It’s here to stay, there is no debate on that front. But, with office vacancy rates at 15%, the highest since the mid-90s, employers are pushing for higher office attendance. We saw a big demand on this front in 2023 and 2024 will see the push continue. With job insecurity also doing the rounds, we have seen a greater inclination from employees as well.

Organisations are offering the world, or close to it to attract people back! Cooking classes, pawternity (yes, it is a thing), onsite childcare, travel allowance, bonuses attached to attendance, etc. But what is most important is that your company values align with the benefits and are not seen as superficial tokens.  An enduring, warm, and inclusive culture with sticking power harnesses employee engagement and productivity far more than a free lunch. Also- a quick note: hybrid is often ‘code’ for flexibility. Maybe look to have a deeper understanding of your team’s individual needs.

Sorry to be the bearer of such news! The Reserve Bank of Australia (RBA) forecasts unemployment to rise more gradually than in the initial statements made in August 2023, with expectations of 4.5% from late 2024 to 2025. But the upward shift won’t equate to an increase in the availability of skills. These two components are no longer linked, having lost their affiliation long before the pandemic. Unemployment levels of 4.5% are still well below rates experienced in the past fifty years. Also, let’s remind ourselves that we are seeking talent and the right cultural fit, not just anyone who happens to be available.

2023 witnessed significant wage growth, with 1.3% for the September quarter, the highest quarterly rise recorded in the 26-year history of the series and 4% over the year. The annual 4% rise is the highest annual growth recorded since March 2009. As for 2024, economists expect wage growth to be 3.5 to 4%, moderating again for 2024/25. The States tell a similar story, with surveys indicating wage growth will sit at 4% compared to 4.6% in 2023. For more information on current administration salaries, see our salary guide HERE.

In October, job advertisements plummeted by 5% and a year-on-year drop of 20 percent. For employers hiring or simply looking to retain staffing levels, the reduced competition provides a modicum of relief. It is also good news for job seekers as an abundance of jobs is not always great, the paradox of choice! We saw this with the great resignation experience of 2021/22, demonstrating to many job seekers that the grass is not always greener.

The good news, in 2024, both employers and employees are looking for longevity, retention and security. As an employer, it starts with understanding your team.  What are their dreams, goals, aspirations… and ‘pain’ areas?  The cost of living continues to be a major concern for everyone. If salaries can’t be increased, what else can be offered to ease the financial burden and pressure?

It’s legitimate. In 2023, 72% of leaders felt burnt out, a 12% increase from 2020 (and that was a tough year!). It is a business imperative for leaders to maintain high levels of creativity and innovation, which requires vitality and health. We have had a razor–like focus on all things well-being for employees- what is in place for our leaders?

Let’s make 2024 a fabulous year!