Market Insights

As we approach 2021 with cautious optimism, we’re all experiencing unchartered territory wondering what the year will bring.  Surely it can’t get any worse right?

The year has commenced with a bang and that makes sense.  All of those initiatives put on hold last year and the projects that didn’t get delivered are starting to materialise.

A rapid spike like this, especially off the back of an economic downturn creates some interesting behaviours from both the client and candidate market and there are some trends worth mentioning.

From my position, it appears that most candidates currently have at least one eye on the market;

• The people who are feeling disgruntled by the way their employer handled Covid-19 are actively seeking a new employer, one who offers flexibility and has moved forward with the market.
• The people who put their career ambitions and growth plans aside in 2020 to ride out the storm.  This year is their year to move forward in their careers.

So, to answer the above question, yes now is a great time to hire!  However, hire with caution as it is not an easy market to navigate and there are some factors you’ll need to consider;

• The candidate market is highly competitive.  With an increase in opportunity, people have choice available to them again and with this comes the opportunity to prioritise their drivers and motivations which often includes the desire for flexibility, what-ever that may look like for them personally. 
• Last year, many people were forced to compromise on rate, salary, role, seniority etc.  This year, with choice available again, and the candidate market only just starting to see this, I have personally witnessed an increase in people ‘playing’ the market and some frustrating behaviours like ghosting or accepting more than one offer.
• The increased trend of Fixed Term Contracts (FTC) has become even less appealing to the candidate market.  Most of the time the FTC will mostly benefit the employer and will therefore always lose out in the priority list.

The employers who are flexible, forward thinking and have embraced change are certainly improving their chances of attracting the best talent.

My advice to businesses looking to hire this year;

• Be aware of the changing conditions and respond accordingly to attract the best talent.
• Offer flexibility and a mix of remote and office based work.
• Make sure your process is efficient and slick.
• Move quickly without compromising on quality.
• Sell the benefits of your company and the opportunity and consider the way you structure your role to be attractive and competitive in the current market.