The question we are being asked more than any other: “Why is it so hard to fill roles right now?”

Perhaps you’ve had a role advertised with barely a trickle of applicants, or maybe you’ve found a great candidate only to find they’ve been offered a gob-smackingly generous package to stay in their role. You’re not alone.

The first half of 2021 has witnessed a swifter economic recovery at a macro level compared to the Global Financial Crisis recovery. According to the latest SEEK statistics, Corporate and SME job postings have already returned to pre-pandemic levels. However, unlike the GFC climate, we are faced with a with a talent pool that has been decimated by:

-      a lack of international talent

-      reduced flow of transient/contractor talent

-      a candidate preference for stability and “nervousness” around job security.

Whilst the volume of job postings is buoyant and the outlook is positive, SEEK report a 29% material decrease in application rates. Candidates report a continued level of uncertainty around job security and this sentiment towards applying for new roles and particularly contract roles may hold out for some time. Employers are also well aware of the talent short-fall and have moved swiftly to retain star employees with promotions and pay rises in a bid to ensure loyalty in a competitive climate.

What does this mean for you?

In 2021 the job market demand/supply equation has well and truly been flipped on its head – particularly in the Marketing and Advertising sector. The candidate is now a position of power and we are advising our clients to consider:

1.Ensure that the recruitment process is short, seamless and fast.

Candidates are often juggling multiple offers - so speed and momentum are critical. Many clients are now working hard to ensure a one or two-step interview process rather than stretching the process through multiple rounds of meetings. Timely video meetings, early preparation of contract documents and employing DocuSign electronic signatures all help the process.

2.Know the market.

Unicorns don’t exist. Don’t waste valuable and time and money holding out for the rare candidate who can combine multiple unique skill-sets. Be clear on your core needs for the role and research or work with a recruiter to confirm the likely-hood of finding those skills readily in this market. Be prepared to adjust the brief if you find you find a candidate that fits your culture but not 100% of the job criteria.

3.Candidate engagement.

More than ever it’s important to demonstrate to candidates how valued they are, and how working with you will help them achieve their career goals. Incorporating training budgets, fast-track development plans or involving the CEO or Senior Leader as part of the recruitment process helps candidates feel valued and we’ve certainly seen some great hires simply due to the fact that the candidate felt a great connection with their prospective leadership.

4.Pre-pare for the counter-offer.

The war on talent has never been so brutal. Most employers are aware of the time and cost involved in replacing an employee, and are prepared to offer generous counter-offers to retain good talent. We are seeing counter offers of up to 20% to retain valuable talent. Ensure that you are offering a market sensitive package – it’s incredibly hard to hire at the lower-end of salary bands at the moment. 

How can we help?

We know that employee attraction and retention is a key priority, particularly during this phase of economic recovery and growth.

There’s been a world of change in the world of recruitment and the traditional method of advertising, sadly, is no longer working. The focus is now on relationships, strong networks, head-hunting and nurturing candidates with detailed briefs and company insight – presenting potential candidates with a compelling reason to move.

There’s never been a more important time to work with trusted recruiters who have built deep relationships within the industry and can identify and engage with the right talent.

We welcome you to chat with us about some of the key changes in recruiting, our future predictions, and how we can keep you informed of market conditions and the best available talent.