The Great Stay: Why decisive hiring is more critical than ever

The anticipated 'Great Resignation' has not materialised in recent years. Instead, we are witnessing what can be termed the 'Great Stay,' characterised by historically low unemployment rates and a scarcity of available candidates. This trend underscores the critical importance of decisiveness in your hiring processes.
Current Labour Market Landscape
According to the latest report from the Australian Bureau of Statistics, the unemployment rate stands at 4.1%, with a participation rate of 67.3%, which shows that most of the eligible workforce is already employed or actively engaged in the job market.
Employment has increased by approximately 444,400 people over the past year, with two-thirds of these gains in full-time positions. Despite a 10.3% decline in job vacancies over the year, they remain 51% above pre-pandemic levels, indicating sustained demand for talent.
Also, as shown in our latest Talent Trends Whitepaper, 88% of companies plan to continue hiring despite economic uncertainty, which means that competition for top candidates is fierce.
Consequences of a Prolonged Hiring Process
In this competitive environment, a slow hiring process can have several detrimental effects:
- Losing top talent – Skilled candidates often receive multiple offers and won’t wait long to make a decision.
- Higher operational costs – A vacant role costs up to six months’ worth of salary in lost productivity and hiring expenses.
- Weakened employer brand – A slow, disorganised hiring process can frustrate candidates and impact future recruitment efforts.
Recommendations for Employers
To attract and retain top talent in the current market, consider the following strategies:
- Streamline Recruitment Processes: Simplify application procedures and reduce unnecessary steps to expedite decision-making.
- Improve Candidate Engagement: Maintain regular contact with candidates to keep them engaged and informed throughout the hiring process.
- Competitive Salaries & Work-Life Blend – 44% of candidates say a better salary is their top motivator to change jobs, while 34% cite improved work-life balance as a key factor. Learn more about it in our Talent Retention Whitepaper.
- Career Growth & Development – Candidates are increasingly prioritising clear career pathways, mentorship, and upskilling opportunities when choosing an employer.
- Leverage Technology: Utilise recruitment software and platforms to efficiently manage applications and communications.
- Empower Hiring Managers: Provide training to ensure they can make swift, informed decisions without unnecessary delays.
By implementing these strategies, your organisation can stay ahead in the race for talent and build a workforce that supports long-term success. Would you like a tailored consultation on optimising your hiring strategy? By partnering with us, we guarantee to follow all the best practices mentioned above through streamlined processes, cutting-edge technology and enhanced communications.








