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The Australian job market has witnessed a fascinating trend in the first half of 2023: an influx of working holiday visa holders seeking contract roles in the qualified finance space. This surge has created an interesting shift in the job landscape, presenting new opportunities for both employers and candidates.
These seeking individuals, often equipped with ACA qualifications and audit experience, or even those transitioning to their second job, have become a valuable source of candidates in the market. This trend comes as a positive response to the challenges posed by the COVID pandemic, which had caused gaps in the job market.
Impact on salaries and supply-demand balance
The influx of working holiday visa holders has had several notable impacts on the job market. One such impact is the normalisation of salaries. With an increase in the availability of candidates, companies have more options, which has tipped the scale in terms of supply and demand for talent. Consequently, candidates now have more opportunities to choose from, leading to a more competitive job market.
The benefits of normalised salary expectations include;
Transparency and fairness, as it leads to less wage disparities in the team.
Increased job satisfaction; the more candidates feel that their efforts are appropriately rewarded, the better engaged they are in their roles.
Lastly, they can have a better market understanding and be guided better as to what skillsets or further education they would have to undergo to take their career forward.
One of the most significant benefits of the influx of working holiday visa holders is the creation of a robust temporary candidate pool. Usual temporary demands include parental leave covers or project-based but more recently, we've seen many employers are now offering their permanent staff extended leave options, ranging from one to six months.
As a result of these extended leave options, there are more available temporary opportunities for working holiday visa candidates, which is just the right contract duration, given their working rights restrictions.
The job market in Australia offers ample opportunities for working holiday visa holders, especially in the finance sector. Working holiday visa holders possess transferable skills from their previous experience in auditing, including roles with the big four firms or in commercial environments. These adaptable skills make them sought-after candidates for a range of positions, as they can swiftly integrate into new roles and make an immediate impact.
Preparing for the job hunt
For visa holders planning to come to Australia seeking work, it is crucial to be proactive in their approach. While contract roles have a quick turnaround, it is advisable for candidates to reach out to us before arriving in the country. By establishing connections and discussing their skills and ideal roles beforehand, candidates can better position themselves for potential opportunities upon their arrival.
7 steps for working holiday visa holders
Plan ahead: Before coming to Australia, reach out to recruiting specialists and discuss your skills and ideal roles. Building connections in advance can help you explore potential opportunities once you arrive.
Highlight transferable skills: Emphasise your relevant experience, such as audit background or commercial space expertise, which can make you a valuable candidate across various roles.
Be flexible: Temporary contract roles can be a stepping stone to more extended opportunities or potential sponsorships. Be open to short-term contracts and project-based assignments.
Network and stay active: Engage with professional networks, attend events, and keep your LinkedIn profile updated. Networking can lead to unexpected job opportunities.
Be ready to hit the ground running: Employers often seek candidates who can quickly adapt to their roles. Demonstrate your ability to jump into new responsibilities with confidence.
Stay informed: Keep yourself updated about the job market trends, industry developments, and changes in visa regulations that may impact your job search.
Be patient and persistent: Finding the right job might take time, so remain patient and stay persistent in your efforts. Remember, the right opportunity will come your way eventually.
Watch our Hot Tips & Insights video series discussing this topic in our video library.
If you are actively seeking a role, you can reach out to the team and myself here.
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