Impending Infrastructure Boom in Transport and Health Sectors
In June, the South Australian Government released their budget confirming an investment of $21 billion over the next four years to deliver much-needed infrastructure and jobs across the State. About a quarter of this significant infrastructure investment, approx. $5.3 billion, is going towards the completion of the 78km North-South Corridor. The infrastructure budget also includes $2.9 billion for health infrastructure, with $1.2 billion committed to the delivery of the New Women’s and Children’s Hospital. As we look towards the end of 2023, the construction and property sectors are eagerly anticipating the commencement of several of these large infrastructure projects.
The Talent Conundrum: Shortages Amid Opportunities
While the industry is keenly aware of the influx of the impending infrastructure spending, ROUSSOS has noted an increased number of candidates interested in understanding how these large-scale projects might influence both their career trajectories both long term and short term. The substantial investment in transport-related projects will provide a real challenge with the likely diversion of substantial resources away from the building industry.
Salary Stabilisation in the Face of Rising Living Costs
The rising cost of living continues to be a pressing concern, particularly for young professionals. However, salary rates in the construction and property sectors appear to be stabilising, potentially driven due to a need for security for staff and a more balanced supply-demand dynamic. This stability is making FIFO or DIDO roles increasingly attractive for younger individuals aiming to fast-track their careers and financial standing.
The Impending Resourcing Challenge: Not Just Quantity, but Quality
The anticipated uptick in large-scale infrastructure projects is indeed shaping up to be a significant resourcing hurdle. However, the challenge extends beyond merely filling roles; it delves into the complexities of sourcing talent that is not just available, but appropriately skilled and experienced for the roles at hand. A growing issue we're observing is a mismatch between talent and job requirements—candidates are increasingly being placed in positions that are either too senior for their level of expertise or not aligned with their skill set.
The construction and property industries are at an exciting yet challenging crossroads, marked by promising growth prospects, talent scarcities, and evolving work culture norms. There is an ever-important need for businesses to be agile and forward-thinking, not just in hiring but also in crafting work environments where employees can flourish.