.
• Utilise real-time statistics to benchmark your salary expectations against industry standards, ensuring you receive fair compensation.

6. Your job search companion: Tips, blogs and stats

• Explore the guide’s supplementary resources, including tips and tricks for acing interviews and standing out in the job market.
• Stay informed through blogs and statistical insights, empowering you with the knowledge needed to navigate the evolving landscape of employment.

7. Building your future with PERSOLKELLY

• Embrace the Salary Guide as more than just a tool – it’s your companion in making strategic career decisions.
• Utilise the guide’s holistic approach to understanding salaries, industries and job market dynamics, ensuring you’re well-equipped to shape your professional future.

Embark on your job search journey armed with the insights and resources provided by PERSOLKELLY’s 2023-24 Salary Guide.

From decoding industry salaries to mastering the art of job interviews, this guide is your key to unlocking opportunities and navigating the evolving world of work with confidence.

Your next career move begins now – click here to download our 2023-24 Economic and Employment Key Insights and Salary Guide, or speak with one of our dedicated consultants to get the process rolling!

At PERSOLKELLY Australia, we take pride in our teams of experts who specialise in providing recruitment solutions for a wide range of industries. We understand the unique challenges that businesses face when it comes to finding and hiring the right talent, which is why we offer tailored solutions that can help businesses reduce the time, effort, and cost of recruitment.

Our team of experts is made up of experienced recruiters who specialise in the following industries:

Professional Services: Our team has a deep understanding of the professional services industry and can help businesses find top talent for roles in accounting and finance, business support, human resources, legal and procurement.

ICT: With a strong background in information and communication technology, our team can help businesses find skilled professionals for all roles within the IT sector, including software development, project management and cybersecurity.

Government: Our team has a thorough understanding of the government sector and can help businesses find top talent across all levels of government.

STEM: Our team has a deep understanding of the STEM industry and can help businesses find skilled professionals for roles in science, technology, engineering, and mathematics.

Management & Executive: Our team has extensive experience in executive search and can help businesses find top-level talent for key management and leadership roles.

Specialist Recruitment: Our team has expertise in niche recruitment areas such as Japanese Services and Veterans Employment and Training Services, providing businesses with access to specialised talent pools.

• By outsourcing recruitment to our team of experts, businesses can benefit from a range of advantages that include:
• Reducing the time and effort spent on recruitment: With our team handling the recruitment process, businesses can free up valuable time and resources to focus on other areas of their operations.
• Accessing a wider pool of candidates: Our team has access to a wide range of networks and channels, enabling them to source top talent from a diverse range of backgrounds.
• Reducing the cost of recruitment: By outsourcing to us, businesses can reduce the effort of recruitment while still accessing high-quality talent.

At PERSOLKELLY Australia, we understand the importance of finding the right talent for your business. With our team of experts and tailored solutions, we can help businesses reduce the time, effort, and cost of recruitment while finding the best candidates for the job. Contact us today to learn more about how we can help your business grow.

Contact us today.

Recruitment is an essential process for any business, but it can also be costly. The time, effort, and resources required to attract, screen, and hire candidates can quickly add up. The average cost of a bad hire can be up to 30% of the employee’s first-year earnings.

Fortunately, there is a solution to reduce the cost of recruitment while still attracting top talent: partnering to a professional recruiter like PERSOLKELLY.

Here are some of the ways in which outsourcing recruitment to PERSOLKELLY can help businesses save time and money:

