LinkedIn has launched new data on how the Australian job market has grown and adapted to a post-COVID world.
The data distinguishes three key areas of change in the jobs sphere and as the workforce begins to see signs of recovery. These trends can be utilised by Australians entering back into the workforce or for those trying to navigate the changing terrain of the market.
1) Job seekers are more likely to apply to jobs in a different industry - Job seekers are now 1.4x more likely to apply to jobs in a different industry from their current one.
2) Education - Despite workplace confidence remaining stable, those in Education are trending slightly down, driven by decreases in this group’s career outlook confidence.
3) Generational split – While all generations are feeling more positive about their career prospects, Gen X are feeling most confident at the moment, followed by Millennials while alternatively, Baby boomers and Gen Z are feeling the least confident.
On the announcement Adam Gregory, Senior Director of APAC Talent Solutions at LinkedIn Australia said:
“Hiring is stabilising in Australia as movement restrictions begin to relax, however it will likely take some time before we get back to the levels of hiring growth we saw before the pandemic hit. A big part of the labour market recovery will be transitioning workers from industries that have been hard hit by the crisis into new and different roles. This is already in process, with new LinkedIn data showing that the average worker is nearly one and a half times more likely to be looking for a job outside of their current industry. This is a lot higher in industries that have been brought to a halt during lockdown, such Recreation and Travel, with workers more than five times more likely to be looking to swap industries. Entertainment and Consumer Goods industries are also higher than average for industry transition currently.”
More detailed data sets for each point below:
1. Job seekers are more likely to apply to jobs in a different industry (Data date: 11 Feb – 5 Jun)
As the economy begins recovering and workers seek out new job opportunities, it is important to consider a broader set of job options. Compared to pre-COVID, we see that job seekers are now 1.4x more likely to apply for jobs in an industry different from their current one.
Unsurprisingly, job seekers in industries that were greatly impacted (like Recreation & Travel) are much more likely to apply to jobs outside of their current industry. This is partly due also to fewer jobs being available in their current industry. In contrast, industries providing frontline services such as network infrastructure, healthcare, and delivery have seen more stickiness to remain in their current industry.
- Significantly increased applications to jobs outside of current industry:
- Recreation & Travel: 5.2x more likely to apply to jobs outside current industry
- Increased applications to jobs outside of current industry:
- Consumer Goods: 1.5x more likely to apply to jobs outside current industry
- Education: 1.4x more likely to apply to jobs outside current industry
- Increased applications to jobs inside the same industry:
- Hardware & Networking: 1.4x more likely to apply to jobs in same industry
- Health Care: 1.4x more likely to apply to jobs in same industry
- Transportation & Logistics: 1.4x more likely to apply to jobs in same industry
2. Education (Data date: 18 May – 31 May)
The Education sector is being significantly impacted by COVID-19 and having ongoing issues. Despite workplace confidence remaining stable, those in Education are trending slightly down, driven by decreases in this group’s career outlook confidence. Despite this, education professions are not concerned about job security, showing that they’re comfortable their positions have longevity, but they are continually less confident about their personal finances and career outlook. (Down from 13 points to 9 in WCI).
The Education was the sector that ranked lowest when asked if they believed their income/wages would increase in the next six months, polling just 10% compared to the highest at 27%.
3. Generational split (Data date: 18 May – 31 May)
COVID-19 has had massive impacts across all Australians and while all generations are feeling more positive, Gen X are feeling most confident at the moment, followed by Millennials. Alternatively, Baby boomers and Gen Z are feeling the least confident at the moment largely due to low finance and low career pollings, suggesting that they are less positive about their economic prospects and job prospects than Gen X and Millennials.
However, Australia’s youngest generations Millennials and Gen Z are feeling the most confident about their financial situation improving in the next six months, with both age groups most likely to say that their investments and personal spending will increase in the next six months.
