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Long Term Skills Shortage Becoming Apparent
Many areas of the economy are beginning to feel the impact of long term skills shortages according to the latest employment market data from SEEK.
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December 21, 2007 (FPRC) -- The SEEK Employment Index, which measures the ratio of new job ads to job applications, now sits at its highest point since October 2004 following a further 4.6% rise in September. Its strong upward trend provides clear evidence to Australian employers that the tight employment market has some way to run.
The index was considerably higher in all states in September. South Australia recorded the greatest increase at 6.8%, followed by Queensland (5.8%), NSW (4.3%) and the ACT (4.1%).
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Strong growth in job vacancies in the mining, construction, IT&T and consumer goods sectors helped fuel a 4.9% increase in new job ads across Australia last month. New jobs advertised were strongest in South Australia where they increased by 5.9%. Victoria (4.9%) and Queensland (4.2%) also experienced strong gains.
Job Applications
Job seeking activity remained steady in September with the number of job applications posted rising by just 0.3%. Western Australia experienced a 2.3% increase in job applications, suggesting that publicity around the resources boom may now be attracting applicants from other areas, but Queensland (-1.6%) South Australia (-0.9%) and NSW (-0.6%) all experienced falls in job application numbers.
Commenting on the results, SEEK Sales Director Joe Powell said:
“There’s been a lot of talk about skills shortages driving the tightening of the labour market in relation to the current resources boom. It seems as though the retirement of the baby boomers is possibly a far greater, lurking problem.
“In September, property valuers seemed to appear quite suddenly within the five most candidate-short occupations nationally and in WA, QLD and Victoria. Anecdotal evidence suggests that demand for valuation services has remained fairly steady, but an ageing workforce and the siphoning of graduates by large funds managers and property developers is creating significant workforce shortages that are likely to be ongoing.
“We are hearing about many other professional groups, among them nurses, solicitors and teachers that are facing a mass exodus of talent due to retirement. More than ever there is a strong role for industry associations, as well employers themselves, to help educate students and skilled professionals about the career opportunities on offer and to attract ongoing interest from future employees”, he said.
Professor Peter Sheehan of the Centre for Strategic Economic Studies said: “A strong economy, the resources boom and more affordable goods and services are driving demand for labour at a rate the market cannot supply. Detailed SEEK data point to skills shortages in the IT&T, Insurance, Science and Technology and Legal sectors, while a slow down in manufacturing and hospitality and tourism has made job seeking more competitive in these industries”, he said.
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