Projects Market Insights September 2023
- Gillian Duffy
- 07 Sep 2023
Here are the latest recruitment trends in the Projects & Transformation space:
- Budget-Driven Expansion: The start of the new financial year has brought an increase in job opportunities as organizations allocate their budgets, indicating a proactive approach to growth and resource allocation.
- Seasonal Hiring Patterns: Anticipated hiring patterns suggest a surge in recruitment leading up to Christmas, a potential slowdown during the holiday season, and a return to normal activity after Australia Day in the new year, aligning with typical seasonal trends.
- Abundance of Senior Leadership Talent:The market currently benefits from a surplus of senior leaders resulting from downsizing in major banks, creating an advantageous environment for companies seeking experienced leadership
- Shift Towards Permanent Roles: A notable preference for permanent positions over contract roles indicates a strategic focus on building a stable and committed workforce.
- Recovery of Contract Rates: Day rates for contract roles are rebounding to pre-Covid levels, a positive indicator of market recovery and an encouraging sign for contract professionals.
- Competitive Talent Landscape: The high volume of job applications, especially at the senior level, suggests a competitive talent landscape, necessitating effective recruitment strategies to attract top-tier candidates.
- Thriving Sectors: Growth sectors in the job market include Superannuation, Energy, and FMCG, with the Banking sector poised for resurgence around October 2023, presenting opportunities for job seekers and employers in these industries.
- Emphasis on Technological Advancements: Organizations are prioritizing investments in IP and technology infrastructure, with a particular focus on Agile methodologies, reflecting a commitment to adaptability and efficiency in operations.
- Regulatory-Driven Risk Projects: The implementation of regulatory requirements such as CPS 230 is expected to catalyze the recruitment of professionals in risk-related projects, as companies prepare to report progress to the Australian Prudential Regulation Authority (APRA) from early 2024, signifying a proactive response to compliance obligations.
If you're looking for more insights or wish to talk to one of the team about your next contract opportunity, feel free to reach out to one of the Projects, Transformation and Change Management team.