Market Insights: March Quarter 2021 - Assistant Sydney
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Market Insights: March Quarter 2021 The first quarter of 2021 was anticipated by many as it signalled the end to a year prior, that most would rather forget. This time last year, the Australian economy suffered the largest quarterly fall in GDP since the 1930’s. Comparatively, we have now posted the strongest back-to-back quarter growth, since being on record. Job advertisements across ANZ are currently at a twelve-year high. Despite JobKeeper expiring at the end of March, unemployment has continued to decrease f rom 7.5%, to 5.8% to 5.6%. The International Monetary Fund has upgraded its forecasts for the Australian economy, saying it is expected to grow by 4.5% through 2021. In Q1, however, we continued to face issues as a country that we’ve become all too familiar with. Snap lockdowns in both VIC and QLD, amidst easing restrictions in NSW and other states. The timeline on the vaccine rollout is heavily in doubt, and as that has a symbiotic relationship with our international borders, our tourism sector remains under incredible stress. Wage growth remains low, and the gender pay gap remains high. Telling will be the months ahead, as to what consistency we can expect in Australia moving forward. * A full source appendix is available on request for all data referenced in this report, all up to date as per Friday 16th April 2021.
Assistant Sydney Market Insights March Quarter, 2021
The Data
→ According to SEEK.com, total job ads in NSW for
Office Support saw month on month growth
throughout the March quarter. Namely 1.8% in
January, 15% in February and a further 15.9%
in March.
→ The role of an Administration Assistant is currently
the 5th most in demand job type in Australia.
→ According to Indeed.com, the current average
salaries for the below five key Office Support
positions in NSW are as follows (note all figures are
base plus superannuation):
• Executive Assistants $83,378
(5.7% above the national average)
• Personal Assistants $73,056
(5.5% above the national average)
• Office Managers $73,707
(4.6% above the national average)
• Administration Officers $61,297
The Talent Market
(2.3% below the national average)
There was constant speculation leading up to the
• Receptionists $56,151
close of JobKeeper in March, that the wage subsidy
(3.2% above the national average)
was propping up ‘zombie’ businesses in our economy.
→ Interestingly, the majority of Office Support salaries Businesses are closing due to the subsidy ending,
in NSW have dropped by 0.5-2% in the first quarter. however the impact on corporate talent has been
Using the role of a Receptionist as an example, neutral. There has not been a rapid influx of people
in the December quarter the average salary was hitting the job market.
$69,450, much higher than the current NSW
Job ads in ANZ are currently at a level 23% higher than
average. Assistant Sydney suggest that the volatility
experienced pre Covid, and as such competition for
experienced at the most junior and most senior
talent is rife. Application volumes have slowed down
end of the job market, is always going to be more
considerably, yet candidates are feeling optimistic
noticeable. If you reference the case study provided
about moving jobs. We are seeing more and more
in our job seeker section under ‘Behaviour’,
instances of high-quality people securing multiple
you will note this is also the case for senior EA
job offers after only one to two weeks of commencing
remuneration.
their search, with only two to three job applications
→ The national unemployment rate has continued made.
to decrease, recently falling to 5.6%. In March 2021
With our international borders remaining closed,
alone, SEEK recorded the highest number of job
the pain is being felt across industries that are
ads posted in a month, in their 23 year history. This
heavily reliant on foreign workers. This includes our
is coupled with the fact that job advertisements
hospitality, retail, and agricultural sectors. Assistant
across ANZ, are currently at a twelve-year high
Sydney have formed a partnership with Allara
(since November 2008).
Learning, to try and support the shortfall in talent we
have observed in the junior Office Support market.
Typically, a high number of our temporary vacancies
would be filled by seasonal working holiday visa
applicants, who are no longer available. Focusing
on homegrown, local talent pipeline strategies has
become more important now, than ever before.
assistantsydney.com.au | 02Assistant Sydney Market Insights March Quarter, 2021
Who Is Hiring?
