Finance, Insurance & Real Estate Sectors' Hiring Confidence Declines To Lowest Levels In 24 Months 1

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4th June 2008, 02:03am - Views: 586

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Media Release

Manpower, Level 22, Darling Park 2, 201 Sussex Street Sydney. NSW Australia 2000

Manpower Employment Outlook Survey

Under embargo until 0:01, 10th June 2008 Local Time 

Hiring confidence in the Finance, Insurance & Real

Estate sectors declines to lowest levels in 24 months.

The Manpower Employment Outlook Survey released today, indicates the

employment prospects for job seekers in the Finance, Insurance & Real Estate

sector may well be softer than they have been for the past two years as business

leaders intend to hire less new staff. 

The survey, which was part of a broader survey of 2,658 employers across Australia,

revealed that the majority of employers in this sector are intending to hold the line on

their staff levels for the next quarter. The levels of demand are considerably lower

than the past 24 months, and in fact have dropped back to the same lower levels

reported at the end of 2006.

The Finance, Insurance & Real Estate sector’s employment market shows a

considerably softening in hiring intention in the July – September quarter of 2008,

with a Net Employment Outlook of +24% compared to +31% in the last quarter, a

decline of 7 percentage points. This is also 18 points below the peak of April-June

2007, which saw a Net Employment Outlook of +42% for the sector.

According to Stephen Hinch, General Manager Marketing & Communications,

Manpower, Australia and New Zealand, “This considerable softening in intention to

hire new staff may not signal a slow down in net growth. The continuing softening in

hiring intentions may well be indicating a decline in pent up demand that was created

by internal mobility together with supply shortages”.

“This softer demand may also be an early indicator of the disaggregation of the

labour markets as some industries continue to grow from strength to strength while

others such as Finance as well as Wholesale & Retail begin to tighten and perhaps

shrink as consumer confidence tightens. Business leaders must continue to rethink

their strategies not only to attract but more importantly to retain the right talent, as

staff that you lose today may well need replacing tomorrow.” Hinch said. 

“There has been a general even spread of growth across all industries over the past

few years only constrained by labour supply, but as the economy tends to shift we

may well see a disaggregation where some industries such as Wholesale & Retail

contract while other industries continue to grow. The net result of this disaggregation

could see as many as 150,000 people losing their jobs over the next 12 to 18

months, but only a slight up swing in unemployment as those with transferable skills

can move to the growth sectors”. Hinch noted. 


For further information please contact

Stephen Hinch, Phone – 02 9263 8644, Mobile – 0488 495 270,

The next Manpower Employment Outlook Survey will be released on the 9th of September


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