Over the past year, 367,000 jobs have been added to the Australian economy. The positive result for the economy is fuelled by 27 years of unbroken economic growth adding 128,000 skilled workers a year, along with an infrastructure boom in Sydney and Melbourne, and an ageing population driving an extraordinary expansion of the health-care system.
The average annual salary increased to $84,971 in March, growing by 3.6% compared to the same time last year. All states showed year-on-year growth in monthly salaries, with the Northern Territory experiencing the highest growth of 7.1%. Western Australia recorded the highest average annual salary at $87,432 (4.4% growth year-on-year).
In an effort to include healthier and premium snack foods, retailers are placing a large emphasis on growing the presence of private label brands. This will have a major impact on industry products, resulting in slower growth over the next five years compared with the current five-year period.
We are seeing candidates steer away from large FMCG organisations in favour of smaller organisations where they can gain experience across various business functions and personally connect with their employer’s brand. Small, high-growth organisations are proving to be a draw card by providing candidates with a clearly articulated business purpose and value propositions.
Building on proven increases in business growth, Australian FMCG organisations are investing more in export and international functions. Given the market dynamics and varying international regulations, the expert knowledge required to ensure success internationally is proving to be a hard talent gap to fill.
As small-to-medium organisations prove to be an appealing place to work (particularly those capitalising on health and wellness trends), larger FMCG organisations are struggling to acquire and retain top-tier talent. This comes as a shock for large organisations once desired as the place to gather market knowledge and experience in the industry.