Tag: candidate driven market

Despite global political concerns, financial services are in a significant growth period

Morgan McKinley’s latest recruitment monitor for Q1 2022 shows that recruitment numbers in the financial services industry are rising following pandemic lows and global political and economic concerns. 

According to the report, there were 11 008 jobs available in the first quarter of 2022, over 73% more than the same period in 2021. There was also an increase of 35% quarter-on-quarter from Q4 2021 to Q1 2022.

The continued increase in available jobs clearly shows that business intends to grow, even with global instability.

Another key finding was that 51% more people actively sought new job opportunities in Q1 2022. There was also an average salary change of 22% when changing jobs. This number is significant, indicating a shortage of candidates in the city’s financial services market.

The data shows that businesses are bidding with higher salaries to attract the best talent, as the numbers of job seekers have not proportionally increased in line with the volume of new jobs available. Companies are also taking steps to retain existing staff, often by offering larger bonus payouts.

Hakan Enver, Managing Director at Morgan McKinley, commented:  “Once again, the city’s recruitment has shown stubborn resilience in the face of adversity. The first three months of this year saw companies hiring in their droves and professionals with renewed confidence to move. It’s safe to say that firms have been desperate to hire.”

“This growth is even more momentous when considering the various global issues that have come to the fore. The start of 2022 has been a tale of two opposites for London. On one hand, the Omicron variant, the ongoing invasion of Ukraine and its subsequent energy crisis, 30 year high inflation and rising interest rates have been the talk of the tabloids.”

Despite all the year-on-year increases, the month-on-month growth for 2022 is significantly slower – with a 2% increase comparing March to February and 12% when comparing February against January. The escalating global issues may still impact the London bubble and recruitment numbers for the remainder of the year.

Enver went on to add, “Despite not many knock-on effects being seen in London’s Financial Services hiring thus far, the ongoing invasion of Ukraine and the global economical fallout could yet play a huge role in our market. Further escalations and sanctions would see more companies removing themselves from interactions with Russia, and who knows what might happen here as a result. It will be interesting to see what the figures of jobs and job seekers over the next three months pan out to be.”

 

 

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Jody Robie, SVP North America at Talent Works talks about ‘the what’ and ‘the how’ of hiring talent, fast

The current recruitment market is like never before. It’s a war for top talent and employers need to sell themselves in a way that both attracts and retains the best of the best. Authenticity is also key here, to ensure that candidates make the right choice about the culture and expectations of the company. On top of this, everything is moving at a mile a minute, and recruiters want – and need – instant results. There is no room for a passive  approach to recruiting right now.

The what 

To compete today, companies need to modify their recruitment approach to create the most compelling Employer Brand. Then comes the challenge of communicating that employer brand to the right candidates via your Employer Value Proposition. 

Recruitment teams have to work harder than ever if they’re going to stand out to top candidates and tempt them to join their organization. But with everything moving so quickly, projects that typically take six months need to be ready for market in less than 2 months. Talent leaders need to ensure they can carry out these projects both quickly and effectively, while not compromising on the quality of talent.

The how

  1. Hire at speed

While taking the time to ensure a candidate is the right fit for your business is ideal, it’s becoming evident that a slow and steady approach is now a luxury few employers can afford. Long-drawn-out candidate experiences will only increase the number of applicants who drop out of your recruitment process. Even if your employer branding is ticking all the boxes, candidates want to move quickly. If you have a good feeling about a candidate, you need to snap them up before a competitor does. 

With speed and agility now crucial, how can we ensure this doesn’t come at the mercy of quality? Recruitment projects that would usually take months, are being squeezed into a matter of weeks. To ensure that you’re not compromising on the right talent, and that the talent you have hired will remain, you need to have  an authentic and relevant 2022 employer brand ready to go. 

  1. Create the most attractive employer branding

As such, having a strong employer brand is no longer a ‘nice to have’, but a must. In fact, 72% of recruitment leaders agree that employer brand has a significant impact on hiring. Businesses need to adapt their recruitment approach to focus on raising brand awareness and excitement around your current openings.. 

This means recruitment and the role of recruiters is becoming  more complicated, and understanding how to sell and market your role and your organization is critical. We’re used to candidates having to sell themselves in an interview, but now recruiters are selling a business to a candidate before this can even happen. Just as marketing professionals promote products and services, recruiters are focusing on their organization’s unique selling points and strengths to convince candidates to take the role over another.

When positions are equal in terms of salary, development opportunities and the role itself, employer branding will differentiate one employer from the next. In turn, recruiters need to express enthusiasm for your employer brand right away, expressing the values, overall mission and culture they can expect. Simply saying it’s a “social office” and it has a “great culture” is not good enough in a market this crowded. Instead, look at your recruitment marketing materials and Employee Value Proposition (EVP) to discover what truly makes your workplace unique.

  1. Promote your EVP

This brings me to the final point. A strong employer brand must be supported by a clear EVP. Your EVP gives potential employees a clear cultural direction and something to buy into. Teamwork, principle fulfillment, recognition, rewards and being nice to people – these are all ‘nice-to-haves’, but they aren’t the makings of a successful EVP. 

Instead, here are a few questions companies should be asking when it comes to their EVP: Does your EVP resonate with your employees in their early careers? Is it meaningful and relevant for your employees whether they  have been there for 6 months, or 16 years? Does it say something unique and special about why people want to work for you? Will your executive team stand behind and embrace the messaging?

A great EVP needs to be transparent about your culture, remote policies, covid requirements, etc. In the hiring process, candidates will get a clear sense of the company’s values and self-select out of the application process in the early stages, saving time for HR and recruitment later down the line. While attracting top talent is the goal, laying out unique differentiators  and more intangible elements of the workplace from the start, is now more crucial than ever. 

Standing out in a candidate-driven market 

The power has shifted and candidates are now calling the shots. As such, finding the best possible approach to hiring at pace, but in a way that doesn’t compromise on quality, will be key in creating an effective and lasting Employer Brand. It might take a bit of time, but in the long term, it will be worth it.

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