It feels like the first six months of this year have come and gone in the blink of an eye. So let’s reflect on what trends in the recruitment process 2022 have brought.
The first half of this year saw companies (in New Zealand and Australia) welcoming back their employees to office life. But, of course, I’m sure the new office life looks different these days from company to company. So what other common trends in the recruitment space have we seen this far?
Another trend we have started to see more of is the “hybrid” working environment. It used to seem rare to come across companies that offered work-from-home days, flexibility, remote-based roles etc. However, this is the new norm, and it now appears compulsory to provide this flexibility to attract and retain talent.
Whether employers like it or not, hybrid working is the new way of working. Many organisations since the pandemic have adjusted to flexible working arrangements that can increase productivity and employee satisfaction.
Counteroffers have become an everyday norm within recruitment over recent months – quite frustrating as a recruiter. Anyone in the Risk and Compliance space, either a client or candidate, will know exactly what I mean, you either have accepted one, or you know someone that has.
I wrote an article in November 2021 highlighting why counteroffers aren’t always the answer and why we are seeing more of them. Counteroffers have always been around, especially in the candidate skills short markets. Still, the pandemic pushed companies more towards the retention of staff due to candidates’ hesitation to move during unsettling times.
Tip for candidates – Speak to your current employer, don’t waste peoples time
- If something in your current role could be changed (salary, responsibilities etc.) and this would be the deciding factor between you staying with your current employer or leaving, have that conversation with your employer before seeking new opportunities. Don’t wait for the counteroffer stage for your manager to make those changes when you have already engaged a recruiter and a new company!
Candidate short market – Candidates have the final say!
It’s no secret that New Zealand and Australia are experiencing labour shortages in many different industries. The restrictions that have been in place with the borders over the past two years have highlighted this even more, and people are aware of this. Candidates are now demanding more and more, knowing they will likely get it. Whether it be salary, bonuses, flexibility, title changes etc. The good news for applicants is that the competition is low; the bad news for hiring managers is companies are getting better at retaining staff with counteroffers.
Any candidate skills short market is difficult to recruit in, trying to manage high-performing candidates looking for new opportunities but also following client expectations. This has always been the case for the Risk and Compliance space in New Zealand. Employers shouldn’t wait to make new hires. This puts pressure on current employees, resulting in low morale and a decrease in motivation. You will then have turnover and end up on a never-ending cycle of recreasedrecruiting, onboarding and training cycle
Tip for employers – move fast!
- Don’t wait around to give feedback to a candidate you have interviewed. Time kills deals, and the chances are that they have interviewed elsewhere (even though, on some occasions, they will say they haven’t). Also, by the time you have feedback for the candidate, another company may have presented them with a contract.
Benefits, benefits, and more benefits
Not all companies have the ability to stretch beyond salary bandings to pull a unicorn candidate across the line. Therefore, we are seeing additional benefits offered to sway the candidate, and candidates are almost in a position to create their benefit pack.
Trends in the recruitment process and what other benefits we are seeing offered
- Relocation package! (big request at the moment)
- Sign-on bonus
- Income protection/Health insurance
- Five weeks of annual leave
- Extra days leave (birthdays off etc.)
- Additional paid maternity/paternity leave
- Top up of PPL to total salary equivalent
- Gym memberships
Tip for employers – if you can’t stretch the budget, seek the benefits!
- Candidates are well and truly going into their job search with a more structured understanding and demand of which intrinsic and extrinsic benefits they want. With this in mind, employers need to review what they can offer to ensure the overall package being offered is competitive.
What’s next for you?
Let us help you benefit from trends in the recruitment process
If you would like to chat with a specialist recruiter about trends in the recruitment process. Or if you’re seeking a new opportunity, do reach out to one of our knowledgeable consultants at Tyler Wren. Whether it’s a chat about a new role, salary, exploring the market, or just some market insights, we can help.
Also, keep an eye out in the coming weeks for Tyler Wren’s annual release of our salary guides across our specialist markets, Insurance and Financial Services, Legal, Design and Build, and Accounting.
If you know someone that is open to a new opportunity in any of the above industries, do refer them to us, We offer a *$600 referral voucher for any successfully placed candidates.
As of 2022, Tyler Wren now has an office based in Christchurch which allows us to further support our South Island candidates and clients.