1. Reduce advertising costs: One of the biggest expenses in recruitment is advertising job openings. Posting job listings on job boards or in newspapers can be expensive, particularly for businesses with multiple openings. PERSOLKELLY has an extensive network of job boards and social media channels that it uses to advertise job openings, reducing the cost of advertising for businesses.
2. Streamline the hiring process: The hiring process can be lengthy and time-consuming, particularly for businesses that lack a dedicated HR team. PERSOLKELLY can help businesses streamline the hiring process by handling all aspects of the process, including screening resumes, scheduling interviews, and conducting background checks. We can also support you in areas that people don’t often talk about, like counter offers. This can reduce the amount of time and effort required from internal staff, freeing them up to focus on other business priorities.
3. Access to a wider pool of talent: Businesses that try to recruit candidates internally may miss out on top talent who are not actively looking for work or do not see your company’s job ad. PERSOLKELLY has an extensive network of candidates, including passive candidates who are open to new opportunities. These relationships have been built over many years with the time invested in building our candidate database. This can help businesses find the best candidate for the job and reduce the cost of turnover.
4. Expertise in candidate assessment: One of the biggest costs to a business is investing in the wrong candidate. PERSOLKELLY has extensive experience in candidate assessment, including conducting skills tests and assessing cultural fit. This can help businesses reduce the risk of hiring the wrong candidate and save money in the long run. Additionally, if the candidate does not progress as expected, partnering with PERSOLKELLY provides you with a replacement guarantee, ensuring the investment is not lost.

Partnering with a professional recruiter like PERSOLKELLY can help businesses reduce the cost of recruitment while still attracting top talent. By leveraging the agency’s expertise, businesses can streamline the hiring process, access a wider pool of talent and reduce the risk of hiring the wrong candidate.

Contact us today.

Recruitment is a crucial process for any business, as it helps to identify and attract the most talented and qualified candidates for job openings. However, it can also be a painful and time-consuming task for hiring managers, particularly for those who lack experience in the hiring process. Fortunately, partnering with a professional recruitment company can bring numerous benefits, making it a wise investment for any business.

One of the most significant benefits of outsourcing recruitment is that it saves time and resources. A dedicated recruitment company can handle all aspects of the hiring process, from screening resumes to scheduling interviews, allowing hiring managers to focus on their core responsibilities. This can be particularly beneficial for small and medium-sized businesses that do not have a dedicated HR department, as it can help them avoid the cost of hiring additional staff.

Another key advantage of working with a  recruitment partner is the access to a wider pool of talent. Recruitment companies typically have a vast network of candidates, including passive candidates who are not actively looking for work but may be open to new opportunities. This can be especially beneficial for businesses seeking to fill specialized or hard-to-fill positions, as it can be challenging for internal recruiters to reach these candidates.

Finally, outsourcing recruitment can also lead to better-quality hires. Professional recruiters have extensive experience in assessing candidate skills, qualifications, and experience. They can use their expertise to identify the best candidates for the job and ensure that they are a good fit for the company culture. This can help businesses reduce the risk of hiring the wrong candidate, which can be costly in terms of time and resources.

Partnering with PERSOLKELLY can bring numerous benefits to businesses, including saving time and resources, accessing a wider pool of both passive and active talent and making better-quality hires. By leaving recruitment to the experts, hiring managers can focus on their core responsibilities and ensure that their business has access to the best talent available.

Contact us today.

Today officially marks the start of a new era for many of us in the Australia and New Zealand recruitment industry.

I am proud to be a part of an amazing team leading the launch of a new white-collar recruitment brand into the Australian marketplace, PERSOLKELLY.

PERSOLKELLY brings together the legacy and experience of four organisations that shaped the staffing landscape over the past century and I’m proud to say (some would say it is fate) that I have worked with each through my own career journey:

1. Kelly Services, who pioneered the modern temporary staffing industry globally in 1946
2. SKILLED, who crafted the staffing industry in Australia in 1964 acquired by Programmed in 2015
3. Programmed, the leading provider of operations and maintenance services across Australia and New Zealand after being founded as a paint service company in 1951
4. PERSOLKELLY, the largest workforce solutions provider in APAC

I’ve had several moments where I have reflected on some of the amazing people who have been before us, the founders and then the custodians of these businesses, as we become the proud and now inaugural custodians of the new era.

When I worked at SKILLED, I remember seeing photos in Reception of SKILLED’s founder Frank Hargrave – who described himself as ‘a bum electrician who worked hard’ having lunch with the likes of Bob Hawke and John Howard, and then later working under the leadership of his son Greg. I was always intrigued by our Kelly Services history which was founded by William Russell Kelly in Detroit Michigan, who was an accountant before starting Russell Kelly Office Service – where Kelly sent one of his regular employees to work in his customer’s office for the first time, the billing for that first day was $6.75!

