Invested Talent reposted this
Whilst job flow across the financial and professional services sectors may not be anywhere near the peaks of the COVID boom, we're still seeing a stubbornly low unemployment rate in Australia. Even with record immigration, mass redundancies, and a seemingly stalling economy, the number of Australians in work continues to grow and surprise Economists. What does all of this mean though? Simply put, amazing talent is not as abundant as hiring managers and the market in general may seem to think. Even when coming to market with excellent roles, I'm still seeing clients struggle massively to attract top talent. Instead we're seeing prolonged searches with limited success. Many companies are reposting job ads, altering searches and struggling to break into a stubborn market of non-moving talent. Here's a couple of reasons why I believe we're seeing roles struggle to be filled despite the high number of applicants. - Many of the candidates applying are simply not qualified for the role and hiring managers expect the perfect fix in 'an employer driven market'. - Many applicants are seeking sponsorship (a cost many in the market don't want to carry). - People are scared to move. With the high interest rates causing mortgage/rental pressure and in a wobbling economy, people are less inclined to move jobs and jump into something new due to risks of it getting worse and redundancies following. - Most new roles to market are not paying the COVID bump. Why move to something less secure for the same money? Caution in the market is very apparent and a stagnant economy creates uncertainty and a lack of fluidity for those seeking the next step in their career. I believe it's more of a short to mid term problem, markets don't stay stagnant forever and many of my very career driven network want to continue growing and developing in their current company or externally. Things will normalise, the history of capitalism can teach us this isn't permanent. For those seeking work, now is an excellent chance if you're qualified, experienced and have the gusto to keep on fighting. For those seeking top talent, now is a great time to engage qualified Recruiters with deep networks to help find the passive talent that could be tempted into making the right next move. If you want to chat further, I'm always available on here or via my email [email protected] Invested Talent
