I don’t think the jobs market has ever been this busy on a global basis!
In speaking with our agency partners around the world, the recruitment industry is on an extended “bull run”, and there are no signs of this relenting!
Just yesterday in Australia, there was an official government announcement that unemployment had hit an all time low which is great on one level but concerning on another. The way most economists look at this is we are at “Full Employment”. This is a difficult economic conundrum because it magnifies the challenges that beset companies and government institutions when they are sourcing talent. Particularly given that the immigration numbers have not yet fully recovered due to covid, so bringing skilled and semi-skilled labour into the country which has been utilised traditionally, has become an issue. Hiring managers are crying out for new hires across blue- and white-collar markets within all industries and the shortfalls are not being substituted with foreign candidates. This is having a devastating effect on many industries and in particular the hospitality and agricultural sectors have been hard hit.
Most countries are in the same predicament and are experiencing similar issues. There is a prolonged global skills shortage, and the forces controlling global skills migration are yet to acknowledge what is clearly another epidemic! What has happened though which has amplified this situation is Governments around the world have pumped vast financial stimulus into their economies through significant infrastructure projects such as road building, airport and dam construction, hydroelectricity, nuclear and coal fired power station construction, and all of which has created a massive deficit in talent for some industries. Then there are the “new-age industries” like cyber-intelligence where large-scale shifts of talent have occurred from IT and telecommunications into the cyber environment! This is to mention but two industries but telecommunications itself is experiencing its own set of perculiarities because worldwide there is an insatiable demand across the board for people as governments seek new and improved telecoms infrastructure, but all at the same time!
Finally, within “agency world”, the real challenge facing the recruitment industry is finding the right talent! You might say “that has always been the case, and you would be right. But not in the volume we are seeing! On the otherhand, companies sourcing new skills are in the same boat and both sides of this equation appreciate the need to enlist innovative ways and new technologies to locate and hire staff in what is a diminishing pool of people! It is not going to get easier but significantly more difficult in the forseeable future!
Ubidy | Global Talent on Demand