As another year draws to a close, I have been reflecting on the employment market in 2018 and potentially what 2019 looks like. Whilst our interest rates remain stable, we have seen a decline in the housing auction clearance rates and property value which typically has a direct impact on the employment landscape or is a precursor to a decline. However, with the growth of the Victorian population and significant infrastructure projects, our unemployment has dropped to a seven-year low of 4.8% so we should feel a degree of optimism that this will continue for 2019 in Victoria. Nationally, unemployment remains steady at 5% which again is an all-time low for the last six years. Queensland and Western Australia have the highest level of unemployment (6.3 and 5.7 respectively) which is a direct correlation to the decline in the mining sector.
For senior-level executives, it is still a competitive job market and you should expect it can take a number of months to secure a new role and to anticipate a recruitment process will involve a similar timeframe to conclude. This is often an exhausting and emotionally draining experience so you need to be kind to yourself during these times and ensure you are utilising your downtime to recharge your batteries and do things that give you some enjoyment and opportunity to decompress.
Christmas is a time for many of us to take a well-earnt break, go away on a holiday and spend time with our loved ones. Take this time to relax and have some time out, however, it can also be a good time to reflect on your goals and objectives and think about what the New Year may bring.
Wishing you all a happy, joyous and safe festive season and prosperous New Year!