News & Research Archives 2008
DECEMBER 2008
MEDIA RELEASE
01/12/08
Page Personnel launches in Australia
01/12/08
Is Queensland doing enough to attract interstate professionals?
MEDIA COVERAGE
Slump changes hiring plans
12 December, The Australian
Litigation, insolvency and employment and workplace relations lawyers will be the most sought-after by employers in 2009 as the current economic uncertainty puts the brakes on the legal recruitment boom of recent years. Chris Meharg, Manager for Michael Page Legal has witnessed a surge in demand for insolvency lawyers in recent months as tighter credit markets see more and more companies struggle to stay afloat and try to raise further equity, sell assets and restructure their business. "In the current economic climate, companies are under pressure to contain costs and minimise debt, with both small and large organisations proactively looking to recover monies owed to them," he says.
CFOs step up to the plate in global crisis
6 December, Weekend Australian
Never before has the role of chief financial officer been more crucial as corporate Australia navigates the treacherous morass of the global credit market. A trend has already emerged for CFOs to be the right-hand man of the CEO, having much more of a strategic input instead of doing the number crunching. Matthew Cook, managing director of Michael Page Finance says CFOs are subject to more attention and more demands – usually in relation to their company’s very short-term survival. "No one now is focused on the company in three to five years. They are focused on where the company will be in April next year," he says. "2008 has been a very good year for CFO recruitment."
The next Page
5 December, Australian Financial Review
Recruitment firm Michael Page International will launch Page Personnel in Australia in early 2009. Established in 1994, Page Personnel is a global business providing recruitment consultancy services to the junior specialist markets.
Queensland should work harder to recruit interstate
1 December, shortlist.net.au
Nearly half of all professionals in NSW and Victoria are either unaware or skeptical of job prospects in Queensland, according to research from Michael Page International. From a poll of 5,100 professionals working in NSW and Victoria, 26% were not aware of career prospects in Queensland, and 23% believed job opportunities in the state would be low or nil. Robert Lyster, Associate Director for Michael Page Queensland said the research suggested that both government and industry in the state weren’t doing enough to attract high quality interstate professionals. "Job advertisements should be tailored to focus on attractive salary packaging and the opportunity for career development," he said.
NOVEMBER 2008
MEDIA COVERAGE
Jobs dry up as the slowdown hits hard
21 November, The Australian
The deepening economic slowdown and usual end-of-year lull have combined to create a downturn in the job market for lawyers. Michael Page director of legal Simon Tobin says legal recruitment has slowed but some firms are still hiring. "Some clients are still making opportunities to come and see us, so it’s not absolutely dead, but it is quieter," Tobin says. Sydney and Melbourne, the main financial centres, have felt the brunt of the slowdown but the resource capitals of Perth, Brisbane and Adelaide have been less affected so far.
Growth adds to lure of north
18 November, The Australian
It was once the place you moved for a sun, sand and surf lifestyle, but Queensland’s growing technology sector is increasingly finding favour with technology professionals. A survey by recruitment firm Michael Page International finds 42 per cent of more than 900 technology workers in NSW and Victoria are open to a move to Queensland in the next 12 months. The data finds the main reasons for the move are no longer lifestyle-related but career opportunities and salaries. Michael Page Technology associate director Emily Holman said salaries had become more competitive in Queensland as more IT roles opened up. "In the past decade, there has never been much of an IT workforce in Brisbane, but there has been a drive up there in the past three years," she said.
Demand co-exists with crisis
15 November, The Weekend Australian
A complex and evolving society will always need talent simply to operate and people who try to draw conclusions about the future of the employment market by comparing the current financial crisis with the recession in the early 1990s will come unstuck, according to managing director of Michael Page International, Phillip Guest. "At the moment there is some underlying strength in the Australian economy. However, people are shocked by what’s happening internationally and we are not immune. We may see slower growth, but we expect continued high demand for professional skills," he said.
