In delivering its latest quarterly update, HR&M said unemployment was tracking at 35-year lows and, while there had been some talk of softer jobs growth as a result of rising interest rates and slowing economic growth, it was yet to see any evidence in support of this.
“In fact, our latest forecast shows that employers’ hiring intentions remain very positive,” said HR&M regional director Ben Hiles.
“Businesses are expanding, the resources and construction boom continues, skills are in demand and candidate attraction and retention remain a focal point.”
The company’s research showed there was still a major shortage of process engineers, with an increase in the number of new mineral processing projects, especially in Southeast Asia, driving demand. Employers were chasing hard for candidates with hydrometallurgical experience, in particular.
Civil/structural and mechanical engineers as well as project control staff such as senior planners, estimators and contracts administrators, were all also in short supply.
The situation, as HR&M observed in its quarterly, has wrested much of the bargaining power from employers and handed it to the candidates.
“In a candidate-rich market, potential employers can be very particular about their requirements,” Hiles said. “But in the current market, it is the candidates who are being particular, seeking work/life balance and asking employers what their company can offer them over others.”
He added that employers were starting to get the message and changing their approach to suit. For example, while companies would much prefer to secure a candidate through permanent employment, they are prepared to recruit on a contract basis if that is the desired candidate’s preference.
But Hiles also warned candidates not to let the skills shortage distort their view of market worth.
“The majority of candidates maintain realistic expectations when searching for their next role, however, there is a small percentage who misinterpret the skills shortage as an opportunity to receive inflated salaries,” he said.
