Never was the maxim of 'change is constant' so true as we grapple to cope with the changing economic landscape. The recent downturn in the US economy and the on-going global credit crisis continues to have an impact on the outlook for the Australian economy. According to one of the world's most respected investment practitioners, Warren Buffet, 'the worst is yet to come'. This may seem alarmist but there is no doubt such events offshore and locally are having an impact on the way employees view the employment market.

Results from the latest LinkMe survey indicate that many workers feel it will be necessary to search for better paid jobs to cope with recent economic events. Ongoing pressure on interest rates, rapidly rising fuel costs, as well increases in staple grocery items are placing pressure on families and individuals, as well as contributing to uncertainty within the business community. But the news is not all bad.

It's not all gloom and doom

The Australian Institute of Management's (AIM) latest 2008 salary survey indicates that as a result of the continuing effects of skill shortages the level of pay increases remains high as organisations are pressured into maintaining salary relativities in order to attract and retain talented staff. Similarly a recent survey conducted by Mercer's Human Capital Business under 'Workplace 2012', concluded that the outlook for the economy going forward is positive with the demand for labour expected to continue to grow strongly. Further, they forecast that the labour force will rise 6% over the next five years from 11 million to 11.7 million.

Labour supply and demand across Australia

According to the Mercer survey most states and territories are forecast to have sufficient supply of labour to meet employment demands. The exceptions are the Northern Territory and Tasmania where there is the potential for the demands of labour to exceed the supply of labour. It is predicted that Queensland's labour force will experience the fastest growth rate and Tasmania's the slowest with Victoria and NSW growth rate expected to be in line with the national average.

Industry growth sectors

Employment in Australia is largely concentrated in five industries - manufacturing, construction, retail, property, business services and health. Although these industries are expected to continue to require the majority of employees in the future it is forecast that the construction industry will have the largest demand for labour. Solid rises are also expected in telecommunications, engineering, property and business services.

Forewarned is forearmed

So it's not all doom and gloom but we still face shifting economic realities and the pressure to make ends meet. Never before has it been so important for people to take command of their own career management, ensure their continued employability and maintain their career resilience going forward. Now is a good time to review your profile on LinkMe, make sure it's up to date and includes all of your key skills and product offerings. Invite your friends and work colleagues to become part of your network on LinkMe because remember well networked people are only ever one phone call away from their next job!