In May we ran an experiment by combining all of the available lay off lists in order to find which specializations were most impacted by the COVID crises. Based on our data, we found that accounting and finance professionals were so marginally impacted by the recent layoffs that they hardly registered at all statistically. Despite all upheaval caused by budget cuts, pending corporate layoffs, and increasing furloughs, skilled labor in specialized fields are now 100% more difficult to find than they were before the outbreak.
Attempting to dive deeper into the data around workplace changes caused by COVID, we contacted over 10,000 professionals in Los Angeles and Orange County and requested their feedback on topics ranging from employment opportunities, locations, workplace health & safety, self productivity assessments, thoughts and feelings related to company adaptation performance, and more. The results were revealing.
So, what did the data tell us and what can we learn?
Without a doubt, COVID has changed work as we know it and today’s market is even more candidate-driven than ever before. Candidates have valid concerns that are leading to hesitation when it comes to considering switching jobs. Candidates are concerned about a range of issues, including but not limited to; company financial stability, culture, overall reputation, safety precautions, and how secure their current position is within the company.
Historically, a candidate’s salary has been their #1 concern, leading to salary becoming the major benefit used to lure away or secure top candidates. As candidates reprioritize and reconsider their primary concerns though, there has been a shift in priorities. Notably, our survey found that overall salary as a primary recruitment consideration fell from the traditional #1 consideration to the #3 consideration behind opportunities for remote work and company culture/atmosphere, respectively.
What’s caused this change?
While there is a multitude of interconnected reasons responsible for this shift, one of the main catalysts for this reprioritization is the massive changes to the balance between work and home life. Closed or limited schedule schooling, a lack of reliable or affordable childcare, decreased commuting times, and the ability to spend increased time with family are all major considerations that have driven this reevaluation towards how much their salary, and additional benefits, are really worth. Even when matched dollar to dollar, things like transportation and time savings without a commute can be worth tens of thousands of dollars in savings for many.
In addition, our survey provides answers to a host of questions such as:
What did we learn about candidate expectations? What key values will make or break a company’s recruiting efforts? How do recruiters ensure they receive the most value for their efforts? What can HR professionals do right now to ensure their efforts bear fruit?
To learn more and see the results for yourself, request our 2020 Candidate Value Survey today.
The Hiring Advisors