people2people Recruitment Reveals Key Insights from Annual Employment and Salary Report
people2people Recruitment, a prominent recruitment agency operating in Victoria,
unveiled significant findings from its annual Employment and Salary Report, highlighting critical trends impacting the employment landscape in the state.
The report highlights a concerning trend in Victoria, with over 1 in 10 employees resigning from their positions due to management issues, marking the highest rate across the nation at 11%. Additionally, almost 60% of respondents expressed dissatisfaction with their current salary, believing it does not accurately reflect their performance or skill set.
Looking ahead to the remainder of 2024, employees in Victoria are prioritising flexibility, with 52% planning to request more flexible working arrangements. This is followed by 40% of employees intending to negotiate a pay rise and 32% seeking additional employment benefits.
As the Australian market faces cost pressures in a challenging economic landscape, Victorian employers’ main reason to recruit in 2024 is the replacement of existing roles. With that said, 41% of employers are actively hiring to drive growth, demonstrating confidence in Victoria’s economic prospects. However, a notable
27% of employers still have no plans to recruit this year, representing the highest rate across the nation. Commenting on the findings, Erin Devlin, VIC Managing Director of people2people Recruitment, stated, “Our report also reveals that 56% of employees in Victoria currently feel understaffed within their teams, underlining the need for employers to address underlying issues within their organisations. ”
“To put their best foot forward in 2024 to both attract and retain top talent, employers need to keep building their understanding of the labour market and ensure their employer value proposition matches what is expected of a top employer today. Employers need to prioritise effective management practices and fair compensation to foster a positive work environment and retain top talent.”
As of February 2024, in Victoria there were 60,200 online job vacancies, the unemployment rate was sitting at 4.0%, while annual job ads were down 1.8%.
What employees want vs what hiring managers think they want:
• Career opportunities are the top retention lever in 2024, surpassing management support and trust by 1%, and shortly followed by training and development.
• Over 70% of employees consider training and development to be a key retention lever, while only 40% of hiring managers would agree.
• Hiring managers have a greater understanding of where financial benefits stand in employees’ minds, with only 1% disparity between their understanding of employees’ financial expectations, and those of the employees themselves.
• Mental health, diversity equity and inclusion, work purpose, career opportunities, training and development and job security have significantly grown in importance to job seekers and employees since 2022.
About people2people: people2people is an Australasian recruitment company built on an established reputation for providing professional and personalised recruitment services since early 2005. At people2people recruitment, their focus is on identifying potential today to build careers and businesses of tomorrow.
Recruitment expertise includes accounting & finance, business support, executive, government, human resources, legal, marketing & digital, property, sales, supply chain management and technology.