Fluctuating fortunes in fixed income
5 November, efinancialcareers.com.au
Things are getting complicated in fixed income recruitment: the globals are quiet; the Big Four are opportunistic; and the boutiques are growing. Sales and trading roles are holding their own, while origination (debt capital markets/securitisation) is taking a tumble. Melissa Tal, recruiter at Michael Page International says it’s difficult to raise debt at the moment. “Securitisation and debt capital markets have no real growth and this is slowing recruitment in these areas,” she said. The large local banks aren’t in expansion mode so the opportunities are now mainly with the smaller boutique firms. “There are fewer variables affecting the boutiques as they don’t take hiring and firing orders from overseas and decision making is done locally. This can give longevity to jobs, better life balance and a good career path to candidates,” says Tal.
Michael Page launches global job search site
5 November, shortlist.net.au
Michael Page has launched a new website aimed at candidates considering a move abroad. Michael Page International Asia Pacific head of marketing Marcus Sandmann said the company had recently seen an upsurge in the number of candidates wanting international experience on their CV. He said the site offered practical information about lifestyle and working conditions in over 30 countries, and a search function for current vacancies.
OCTOBER 2008
MEDIA RELEASE
30/10/08
Global careers – a reflection of the times
MEDIA COVERAGE
Seeking sanctuary in infrastructure
20 October, efinancialcareers.com.au
If you can get a job in the infrastructure finance (IF) sector you’ll be well placed to ride out the recession. The comparatively solid IF employment market is underpinned by continued government spending on desalination plants, toll roads, ports and other domestic infrastructure. Simon Tobin, national director of financial services at Michael Page International, says infrastructure finance should stay more resilient than other sectors. "It is a stable and long-term asset class which makes it attractive to candidates in the current market. Analysts, investment managers and capital raisers are the key job functions and these roles demand high-level technical structuring abilities, as well as mathematical and project management skills," he says.
Global crisis puts squeeze on pay
7 October, The Australian
Salaries for information and communication technology professionals in Australia rose by 4.9 per cent in the 12 months to May, but the sector is divided on whether salaries will continue to rise in the wake of the global financial crisis. Simon Lynch, national director of IT at Michael Page International, said salaries would still rise, but not at the same rate as previously seen, particularly for sought-after people with niche skills. "There has been some slowdown in projects and volume of work, but good people will still be snapped up," he said.
SEPTEMBER 2008
MEDIA COVERAGE
Frozen-out expats return to Australia for jobs
29 September, Sydney Morning Herald
There has been an increase in the number of Australian expatriates in New York and London looking for work back home due to the tightening job market in the finance industry, according to Michael Page International. "It is getting very competitive for jobs in the London and New York markets so people are looking to areas where the economy is performing better," a company spokesman said. "We’ve seen huge interest in centres like Hong Kong and Singapore, and of course for Australians working overseas there’s been a huge interest in jobs back home."
Horses for courses
6 September, The Weekend Australian
Postgraduate research is generally a good career investment but it should be considered as part of an overall development plan and is more important in some professions than others. Scott Mewing, national director of executive search with Michael Page International says that having extra qualifications is certainly seen as a positive in most business–related fields but it is not the only thing that employers look at. “Australian companies are different from say, those in the US, which are very driven by formal qualifications. If you are aiming for a senior position in a big Australian company, then a masters-level degree is good but employers will also look at relevant corporate experience, your personal values and your overall fit with the company,” he says.
AUGUST 2008
MEDIA RELEASE
01/08/08
White-collar employees in the dark about job prospects in Greater Western Sydney
MEDIA COVERAGE
Grass may be greener at home
23 August, Sydney Morning Herald
Our brightest young accountants and bankers have long been lured overseas but that career move is being tested as the world’s financial centres struggle with the credit crunch and resulting slowdown. The banks have yet to see a big influx of people returning but recruitment firms are reporting a marked increase in inquiries from Australians and other nationals looking for work. Simon Tobin, national director of financial services for Michael Page International, says that people returning may not find it that easy to secure work in the finance sector. “It’s not straightforward for some heavyweight investment banker to parachute into an equivalent position in the Australian market,” he says. “The Australian financial services market is a significant sector but the size and scale is certainly not like New York, London or Hong Kong,” Tobin says.
