4 key insights into the employment market
1) Although we’ve been in a candidate driven market for a while nearly 40% of employers still do not think this is the case
According to a recent study by MRI Network, 86% of recruiters and 62% of employers think it is a candidate driven market which is a huge contrast to the employer driven market during the recession. There has been a shift in the jobs market since the beginning of 2014, with an increase in hiring in most markets meaning candidates often have their choice of multiple offers. With plenty of competition for talent, employees have shown readiness to leave current roles for better opportunities including higher salary, more benefits, and more chances for advancement.
2) Key strategic hires are the number one priority for employers currently
There’s no surprise that experienced and in particular, strategic hires are at the top of employer’s lists as they’re often difficult to fill or to even find quality candidates for which is why many companies look at outside agencies to help fill strategic positions then in turn hire teams of their own. Behind this employee engagement and retention ranked 2nd and employer branding 3rd which would be used as attraction and retention tools.
3) Advancement opportunities are the most important thing job movers are looking for
While better compensation was ranked as 2nd most important for job movers, the chance opportunity for more responsibility and progression not only resulted in more autonomy (which has been proven as a key driver of job satisfaction) but also typically results in higher compensation anyway.
4) Lengthy hiring process are the biggest barrier holding managers back from hiring
Because it is a candidate driven market, there are more job opportunities and options for job seekers. Understandably, this means the length of hiring is crucial and is the biggest barrier for hiring as any companies that simply take too long to hire a candidate risk missing out to another company. It could also be argued that this is also the reason why not offering competitive compensation packages is the 3rd biggest barrier to managers hiring.
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