In recent months, the recruitment industry, now more than ever, is a job seeker market. They are in the driver’s seat! What a difference a year can make in an ever evolving Covid-19 hiring landscape. In 2020, hiring managers had their choice of talent with job advertisements constantly receiving over 150 applications.
As I write today, 16 months into the pandemic in August 2021, Sydney is experiencing its longest lockdown to date. Job seekers are approaching the job market with a sense of caution, wary to leave a permanent job to look for opportunities and risk uncertainty with a new employer.
So, what does this mean for hiring managers?
An understanding of what is now important for the job seeker considering their vacancies and the benefits these same job seekers desire and what matters most!
In people2people’s 2021 market report, we highlighted that pre-covid, location, salary and career development were most important to job seekers. While these are still important, the landscape has changed. Flexible work options, training & development, as well as physical & mental health and wellness programs top the list of most important benefits.
When it comes to non-financial benefits, 77% of respondents want flexible working options, 71% want training and learning opportunities, and 47% would like health and wellness programs.
Joining the list of benefits, as a result of Covid-19 and increased work from home, is a budget for home office supplies, birthday leave and increased annual/parental leave options.
As recruiters, we’re seeing more counter offers being accepted by job applicants with their employer, rather than accepting a new employment opportunity. This is a result of job seekers searching for a sense of security during uncertain times. Constant lock downs make it extremely difficult for people to venture out and expand their employment horizons. Nurturing a career path with their current employer rather than to take a leap to a new job is tempting for many job seekers.
Today talent has choice! Within the past month, I had interviewed a job seeker who had not one, not two, but three job offers she was considering! All the same salary, but offering different non-financial benefits. While just in the week I write this, a job seekers declined the offer of a new role which offered a higher salary, the ability to work with new systems and in a new industry. The offer the job seeker did accept, was for another job which offered flexible working arrangements and the ability to work from home, several days a week.
Hiring Managers are realizing how to understand how today’s talent thinks. They need to be aware that salary isn’t the only benefit these job seekers are considering, especially with so many options in the job market.
What benefits are important to you? Please feel free to comment below as I’d love to have an ongoing conversation, to help decision makers.