According to the National Skills Commission, two of Industries to watch? The Assistant Sydney tip is
the industries that have recently experienced the Fintech and Agritech. The Australian Agritech
largest employment growth is healthcare and social industry is a fast growing sector of the economy that
assistance, up roughly by 250,000 jobs, or 14.2%. is creating skilled jobs, regional hubs of expertise
Property remains to be Australia’s largest employer and significant domestic benefits for large portions
accounting for 1.4 million jobs: this alone is stimulating of everyday Australians. Similarly, we are seeing an
our economy, with investment in large inf rastructure, increasing number of successful start-ups and scale-
residential and commercial projects continuing to ups across the Fintech industry that is driving forward
be a priority at both state and federal level. This is innovative outcomes for consumers and corporates
reflected in the job advertisement data f rom with a particular focus on lending and refinancing.
Jan 2020 to present.
Regional job growth is booming with job ads up by
39.7%, with 24% of new jobs created being in Office
Support. Geographically, every state and territory are
currently experiencing a demand for Office Support
staff and call centre people. Often the first to be let go
as traditionally these roles are not deemed ‘revenue
generating’, it seems the same works in reverse. Office
Support and Call Centre people are in demand.
SEEK Employment Report
Healthcare & Medical
Trades & Services
March 2021
Hospitality & Tourism
320 34.8% m/m
300
9.1% m/m
280
260
8.6% m/m
240
220
200
Index (100-2013 avg)
180
160
140
120
100
80
60
40
20
0
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-20 Feb-20 Mar-20
* Source: SEEK Employment Report March 2021
assistantsydney.com.au | 03Assistant Sydney Market Insights March Quarter, 2021
Behaviour
Hiring Managers
Companies continue to recruit with an awareness that
workers who are technologically savvy and skilled,
quick learning, and forward thinking are the best
suited to evolve and stay with them over time. In a
study completed by the ABS on over 400 occupations,
it was found that automation and technology is set to
have a further impact on a variety of roles; specifically
on jobs that focus on repetitious tasks that can be
easily copied by automated systems. Due to this,
talent managers are looking for professionals who
embrace new ways of working and are willing to learn
and grow outside of their existing skill-set.
We have seen an uptick in skills testing and
psychological assessments taking place throughout
a recruitment process or as a determination of
offer at close. Assistant Sydney have seen this even Due to the increased demand for talent, high-quality
on temporary hires; we have a number of clients candidates are quickly realising it is now a job seeker
who currently choose to place all prospective temp market and are using this to their advantage to
candidates through a 3-6 minute online behavioural negotiate competitive remuneration offers. This
survey prior to selection for work. They use this awareness is concurrent to the rise in Senior Executive
assessment to understand the candidates working Assistant salaries, which is in part due to the influx
style and determine whether they would integrate of HNWI’s moving back to Australia or choosing our
quickly and efficiently into their current team shores as their preferred home.
environment.
→ Case Study: In the March quarter, Assistant Sydney
Contributing to the above, we do believe is the successfully placed a Senior Executive Assistant in
pressure companies now find themselves under to a position working for a UHNWI who had recently
rebuild their workforces to be high-performing and relocated permanently to Sydney. This position
stable. The significance and emotional attachment to was hybrid in nature, and required a candidate
spending a dollar has heightened, as has sharing time with a mix of senior, corporate Executive Assistant
with another person. Meaning considered decisions experience (ideally in Venture Capital) and private
are being made on investment in people, and cultural in-home PA experience. The requirement for
alignment to teams. This mindset is impacting the the successful candidate to be available, 24-7,
way in which recruitment processes are currently 365 days a year did exist. This person achieved a
being managed, the way a selection is made, and how remuneration offer that exceeded $200,000 on the
a person is onboarded into a business. base, with superannuation and bonus on top.
