LinkedIn’s latest market update has shown that the Q4 hiring rate has dropped by 19 per cent in December 2022, compared to December 2021.
Despite this, some sectors are still experiencing significantly higher hiring activity year-on-year, with job postings in the Administrative and Support Services growing by 119 per cent and Government Administration by 94 per cent.
This can be attributed to the return of workers into physical offices, which is also reflected in the current job postings, with just 5.1 per cent of paid job postings offering remote work in December 2022, nearly half of December 2021’s 9.8 per cent.
However, Australian jobseekers are still showing notably higher interest in remote work, with jobs offering remote work options receiving 2.2x more applications.
LinkedIn’s Workplace Confidence Index also reveals that most Australians (84 per cent) are concerned about rising prices and/or inflation, and more than half (51 per cent) don’t feel prepared for an economic downturn.
Whilst almost half (46 per cent) of Australians also agree that economic uncertainty is negatively impacting their mental health, LinkedIn’s Workplace Confidence Index shows that 69 per cent of the Australian workforce felt more confident about their work experience and education throughout Q4 2022.
Their confidence in chances of reaching the next level in their field has increased to 41 per cent by the end of Q4 2022, showing that career aspirations are not slowing down.
Matt Tindale, managing director, LinkedIn ANZ, says “New data from LinkedIn has shown that many job seekers remain undeterred with a number of sectors showing bright spots and offering great job opportunities to support Aussies during the current economic conditions.”
“While there is some concern for the economic downturn, many Aussies remain confident about the trajectory of their careers, trusting in their skills and education to continue growing and thriving. This confidence may be due to professionals having developed a sense of resilience throughout the pandemic, with preparing for any changes in the economy, by starting to cut down their spending, putting off big purchases and setting aside larger savings to cushion the impact.
“Younger Australians in particular, namely Millennials and Gen Z’s, are more impacted by the economy and generally feel less financially prepared and more stressed about what’s to come.”
- Younger generations (e.g. 87 per cent of Millennials) are more concerned about rising prices and/or inflation compared to older Australians (82 percent of Baby Boomers agree with price concerns).
- The economic uncertainty is negatively impacting the mental wellbeing of young Australians (51% of Millennials, 50 per cent Gen Xers) vs. older Baby Boomers (40 per cent).
- Millennials in Australia are planning to take all possible steps in preparation for the economy (potentially) getting worse
- 66 per cent plan to cut down on spending
- 43 per cent plan to delay a big purchase
- 37 per cent plan to focus on paying off a debt
- 32 per cent plan to sell things they don’t need
- Compared to the end of Q3 2022, Australians were feeling less confident at the end of Q4 2022 about their chances of their income increasing and the availability of jobs (or lack thereof).
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