April Market Update – Sales, Marketing & CategoryÂ
The big indicator of recruitment market performance is the quarterly ABS Job Vacancies Report. This is compiled across every sector and organisational type. The report just out shows a 6.1% decrease in vacancies compared to the previous quarter but is still ahead of pre-covid numbers. The second indicator is the monthly Seek Job Ad update, which was down 2.5% but still ahead of pre covid levels.  So, what to read into all of that?!
Most sectors and most companies see 2024 as a year to get through unscathed, allowing high interest rates to drive down inflation to the RBA’s 2-3% target, and we’re getting closer, currently at 3.4%, significantly down from the 7.8% peak of 15 months ago.
So, at a macro level, we believe recruitment will trend down gently for another 6 months, but at a business and functional level, several contrary micro-trends continue.
- Sales – Demand is still high for National Account Managers (NAMs) and National Business Managers (NBMs), but the comfort of experience in tough trading conditions is becoming more important than skills and potential.
- Marketing – Marketing budgets are often cut, and teams downsized in a down market. We’re not seeing that, but outside of the consistent movement of Brand Managers and Senior Brand Managers (SBMs), the market is quiet, with the senior market in long term stagnation. Popular roles that are still in demand, include: Campaign Managers, CRM Marketing and Digital Marketing roles at an executional and middle management level.
- Category – Businesses often look to category to lead through complex markets, and we see that in recruitment with the demand for Category Development and Category Strategy Manager disproportionately high compared to other functions.
As I write this, US inflation numbers are out and have jumped up, negatively impacting the Aussie dollar and could stall our interest rate reduction. I’m no economist, but maybe the threat of Donald Trump being re-elected has Americans stockpiling the essentials ahead of the riots to come!
Our 2024 Salary Guides are now live!
In other news, our 2024 Salary Guides are out and now has never been a better time to see where you sit in your career and if your salary is aligned to market rates. Â Dive into these comprehensive guides to gain valuable insights into industry standards, essential skills for success across different roles, emerging trends and new roles shaping the market landscape, and much more.
Don’t miss out on this invaluable resource for navigating the ever-evolving job market.
Market predictions for 2024
We also recently released our market predictions podcast epsiode for 2024, where our sales and marketing consultants Amelia Kettle and Andrew Cannock shared their insights on the year that was, predictions for the year ahead, and the roles that will be in high demand in 2024. It’s well worth a listen, so tune in now!
New team member for Sales & MarketingÂ
Finally, our reports and guides take on a broader perspective from this month as we add the highly experienced Ben Carnegie to our team. Ben is well known, highly regarded and takes our brand into his area of expertise, the broader consumer goods and services market. Welcome Ben!