Growth is name of the game
23 August, Weekend Australian
For professionals in the property and construction industry, there are plenty of opportunities to work overseas, with substantial benefits to both bank account and career development. Richard King of global specialist recruitment firm Michael Page International says the hottest market in the world at the moment is Dubai, in the Persian Gulf. “We have a dedicated office there, and growth shows no signs of slowing. In Dubai there is a whole string of construction projects underway, and more planned, with the government determined to turn the place into one of the world’s key hubs,” he says. “Large infrastructure projects in India and Malaysia are likewise creating demand for construction professionals,” King says.
Poaching the fruits during winter
12 August, Australian Financial Review
As many sectors feel the pinch, the more progressive firms are poaching anxious staff in preparation for the inevitable upturn. Phillip Guest, managing director for Michael Page International in Australia and New Zealand, says smart employers are capitalising on talent coming into the market. "We are seeing a rise in hiring activity as highly skilled people leave – voluntarily or by retrenchment – to join companies in other sectors. Lawyers and accountants, for example, are quickly snapped up when they leave a bank to work in another, less troubled, industry," he says. "Organisations understand the absolutely critical nature of having the right people in the right place for growth and they are getting smarter at recognising the opportunities to hire good people," Guest says.
Flying jobs flag
5 August, Penrith Press
Only 15 per cent of white-collar workers think they have good job prospects in Greater Western Sydney, including Penrith, according to a survey by global specialist recruiter Michael Page International. While a majority of the 1,100 white-collar professionals surveyed are keen to work in these areas, they say they are not properly informed of opportunities. Phillip Guest, managing director for Michael Page International in Australia and New Zealand says that people are not including greater western Sydney in their job search because the white-collar employment market is still perceived as CBD-centric.
JULY 2008
MEDIA COVERAGE
Jobs take a casual and temporary turn
11 July, Australian Financial Review
Australia’s two-speed economy continues to be reflected in the jobs market, and employers in the resource-rich states of WA and QLD are far more buoyant than those in NSW and VIC. However, Michael Page International managing director Phillip Guest says the resources sector will soon find itself competing harder against infrastructure and construction companies for engineers and project managers with tens of billions of dollars of government spending planned on capital works projects. "The challenge that government will have is their ability to staff these large infrastructure projects with skilled labour," he says. "They will be competing against the large mining companies, who are drawing upon the professionals engineering-type roles for their projects. The skills shortage in these sectors will also be exacerbated by the growing attraction of the Middle East for workers in the construction and property sectors," he says.
Brisbane a capital place for industry
July, Brisbane Business News Magazine
Employment growth across professional occupation groups in Queensland continues to flourish at a faster rate than the national average, as workers flock to the likes of IBM, Boeing, Virgin Blue, Oracle, Flight Centre and Mincom. A survey by global specialist recruitment firm Michael Page International of 120 hiring managers in Queensland reveals that 67 per cent of companies expect to increase their permanent staff numbers over the next 12 months, placing the state well above the national hiring average. Robert Lyster, associate director for Michael Page in Queensland, says the positive outlook is not limited to the booming mining and construction sectors. "Even though the mining and resources boom, coupled with significant infrastructure investment, is fuelling jobs growth in Queensland we are seeing high levels of recruitment activity across the board. Companies are investing in business services functions ranging from finance and technology to sales and marketing," he says.
JUNE 2008
MEDIA RELEASE
MEDIA COVERAGE
Employers pay more for staff as skills crunch bites hard
24 June, The Australian
Technology skills remain in short supply despite a gloomier economic outlook, and Australian employers are searching offshore for talent as well as boosting salaries and perks to keep existing staff. According to the Michael Page Technology Salary & Employment Forecast 2009-09, 41 per cent of organisations have boosted salaries because of the tightening skills market, while 32 per cent have offered workplace flexibility. Some 23 per cent of employers have targeted other industries and 21 per cent are using global recruitment, the survey finds. The slump in graduate numbers and the loss of Australians to overseas markets meant global recruitment was considered an option for sourcing experienced people, Michael Page technology national director Simon Lynch said. “The skills shortage in IT is only going to get more pronounced, so the alternative is to look external to the local market,” he said.