Then Programmed, when upon joining I was surprised to learn were one of the top 10 largest Australian employers after starting out as Miles Paint Services founded in Victoria, and PERSOLKELLY, which was previously the combination of one of Japan’s largest recruitment firms PERSOL Holdings and Kelly Inc. What a rich history contributing to our new journey.

I’ve also been fortunate to work with some amazing executives and colleagues at all four of the above-mentioned organisations. While many people have moved in different directions, I am forever grateful for the experiences, lessons and memories that have shaped and prepared me for this exciting new journey.  

PERSOLKELLY brings together the legacy and experience of four organisations that shaped the staffing landscape over the past century.

In establishing our new PERSOLKELLY brand, our team members have applied fresh thinking and an innovative approach in preparing for our launch in this constantly changing world we are currently in. If someone had told me that in 2020, we would be merging two companies (Programmed and Kelly) and launching new brand during a pandemic – largely through remote working and two teams getting to know, trust and build relationships with one another from a distance – I wouldn’t have believed it was possible. Yet we’ve adapted and thrived and developed a great platform of character which will assist our culture, our growth and success.

This year we have focussed hard on strengthening our customer partnerships across Australia and New Zealand with our focus in STEM, Government, Professional Services, ICT, Management and Executive staffing, leveraging our learning and insights gained so that we can achieve more for our customers.

Similarly, the opportunities that our employees and candidates will have access to as a result of partnering with our business will be unmatched.

I firmly believe that the depth and breadth of our expertise, combined with our technology and capability and our partnership with Programmed, Australia’s leading provider of operations and maintenance services, creates opportunities at any scale.

I am really proud of and excited for our PERSOLKELLY team who are joining me on this new journey. Their combined history, experience and passion for putting people-first is phenomenal; no challenge is too great when you’re as ambitious and driven as this team.

We’ll achieve more, together and I look forward to connecting great employers with great people.

Welcome to PERSOLKELLY.

Kurt Gillam
Executive General Manager
PERSOLKELLY Australia

As a manager, you want your people to trust you and follow your leadership. This enables you to help them perform well and enhance the productivity of your company.

But did you know that the words you use every day greatly impact how people respond to you and by extension, how much they feel they can depend on you? Because of this, knowing which words will encourage people to trust you is a critical communication skill. Here are four powerful phrases that can help you inspire trust in the workplace:

“Thank you.”

A leader who never recognizes other people’s efforts is likely to be seen as self-centered, whereas one who acknowledges other people’s input is more likely to be seen as dependable. That’s why it’s important to always thank your team members for their efforts, time, or attention.

“I’m listening.”

It’s no coincidence that this phrase was made famous by the award-winning sitcom Frasier. In each episode, radio psychiatrist Frasier Crane would encourage callers to share their troubles on-air by saying, “I’m listening.” Of course, it’s not your job to listen to your employees’ psychological woes. Nevertheless, the catchphrase is just as appropriate in a professional setting because it communicates to the other person that he or she has your full attention and can expect your best input in return.

“I understand.”

When an employee comes to you with a concern, take the time to listen and engage in meaningful dialogue in order to truly understand where he or she is coming from. As Nan S. Russell points out in her article titled “25 Simple Trust Building Behaviors” for Psychology Today, you need to withhold judgment during this process. If you can do this, you show that you’re empathetic – and that will encourage your people to trust you.

“I trust your judgement.”

If you really want to inspire trust, you need to demonstrate your confidence in your employees’ capabilities. Be wary of overusing this phrase, as it’s only appropriate when an employee’s skill level and knowledge merits your confidence and you intend on following through on your words. If you say you trust someone’s judgement and then second guess them, it will not only undermine any relationship you’ve built with that person; it can also make other employees less likely to trust you.

