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A lack of transparency in the employment market has been an ongoing issue for both jobseekers and employers, which has opened a pathway for new technology to change this.
Recent data released in Employment Hero’s inaugural SmartMatch Employment Report has revealed year-on-year median wage growth of 8.8 per cent, which is more than double the WPI wage growth figure that was shared by the Australian Bureau of Statistics (ABS), sitting at 4.1 per cent.
“There is a current lack of real-time transparency in the employment marketplace, and what someone is worth today is not necessarily what they were worth yesterday. As it stands, the data that employers and jobseekers have access to is either out of date, unverified or not revealing the complete employment picture,” said Employment Hero chief executive and co-founder Ben Thompson.
“This is especially true with wage data. Because of this, the market is negotiating blindly.”
“For example, the ongoing ‘wageflation’ that our 8.8 per cent wage increase reveals is an important metric that must be considered by decision-makers, especially when viewed in the context of the RBA’s ongoing battle against inflation. The impacts of potentially unsustainable wage growth must also be weighed against ASIC’s findings that business failure rates are nearing recession levels.”
This lack of transparency has resulted in Employment Hero implementing a technology that can directly counteract this issue. Through its SmartMatch technology, jobseekers will be able to have a precise idea of their market value and find higher-paying opportunities instead of relying on old data.
Employers can view salaries and talent, and gain much more in-depth insight that job boards often fail to make available.
Therefore, employers looking to fill a position at their organisation or support salary conversations with their employees can now use this technology to fully grasp the market’s current remuneration rate and ensure a proper analysis of the situation.
Similarly, jobseekers can maximise their earning potential based on their skills, experience, and location by fully understanding the job market.
“For jobseekers, SmartMatch will redefine their job search with unique insights into real-time salaries, allowing them to understand their worth and maximise their potential market value based on their skills, experience and location,” said Thompson.
“We believe that our live payroll-informed data increases transparency and can support businesses and employees to make better decisions around employment; this may include conversations around salary or offer forms of remuneration.”
Kace O'Neill
Kace O'Neill is a Graduate Journalist for HR Leader. Kace studied Media Communications and Maori studies at the University of Otago, he has a passion for sports and storytelling.