HR salaries tipped to rise
24 June, Human Resources Magazine
HR salaries are predicted to increase by between 4 and 7 per cent in the coming year, despite mounting pressure from a broader economic policy perspective to curb wages growth, according to the Michael Page Human Resources Salary & Employment Forecast 2008-09. “The HR function is gaining increased recognition for its impact on business performance and we are seeing continued investment in HR to drive strategic initiatives and support business growth and this translates into a strong market for HR professionals,” said Jonathan Wiles, HR national director for Michael Page. “Our survey results support this with 61 per cent of employers planning to increase staff numbers over the next 12 months,” he said.
Professional employees showing optimism
22 June, theage.com.au
White collar employers are cautiously optimistic about employment growth, with over 60 per cent planning to increase their head count over the next 12 months, according to the Michael Page Salary & Employment Forecast 2008-09. The survey found that a significant increase in infrastructure spending continued to drive demand for professionals in the mining and resources, engineering and construction sectors but global market volatility would slow demand in the financial services sector in the short term. “Despite cost pressures, and contrary to sentiment that the economy is slowing, 61 per cent of employers predicted sustained employment growth in fiscal 2009,” said Michael Page managing director for Australia Phillip Guest.
Domestic skills shortage intensifies
18 June, The West Australian
The employment market for property and construction professionals remains strong in Western Australia due to an already tight labour market and growth in infrastructure and construction activity, according to a recent Salary and Employment Forecast report by Michael Page International. Employers continue to report difficulties in finding and retaining quality talent which is further compounded by competition from companies overseas. The report indicates that one in two employers experienced difficulty retaining staff over the past 12 months and all employers surveyed see staff retention as an important focus for the year ahead.
Welcome abroad
14 June, Sydney Morning Herald
The last 12 months have seen an increasing number of Australians placed into the Middle East, according to recruitment specialists Michael Page International. Managing Director for the Middle East, Matthew Gribble points to the property and construction industry as an area where demand for Australians is hot. “There are roles such as general managers, development directors, project directors, quantity surveyors, architects and engineers of all types,” he said. The banking and financial services sector is also a major focus for growth. “The objective of many Middle Eastern locations is to be hubs for financial markets because they are better positions from a time-zone perspective,” he said.
Salaries still rising
6 June, Australian Financial Review
The global credit crunch and liquidity concerns have yet to have an impact on lawyers’ salaries, with healthy pay rises on the cards for the next 12 months. Career advancement is also attracting lawyers to Australia from Britain – both Australian and UK qualified – who want better access to booming Asia. “Uncertainty in global financial markets has lessened activity in areas such as mergers and acquisitions and this has impacted the employment market,” Michael Page associate director Jason Saunders said. “In this global context, Australia is seen as an attractive option and we’re seeing more Australian lawyers considering a move back.”
Pay rises in the wind as demand outstrips skill supply
3 June, The Australian
Salary rises for IT professionals of between 5 per cent and 8 per cent are expected in the next 12 months, despite 50 per cent of employers believing wages growth in the past year was not in line with productivity growth. A shortage of IT graduates will continue to keep the supply below demand. Michael Page Technology associate director Emily Holman said hiring intentions remain strong. “All of our clients across the sectors we have spoken to have projects and big programs of work that they are still delivering to the business,” she said.
MAY 2008
MEDIA RELEASE
23/05/08
Where else but Queensland
THOUGHT LEADERSHIP
02/05/08
Securing our future skills supply
MEDIA COVERAGE
Breaking the skills drought
10 May, The Age
Employers are already feeling the impact of capacity constraints resulting from the skills gap. In sectors such as mining and construction, projects are stalled because companies cannot find skilled labour. The situation will worsen because of the ageing workforce and the increasingly fluid nature of global skills flow. Phillip Guest, Managing Director for Australia at Michael Page International said securing our future skills supply requires a sustained, collaborative response from the government, the business sector and the recruitment industry. “Dialogue between policy makers, business leaders and those at the coal face of recruitment is required to deliver the right strategies for the right sectors at the right time,” he said.
