Due to a lack of applicants, a third of firms are having trouble filling vacancies, demonstrating that Australia is also experiencing the “great resignation” crisis.
Bosses are having trouble filling open positions because job searchers are more interested in working remotely now that unemployment is at a 48-year low of 3.9%.
The scale of the issue was exposed by the Australian Bureau of Statistics on Thursday, who found that 31% of the businesses they polled in June struggled to recruit qualified employees.
More than half of locations that provide hospitality reported having trouble filling positions (51%), which is a significant number.
Sixty-six percent of large organizations were unable to adequately hire new employees, compared to 62 percent for medium-sized businesses and 29 percent for small businesses with fewer than 20 employees.
Nearly eight out of ten firms, or 79% of them, stated that there were not enough applications, while 59% of employers identified applicants who lacked the required skills or qualifications.
According to Ryan Felsman, senior economist at CommSec, there was a shift in the labor market in May as 644,300 Australians changed employment or looked for new ones, which is not far off the record high of 709,500 in November.
The epidemic is likely leading to a change in worker behaviors and preferences, according to the research, which indicates that Australia’s own version of the “great resignation” is well under way.
Early in 2021, the United States saw a phenomenon known as “the great resignation,” in which many workers left their positions for a variety of reasons, including a desire to work remotely.
According to the survey, larger employers were more inclined to give wage increases to recruit new employees, with 49% of big and medium-sized companies citing this as a goal, compared to just 29% of small companies.
This month, 34% of businesses permitted remote work for employees, but 71% of large organizations with 200 or more employees did the same.
A quarter of enterprises, or 24% of them, reported that work location was a problem for their incapacity to hire, only slightly ahead of compensation and conditions (26%).
Despite the Reserve Bank raising interest rates for the first time since November 2010, Australia’s unemployment rate in May stayed stable at 3.9%, the lowest level since August 1974.