SEEK Employment Report March - Record-breaking March Rounds Out Strong Start To The Year

STATE OF THE NATION: RECORD BREAKING MARCH ROUNDS OUT STRONG START TO THE YEAR

It was a strong quarter for job ad growth, according to the latest SEEK Employment data, with m/m increases, including a 5.0% boost from February to March. This was 32.2% higher y/y and 50.7% higher than March 2019.

Candidate applications per job ad decreased 4.5% from the previous month, yet visitation to seek.com.au remained steady, indicating continued interest among job seekers, though not translating to applications.

Kendra Banks, Managing Director, SEEK ANZ, comments:

“Last month once again we had the most job ads on site in SEEK’s 25-year history. If that sounds familiar it’s because that has been true every month this year, with January, February and now March each lodging record job ad numbers.

“This makes for an increasingly tight job market and while interest among candidates remains consistent, as indicated by candidate visits to site staying strong, the low levels of applications per ad, which fell a further 4.5%, are not matching the persistent demand for talent.

“Looking ahead, the upcoming Easter and ANZAC day holidays are traditionally a quiet hiring period, although in January we saw businesses use the previously quiet period to take advantage of the downtime to attract talent. The upcoming federal election would also usually signal a slowdown in hiring, however we are not seeing any signs of that happening yet.”

STATE OF THE STATES AND TERRITORIES: JOB ADS AT HIGHEST LEVEL IN ALL STATES AND TERRITORIES

Job ads in every state and territory rose in March, which led to each state and territory recording the highest ever number of job ads.

The three greatest contributors to national job ad growth were Queensland, which rose 7.8%, Victoria which increased 5.4%, and New South Wales which was up 4.1%.

The Northern Territory, albeit a small market, recorded the greatest m/m growth at 8.1%, after a slight drop in job ads in February.

Western Australia, where borders re-opened at the start of the month, saw the smallest job ad growth, up 1.5%, but was the only state or territory to record an increase in candidate applications per job ads, rising 0.2% m/m.

Kendra Banks continues:

“In March, for the first time, every state and territory reached a record level of job ads within the same month.

“The biggest job markets, being NSW, Victoria and Queensland, experienced some of the greatest month-on-month increases in job ads. Even those markets that have encountered less fluctuation over the past two years, such as the Northern Territory and Western Australia, are now seeing job ads at record levels.

“While the booming number of jobs on offer is good news for job seekers or those considering a new role or career change, it is not great news for businesses who are calling out for talent. We are seeing businesses adapting and reacting faster than ever before in a bid to identify, screen, and hire new talent, but demand is still greatly outstripping supply.”

STATE OF THE INDUSTRIES:

All 28 industries recorded an annual rise in job ads from March 2021 to March 2022 and all except two; Consulting & Strategy and Farming, Animals & Conservation, increased m/m.

The top three industries were Trade & Services, rising 7.0% m/m, followed by Hospitality & Tourism, which saw the greatest m/m increase at 16.7%, overtaking Healthcare & Medical, up 4.0%.

Job ads in Education & Training, which have been on the rise since August last year, rose another 9.5% in March and are now 89.7% above job ad levels in pre-pandemic March 2019.

When comparing this quarter to last, the greatest increase in job ads were in the Industrial and Construction sectors, rising 10.6% and 10.5% respectively.

Kendra Banks comments: “Job ads are up in almost every industry compared to the previous month, the previous year and pre-pandemic times.

“The biggest mover in March was Hospitality & Tourism which increased 16.7%, and was the greatest growth industry in New South Wales, Queensland, South Australia and Victoria.

“Roles in Trades & Services continue to be the most prevalent on site, and have been for many months, proving that skilled tradies, particularly those in Automotive trades, Labourers and Electricians, remain in high demand.”

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