APRIL 2008
MEDIA COVERAGE
Grand times in the mines
27 April, The Sunday Times
WA’s mining sector remains buoyant and employers are crying out for suitable candidates to fill the positions. Adrian Oldham, associate director for WA at Michael Page International said employers faced critical shortages of mining engineers, geologists and metallurgists. “We actively source candidates from South Africa and Canada for specific fields – we are taking them from wherever we can get them at the moment as the demand for people with experience is just so overwhelming,” he said.
Go global: why overseas employers want to meet you
16 April, Sydney Morning Herald
For Australian professionals in a range of job sectors, high demand means now is a great time to try to land work in cities ranging from New York to Dubai to London. Phillip Guest, managing director of Michael Page International said finance and law are among the professions in highest demand for Australians working abroad. “Our education standards in Australia are high and are very well regarded, particularly in Asia, and Australians have highly transferable skills,” he said. On their return from overseas, Australians who have worked abroad often find new career opportunities.
Firms’ ardour for accountants unabated
7 April, Australian Financial Review
Investment bankers may be facing the prospect of a tightening job market and diminished bonuses as the finance sector navigates tumultuous times, but the demand for employees with fundamental accounting skills in the Big Four remains as strong as ever. Sharmini Thomas, an associate director with Michael Page International said global economic circumstances were having a limited impact on the jobs market here. “Because so much of their [firm’s] workforce is accountants, naturally, whatever’s going on in financial services has an effect on the broader market. In a climate of slowing business expansion, accounting professionals had been less sought after to fill ‘strategic’ roles but were increasingly required for nuts-and-bolts compliance roles,” she said.
Extra training can wait, as dearth of competition gives new entrants a quick ticket to a job
1 April, The Australian
Graduate training programs have traditionally been the logical step for students completing their IT degrees, but the skills shortage plaguing the industry means there are other tempting options. Michael Page technology national director Simon Lynch says the outlook for IT graduates will continue to be strong for the foreseeable future. “We are definitely seeing a lot more businesses picking up graduates and students can find they are going into their final exam periods with a job already in hand,” he said.
MARCH 2008
MEDIA COVERAGE
Eyes on the prize: creativity is the key
22 March, The Weekend Australian
Engineering is the most candidate-short profession, with the highest demand for mining and construction engineers. Richard King, national director for Engineering at Michael Page International says the candidate skills shortage for engineering is extreme to the point where many large mining or construction sites will have a list of job vacancies some of which don’t get filled for many months. In the war for engineering talent, organisations must be prepared to compete globally and be creative. “Selling sun and surf is no longer the attraction for most engineering professionals coming to Australia. They want to have career paths, significant projects and packages that are financially, socially and professionally rewarding,” said King.
Professional skills crisis
Autumn 2008, Tax Practice Journal
The Federal Government’s hardline approach to combat inflation with plans to target the skills crisis is a step in the right direction but ignores key industries in urgent need of professionals, said Phillip Guest, managing director at Michael Page International. Australia’s economic growth depends on the success of our corporate sector, but many companies are constrained because they don’t have the skilled workforce to support their growth. Skills shortages are far more acute in professional sectors such as legal, for example, as opposed to the broader labour force. As a result, Australia is in urgent need of a national approach tailored for our professional skills shortage crisis, before it impacts on our economic growth.
Michael Page growing Asia-Pac headcount, Australia lifts bottom line
5 March, shortlist.net.au
Michael Page Asia Pacific reported operating profit growth of 22% during calendar year 2007, to £20.8 million ($A44.6m), on revenue up 17% to £97.8 million ($A209.4m). There was continued investment in new staff across all offices that lifted the region’s total headcount by 43% to 632. Asia-Pacific contributed 12% of 2007 gross profit, while Australia alone, one of the company’s four biggest locations, contributed 7% or £33.5 million ($A71.8m). Michael Page chief executive Steve Ingham said the company saw “numerous growth opportunities” in the strong Australian economy, and had increased country headcount by 46%.
