The ManpowerGroup Employment Outlook Survey has been running for over 50 years and is a key indicator of the strengths and weaknesses being felt in key industries across the country. Information gathered by the survey is used by industries and companies around the world to forecast future growth expectations for themselves and their competitors.
Held every quarter, the survey simply asks employers (1,501 of them, to be precise) “How do you anticipate total employment at your location to change in the three months to the end of September 2018 as compared to the current quarter?” and the answers are collated based on team size, industry type and location. From there, a detailed map of current industry growth trends can be established. We’ve covered previous results, and so we’re interested to see what the latest round found for Q3 (Jul – Sep) 2018.
Breaking down the data
The answers to the most recent quarter’s survey show some interesting patterns. On a macro level, hiring has remained relatively stable across Australia compared to the previous year, and up an overall 8% compared to the previous quarter.
These figures change considerably when company size was taken into consideration. The survey breaks sizes down into four categories: Micro (less than 10 employees), Small (10-49 employees), Medium (50-249) and Large (over 250 employees). Each of these categories is expecting to grow their employment numbers in the next quarter, with the largest gains being seen with 22% of Large businesses. Medium and Small-sized businesses are showing 11% and 7% growth. Micro businesses are still expecting an overall growth, but it’s only to the tune of 1%.
Another way of breaking down this data is by state, and it’s where we can see which area of the country is showing the best job prospects for future employees. New South Wales leads the pack with Net Employment Outlook of +15%. Queensland (+9%) and Victoria (+12%) businesses are also feeling optimistic. However, the same cannot be said for businesses in the Northern Territory, with an overall Net Employment Outlook of -1%, meaning that there are more businesses in the area that plan to reduce their headcount than those who plan on expansion.
Transport sector booming
Importantly, the survey results also show which of the country’s key industries are booming lately. Leading the pack at +13% is the Services sector, showing continued growth year on year. The payroll departments of companies in Public Administration & Education will be working harder than ever in the coming months as they expect a Net Employment Outlook of +12%, followed closely by those in Services and Transport & Utilities at +11%. Mining & Construction businesses rate their overall employment prospects at a moderately healthy +10% overall. The least optimistic industry sector is Wholesale & Retail Trade, with an overall Net Employment Outlook of only +5%.
Of course, the Transport & Utilities sector is particularly of interest to us at The Drake Group, so we’re encouraged to see that it continues to grow into the future. The +11% result is three per cent smaller than the previous quarter but is three per cent larger than it was this time last year, so in the long term, the industry shows great promise.
We’re proud to be playing our part in the industry with 60 years of designing, manufacturing and supporting a wide range of heavy haulage trailers built for Australian conditions. Contact The Drake Group today to find out how we can help your business grow.