Due to the current political climate and individuals
Job Seekers that have come forward to share their stories, an
increased awareness is present with respect to
People are looking for flexibility when considering workplaces that support gender equality and safe
new opportunities. Those companies that cannot offer working environments. People want to work for
competitive policies which include flexible start and businesses who operate under a strong ethical
finish times, work from home allowances, and results code of conduct and are willing to play their part in
focused performance assessments are struggling to impacting change for better. Being connected to the
attract tier one candidates. Further, our gig economy purpose and leadership of a company is of significant
continues to grow in Australia, as people realise their importance to many, as awareness grows on the
desire to work from wherever they like, whilst they gender imbalance issues corporate Australia
live, experience and travel. continue to face.
assistantsydney.com.au | 04Assistant Sydney Market Insights March Quarter, 2021
The Office
Contrasting perspectives and continued varying In Australia, the NSW State Government for various
responses f rom different industry sectors has left the departments is looking to mandate a three-day
future of the office still in debate. work week in office. This is supplemented by recent
research from the NSW Innovation and Productivity
Using technology as an example; Salesforce, Facebook
Council, which found that working from home for
and Amazon have all gravitated towards the hybrid
two days per week can be beneficial for productivity
model, working both remotely, and in the office.
and would have positive effects in strengthening
Spotify and Twitter remain entirely flexible, proposing
the economy. With a growth mindset back in action,
complete f reedom for employees. Sundar Pichai, CEO
private sector businesses are also wanting employees
of Google, recently announced their plan to ‘fast track’
to return to the office. As Kylie Rampa, Lendlease
their reopening ahead of schedule.
Property CEO states, “people need interaction,
In the finance sector, Goldman Sachs CEO, David engagement and a sense of collective effort.”
Solomon commented recently on working from home
What do the stats actually show? Office vacancy
– “it’s not a new normal”. Barclays CEO Jes Staley, has
rates in the Sydney CBD remain between 8.6% and
mirrored this sentiment and cited collaboration as a
11.9%. The below graph by the Property Council of
key reason to get their people back into the offices,
NSW reflects the increase in office occupancy across
this being especially important for junior workers.
every major capital city and territory in Australia. Not
The unsustainability of an ongoing work f rom home surprisingly, Melbourne being the most impacted
arrangement, seems to be a concern for the broader state by COVID-19 still has the lowest office
finance industry. occupancy rate, followed by Sydney.
Office Occupancy by CBD
CBD Dec 2020 Jan 2021 Feb 2021 Mar 2021
Melbourne 13% 31% 24% 35%
Sydney 45% 45% 48% 50%
Brisbane 61% 63% 64% 63%
Canberra 65% 68% 65% 65%
Adelaide 68% 69% 69% 71%
Hobart 76% 80% 76% 80%
Perth 77% 66% 65% 71%
Darwin 82% 80% 80% 84%
Source: The Property Council of Australia
assistantsydney.com.au | 05The Sentiment The first quarter of 2021 has mirrored the preceding We hope for consistency from Q2 2021. Increased year in its unpredictability. The million dollar question domestic travel, a continued buoyant property many are asking at the moment, is when can we market, consumer retail spending, a fluid job market, expect the vaccination program to be complete? and of course firmer timeframes on the vaccine Surely until that is finalised, businesses cannot have program should position Australia for a strong close true and complete confidence that our rebuild will not to 2021. The IMF economic growth forecast of 4.5% is a be impacted by cluster outbreaks and mutant strains punchy target, but certainly achievable should we stay breaking f ree of hotel quarantine. on track as we currently are. In saying that, the data is incredibly promising. The unemployment rate and ANZ job advertisements speak for themselves. Not for a long time, has Australia experienced an economic recovery so strong and quick f rom such a severe event. * A full source appendix is available on request for all data referenced in this report, all up to date as per Friday 16th April 2021. Want to know more? Scan this code to contact the Assistant Sydney Director today. We value your feedback, and would love to work with you. © 2021 Assistant Sydney assistantsydney.com.au | 06
You can also read