The key when using any of these phrases is to realize that words alone are not enough: Your tone of voice, body language, and subsequent actions are just as important. However, when you use these phrases in the right context and mean what you say, you’ll show yourself to be an honest communicator and approachable, trustworthy leader.

From the impact of disruptive technology in the workplace to the realities of an evolving workforce, change management is a hot topic for many managers. But when change is critical to the success of your team, how do you encourage and even inspire it?

Know your vision

Before broaching the subject of change with your team, you need to be clear on three things: What is the reason for change? What is the desired end state? And what is your plan to get to the desired end state? For example, let’s say you’re going to start using more AI-based tools. The reason is that you want to free up your team from more repetitive tasks so they can focus more on core tasks. This change process will involve training your team in the use of the new tools and redefining their job responsibilities so they can maximize their time.

Communicate

You need to be completely clear with your team about your vision, the reason for change, and the process you’ll implement to effect it. A lack of communication can cause people to become concerned and disengaged, so frequent and consistent communication is key. Keep your team informed as to the progress of the process, and welcome feedback and questions.

Lead by example

Any change should start with you, the leader. If you expect your people to embrace change, you need to do so first.  If you’re adopting new technology, then get trained and start using the new tools. If you’re bringing more independent contractors in on projects, welcome them into the workplace and make sure they have everything they need to do a good job. If your objective is to allow employees to telecommute, work from your home office one day a week.

Provide support

Make sure your team members feel supported throughout the process. Provide them with the tools and training they need to achieve the desired state. Regularly check in with each person individually, as well as with the team as a whole, to see if they need more assistance. 

Acknowledge your team’s efforts

As Sturt and Nordstrom point out in their Forbes article “6 Do’s and Don’ts of Leading Through Change,” it’s important to keep acknowledging all of your team’s efforts. Always bear in mind that it can be more challenging to produce good work when things are in flux, so it can be extra meaningful to thank your people during this time.

Change is exciting, but it can also be confusing and even intimidating for some employees. Nevertheless, when you approach change management with a strong strategy, you can motivate your people to do their best so they can leverage new tools and circumstances – and that in turn can enable your team to reach new heights.

Do you sometimes struggle to put a smile on your face at work? Are you occasionally bored with your job? Or do you get overwhelmed by your workload now and then?

Even the most motivated of us sometimes find work tedious or challenging. Fortunately, there are ways you can bring more positivity into your workday:

1. Look on the bright side. When our mood dampens, we often only see the negative side of things – and that can make things worse. By training yourself to also recognize the positive aspects, you can motivate yourself and at the same time, gain more confidence. For example, if your supervisor gives you a difficult project, you might only see the challenges it entails. But the positive aspects are that your manager believes in your abilities – plus, successfully completing the project will result in another accomplishment to put on your résumé.  
2. Personalise your workspace. Whether you have your own office or a desk in an open-plan set-up, it’s important to personalize it with things that make you feel good. Decorate it with photos of your loved ones, pets or a memorable event like a fun vacation. Plus, according to Sophie Lee in her article “Why Indoor Plants Make You Feel Better” for NBC News, plants can boost your mood – so buy some indoor plants in colourful pots and put them on your desk. 
3. Listen to music. In her article “How Music Can Boost Your Mood” for PsychCentral, Julia Lehrman explains that listening to uplifting music can help silence negative thoughts and put you in a more positive mindset. In addition, according to a study in Nature Neuroscience, music stimulates the release of dopamine in the brain, which enhances a feeling of wellbeing. Just pop in those earbuds and start listening to your favourite playlist!
4. Do something nice for your coworkers. A study cited in Time revealed that people who were generous reported higher levels of happiness. In other words, bringing your coworkers coffee or helping a colleague who’s struggling with an assignment can boost your mood.
5. Get some exercise. Exercise triggers the release of serotonin – another feel-good chemical – in the brain. So go for a brisk walk or hit the company gym during your lunch break – it’ll make you feel better!

With these pointers in mind, you’ll soon find you can boost your mood – and your energy levels! As a result, you’ll likely become more productive and empowered to take on even the most difficult of challenges.