The Perth Market - The Good, The Bad and The Reality.
Three years ago, Western Australia was the stand-out of the country's two-speed economy, however in recent times Perth has experienced a slow-down in some of the more traditionally buoyant markets (especially mining) which has led to a slightly subdued property market. Coupled with some of the last major iron ore and gas project construction work coming to an end, there has definitely been an impact on the employment market.
So how bad is it?
The simple answer is not as bad as people may believe. Whilst it is clear that Perth isn't in a period of booming there is still some standout businesses that operate in and are investing in WA, and there are still plenty of opportunities available for good candidates. The market is definitely in a state of flux from a remuneration point of view as well as an opportunity and industry hiring prospective but we are still seeing high levels of hiring across certain sectors as well as an appetite for a more commercially focused accountants.
Whilst there has definitely been a decrease in the hires made within mining and Oil & Gas we have seen an increase in hiring across support sectors such as health care and Education as well as still some strong activity from the construction business.
What skills are in demand?
As with any tightening market place businesses are assessing everything that they are doing and are looking to improve efficiency across their whole operations. We are seeing all industries looking to invest in accountants and finance specialists who can provide that insight around business change and analysis and become business partners rather than numbers focused. This has led to increases in temporary and project hires of candidates who are able demonstrate their ability to drive performance and change through the finance team. There has also been growth in some more niche and specialist finance roles with businesses seeking corporate finance and management consulting specialists across both professional practice and commerce.
What does the future hold?
Moving forward whilst there has definitely been some pain, this is actually a real opportunity for the businesses in Perth become a bit leaner and meaner and also a lot smarter in how they operate and who they hire and partner with.
For The Andersen Partnership, we have always worked with our clients to add value and this market is allowing us to do that to a greater degree as we continue to work in partnership with our clients to achieve their career and strategic goals.
For more information, please get in touch with Shawn Twomey in the Perth office.