It’s all about the people.
Market Overview: A Period of Continued Caution
While we hoped for a surge in hiring after a quiet start to 2024, the Sydney accounting and finance market remains subdued. However, experts are cautiously optimistic, predicting a more vibrant market in 2025. This cautiousness shouldn't overshadow the resilience of the Australian economy. As Warren Hogan, Chief Economic Adviser of Judo Bank, notes, inflation and labour shortages pose challenges, but the fundamentals remain strong.
Key Considerations for the Current Market
Retention Takes Center Stage: With fierce competition for skilled professionals, companies must prioritise employee engagement to retain valuable talent. This involves offering competitive salaries, fostering a strong company culture with clear career progression opportunities, and investing in ongoing professional development.
Hybrid Work: A Balancing Act: Catering to diverse preferences is key. While some Gen Z employees value remote work, others crave the social interaction of a physical office. Offering flexible work arrangements can attract top talent across generations.
Invest in Your People: Don't let caution hinder growth. Invest in training and development programs to empower new team members and unlock their full potential. This fosters a culture of learning and reduces reliance on external recruitment during a tight market.
Skills in Demand: Expertise in compliance, risk, governance, and reporting is highly sought after, reflecting the current risk-averse climate.
Market Trends Shaping the Future
Persistent Inflation: At 4%, inflation remains a significant concern. Interest rates are expected to hold steady as the Reserve Bank aims to bring inflation down to a target range of 2-2.5%.
Labour Shortage Persists: The ongoing labour shortage allows skilled professionals to command competitive salaries and benefits.
Shifting Workplace Landscape: Generation Z's growing presence in the workforce brings new perspectives on work-life balance and communication preferences. Understanding these evolving expectations is crucial to attracting and retaining top talent.
Senior Hiring on Hold: Hiring activity for senior positions (over $180,000) is muted, presenting an opportunity for experienced professionals to explore internal mobility options or upskill to remain competitive.
What Does This Mean for You?
Employers:
Job Seekers:
Looking Ahead: A Brighter Future on the Horizon
While the immediate future may be characterised by continued caution, 2025 holds promise for a more dynamic market. Stay informed about emerging trends and adapt your strategies to capitalise on these opportunities.
HPR Consulting: Your Trusted Partner in Sydney's Accounting and Finance Market
We are experts in navigating the Sydney finance market and have a proven track record of successful placements. Please contact us today for hiring or recruitment needs, salary advice, or further market insights.
