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THE demand for agribusiness workers has slowed in 2024, partly due to rising global inflation and increased local employment costs.
However, job vacancies remain significantly higher than pre-pandemic levels, HR and recruitment services provider Rimfire Resources says in its recently-released 2024 Agribusiness HR Review.
The document, titled Insights into Workforce Trends and Challenges, offers detailed examination of the current state of Australia’s agribusiness workforce. The comprehensive report provides crucial insights into industry trends, remuneration, workforce operations, recruitment, diversity and more.
This year’s annual report is the twenty second in the series.
Among the key findings this year:
Market Growth Amidst Challenges:
Despite forecasts of a 14 percent decline in the gross value of agricultural production, Australia’s agribusiness sector saw growth due to strong global demand, favourable weather conditions, and technological advances.
The sector’s annual gross value reached $82 billion, with a forecast 2pc increase for the coming year.
Workforce Trends:
The demand for agribusiness workers has slowed in 2024, partly due to rising global inflation and increased local employment costs. However, job vacancies remain significantly higher than pre-pandemic levels.
Remuneration Insights:
Agribusinesses have increased salaries over the past year. While this represents a slight decrease from 2023, significant salary increases were noted in primary production roles, reflecting high demand for talent in this area.
Bonuses and benefits:
The majority of agribusinesses have implemented structured performance reward plans, with over two thirds having such programs in place, the report showed. Discretionary bonuses have decreased, indicating a shift towards more structured incentive schemes.
Employee attrition:
The report reveals that around a quarter of agribusinesses experienced 100pc voluntary attrition. And, many organisations anticipate increasing their workforce over the next 12 months, despite a general slowdown in hiring.
Organisational Practices:
The review highlights a decline in the percentage of organisations offering paid parental leave.
Rimfire Resources managing director Mick Hay said the The 2024 Agribusiness HR Review reflected the resilience and adaptability of Australia’s agribusiness sector, showcasing how organisations are navigating economic pressures and evolving workforce needs.
“Our 2024 report underscores the vital role of understanding workforce dynamics in ensuring the growth and sustainability of the agribusiness sector,” he said.
- The full report is available for purchase (click here for access, via an email), or as part of an ongoing subscription to the Agribusiness Salary Review.
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