With 19 years’ combined expertise in recruitment and HR solutions across Australia, New Zealand, and the United Kingdom, people2people Recruitment announced today the release of their twelfth annual employment and salary report.
Over 1,000 employers, collectively representing more than 10 million individuals, participated in the survey to offer insights into talent strategies and salary trends. Additionally, 2,500 job seekers provided feedback on career plans, work expectations and priorities, each contributing to a comprehensive understanding of the job market landscape. Furthermore, the survey encompassed the unique perceptions of over 10,000 employees, who each shared their experiences and opinions on various workplace topics impacting their professional lives.
Key findings from the report include:
- 2024 business outlook: 9% of organisations anticipate rapid growth, the majority, comprising 54%, predict steady Meanwhile, 22% anticipate stabilisation in their industry, with 11% aiming for a recovery from previous setbacks. A smaller proportion, constituting 4%, are preparing for a potential or further downturn in the coming year.
- In 2024, recruitment priorities vary 45% focus on replacing roles due to ongoing turnover, while 52% prioritise organizational growth. Additionally, 15% plan to hire seasonal staff, 24% anticipate no recruitment, and 4% expect redundancies.
- The cost-of-living crisis has prompted over one-third of workers to bank their annual leave, fearing both rising costs and potential job Additionally, more than 70% are hesitant to seek new roles due to global economic uncertainty. A striking 80% have adjusted their lifestyles to cope, with 40% making significant changes. Notably, 64% expressed heightened financial concerns compared to 2023.
- Among job seekers, 40% are satisfied with their salary, while 22% feel it doesn’t match market rates and 51% still believe their pay doesn’t align with their performance. These findings illustrate diverse perspectives on compensation within the job
- In 2024, both employees and job seekers have clear priorities for their requests, with 48% seeking a pay rise, 43% desiring more flexibility, 37% aiming for additional employee benefits, and 16% seeking higher These findings underscore the importance of compensation, work-life balance, and perks in attracting and retaining talent in the current job market.
- Job seekers’ expectations regarding a full-time return to the office in 2024 reveal diverse salary increase expectations. Up to 12% expect a substantial pay rise of over 20% if they are asked to work full-time from the office, while 37% foresee a moderate increase of 10-20%. Additionally, 32% expect a modest raise of 5-10%, while 19% anticipate a minimal increase of 0-5%.
Erin Devlin, people2people Recruitment’s VIC Managing Director says, “In 2024, under the cost-of-living crisis and given the current labour market uncertainty, job seekers favour career opportunities over everything else in job advertisements. In 2022 and early 2023, due to the many skill shortages, job seekers increased their salary and benefit expectations. Now that the power has shifted in employers’ favour, job seekers’ focus has moved towards long-term opportunities.”
“While this year they might have more bargaining power during the recruitment process, employers must continue assessing and improving their employer value proposition, to ensure they are giving themselves the best chance of attracting talent when they need to, but also retaining their own staff to avoid the extra cost of a higher staff turnover.”
About people2people: people2people is an Australasian recruitment company built on an established reputation for providing professional and personalised recruitment services since early 2005. At people2people recruitment, their focus is on identifying potential today to build careers and businesses of tomorrow. Recruitment expertise includes accounting C finance, business support, executive, government, human resources, legal, marketing C digital, property, sales, supply chain management and technology.
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