Great Jobs Boom 2022
The first half of 2022 has seen Seek post the highest number of job advertisements in 25 years. Employment opportunities are up 50% when compared to March 2019, with over 230,000 jobs available across all industries and professions. This is largely due to the Covid-19 pandemic, and a related reduction in the number of workers entering Australia.
Employers will be looking to retain their staff and attract the best possible candidates to fill vacancies. That, combined with unemployment rates being at a 13-year low, make this a jobseekers market. This creates opportunity for your clients to seek higher wages, additional benefits or flexibility with their working arrangements.
Post-pandemic, we are seeing a rise in the number of people looking to change their employment situation, whether by changing employers or industries, or seeking additional flexibility, benefits, or higher wages. This will create opportunities for you to provide personal advice to your clients.
Rising salaries will mean additional cashflow to increase savings and investment or reduce debts. If an increase in salary pushes your client into the next tax bracket, they may consider superannuation contribution strategies to reduce their income tax. Higher income or additional benefits may also provide an opportunity for you to review your client’s insurance to ensure they are still adequately covered.
When you need those RoA’s or SoA’s completed, think QPP. We are here to help!