Low unemployment rates linked to pandemic
This article was written by Monash Business Awards Sponsor Big Fish Creative Recruitment.
As we have adapted to the uncertainty of the pandemic, one of the surprise statistics has been the decline in unemployment over the last eight months, taking it to the lowest rate in a decade. Why has this happened?
While there are a number of factors at play, a major impact has been travel restrictions.
Employers often fill skill gaps with people immigrating from both interstate and overseas, but now that movement has been severely restricted, people are unable to easily relocate to where the work is.
Combine this with a high participation, the percentage of the working-age population and many businesses are facing a shortage of talent.
While borders continue to be impacted by restrictions, labour force growth is likely to remain subdued with even small employment gains expected to decrease the unemployment rate further.
You can view the latest unemployment figures here.
Big Fish Creative Recruitment work closely with their clients to develop strategies for attracting and retaining staff in a competitive market place. If you are struggling to secure marketing, design or digital talent for your business, call Nikki Braybrook on 0413 584 870.