To view the Michael Page International Full Year Results, click here.
FEBRUARY 2008
MEDIA RELEASE
11/02/08
Michael Page International signs integrated media management agreement
MEDIA COVERAGE
The retention question
22 February, Lawyers Weekly
The Treasurer Wayne Swan’s recent attempt to address the national skills crisis is a step in the right direction but more needs to be done to keep Australian legal professionals from going overseas according to Jason Saunders, director of legal at Michael Page International. A global shortage of lawyers, as well as a resources boom in the Asia Pacific, has hit the market for talent here in Australia hard. “In the UK, Australia is the number one headhunting ground for 15 of the top 20 London legal firms,” Saunders said. “Australian firms need to invest in things like training and development, work/life balance and graduate recruitment as these are a weakness in retaining talent,” he said.
Boom market to keep the heat on recruiters
16 February, The Australian
Engineers are the most geographically mobile of all the disciplines and the demand for these professionals in Australia’s own energy market is heating up. According to Richard King, national director of engineering and supply chain at Michael Page International, there is growing interest for skilled workers in the renewable energies as companies look for specialist engineers in wind power generation, hydro-electricity and solar thermal energy. “The employment forecast for recruitment activity will remain positive in the energy sector over the next 12 months because of favourable business conditions as well as the injection of funding for major projects,” he said.
Aussie lawyers sidestep British restrictions
15 February, The Australian
Most Australian lawyers who want to work in Britain look set to avoid the impact of proposed restrictions on foreign lawyers. Under the proposed changes, hundreds of foreign lawyers who seek admission as English solicitors would first need to work under supervision for a year. Jason Saunders of Michael Page International said most partners at leading London firms considered the proposed changes to be potentially detrimental but if the restrictions hurt the London firms, they could provide an indirect benefit for the big Australian firms. “Foreign lawyers who might once have considered moving to London, might now consider moving to Australia,” he said.
Fast-tracking professional skills ignores key industries
5 February, HR magazine
The Treasurer, Wayne Swan’s recent move to fast-track national recognition of professional skills has finally put the professional skills crisis on a national platform, but ignores certain industries. While the Treasurer’s actions are a step in the right direction, they are only geared to encourage job seekers into mining and ignore other industries in urgent need of professional accountants, engineers and lawyers, according to Phillip Guest, managing director of Michael Page International. “Australia’s economic growth depends on the success of the corporate sector, but many companies are constrained because they don’t have the skilled workforce to support their growth,” Guest said.
JANUARY 2008
MEDIA RELEASE
24/01/08
Federal Government’s plan to target skills crisis ignores key industries
MEDIA COVERAGE
2008 set to be a bumper year for IT graduates
21 January, Computerworld.com.au
Career placements for IT graduates has finally recovered from the dot com burst and looks set to overtake the national average across all sectors for graduate job placements with median salaries slightly higher compared to all graduates in 2007. Simon Lynch, national director of technology for Michael Page International, believes that the higher salary levels of graduates reflect a drop in IT course enrolments and an increased demand for skilled IT workers. “Anyone who is in IT now and wants to be in IT is employed. There are very few people out there who are struggling to find work.” However, he encourages graduates considering IT to think beyond financial rewards and make career development the key decider.
Big cheeses
12 January, Sydney Morning Herald
Following one of the strongest employment years on record in 2008, the job market is expected to show continued strength over the next 12 months, with higher salary earners among the biggest winners. Phillip Guest, managing director of Michael Page International says one of the best way to supersize your career and salary is to join the resources gravy train – and that you don’t have to drive a truck to do it. “Anyone who wants to accelerate their career quickly should get into the sector in any capacity – accounting, legal. It’s still growing at a rapid pace and we’re not expecting that to change any time soon.
Media Contacts
Jason Hemens Marcus Sandmann
Corporate Communications Manager, Head of Marketing,
Asia Pacific Asia Pacific
t: 02 8292 2094 t: 02 8292 2112
e:jasonhemens@michaelpage.com.au e:marcussandmann@michaelpage.com.au
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