In recent months the media has been full of news about global job cuts. All the big tech employers have been at it – Twitter, Google, Meta and Amazon. These market darlings, which enjoyed massive growth throughout the pandemic, suddenly found that as the world got back to ‘as you were’ conditions and their steep growth curves flattened, the huge cost increases on their P&Ls had to be redressed.
Having been through a number of downturns in the economic cycle, I know that tougher times in the job market are usually preceded by doom and gloom in the media – right now it’s inflation, interest rates and lots and lots of sensational job cuts at prominent employer brands that are filling the business pages.
Many organisations are asking, ‘What does this mean for the employment market?’
Well, I think the AFR painted a realistic picture for the Australian market in 2023 when they reported More job gains likely as 90pc of CEOs say they can’t find staff in an article by Michael Read on 16 January 2023. The story opened with “90% of chief executives surveyed say the historically strong labour marker is exacerbating staff shortages”, which supports what our clients have been saying and what we have seen in recruitment over the last few years.
It’s fair to say every organisational structure chart across the Australian private or public sector landscape contains the word ‘vacant’ at least once, and as any employer who is currently looking for talent knows, it has never been harder to fill that vacancy.
It does seem likely that we will experience a slow-down in major economies around world, but it seems less likely that the demand for talent will slow, certainly in the first half of 2023. Slade Group and the Interchange Bench work with a broad cross section of organisations, from SMEs to multinationals, and I am not aware of any that would claim to be running an organisational structure with ‘too many’ employees.
It is natural that human beings become more conservative in times of uncertainty and economic challenges. However, for anyone considering a career move in 2023, the market will remain in your favour. Those who are brave enough to commit to the change can continue to achieve personal gains, whether they be financial, workplace flexibility or career development. Don’t let the media hysteria talk you out of your next opportunity!