September Market Update
As we close out summer and enter fall, it’s important to note just how HOT and active the job market has become. Despite the flurry of activity, there remains real and continued challenges! The number of new job postings since May has quadrupled, while the time to fill these jobs has doubled. Clients are continuing to struggle to find top tier passive talent, as many skilled professionals continue to report working even longer hours and registering fatigue from their job and remote work. Higher level roles are now averaging 60+ days to fill, and this is backed by the number of roles that have been reposted by companies in the area. Total applications for certain roles remain up due to large numbers of unemployed people from all sectors, but skilled labor remains exceptionally difficult to find. With remote working making it more difficult to interview, onboard and train, clients have yet to adjust their “wish” lists in what their version of an ideal candidate profile looks like, further delaying the search process.
There are still serious and legitimate hesitations on the candidate side around making a career change during such uncertain and unprecedented times. Items like healthcare, return to work, permanent remote work, schooling for kids, daycare, remote learning and now, as we approach year end, bonus cycles are all weighing heavily on candidates currently. Clients must be prepared to be much more flexible than they have historically been around compensation and their ideal candidate profiles. They must be willing to adjust their compensation if they find someone they like, so that they offer a strong enough package to ensure acceptance. Candidates simply won’t leave their current stable and known job, for something that does not advance their career goals, skills and compensation. Even in this hypersensitive economic time, companies must ask themselves how they can extract true long-term value out of their search processes by being more flexible? They must examine how they can reduce the short-term pains that are associated with leaving roles unfilled for months on end. The best candidates and the best solutions are not cheap for a reason, they bring tangible value almost instantly and provide a competitive advantage otherwise not seen. Its well past time to get creative, change up your normal hiring protocols and profiles, and yes, even leverage skilled outside search firms, in order to create the best and most immediate “win” for your team, department, or entire organization.
Companies in the LA area may have more luck looking for candidates that don’t physically reside in our immediate geography. With the COVID crisis, lots of other stress indicators on families have begun to rise and that is causing lots of people to reconsider where they live – from the Fires all throughout the state, to the cost of living in the Bay Area, to companies announcing remote work until 2021+, to families rediscovering what family team truly means, and too many others. Candidates have expressed a larger desire to reconsider their long-term careers and where they live. Companies are also now adjusting and focusing to a much larger extent than ever before on Diversity and Inclusion. While we here at The Hiring Advisors fully support the efforts to create a more equitable and diverse workforce, companies need to be aware that even the best of intentioned adjustments (like a focus around D&I), will inevitably also delay their processes, further stressing business operations.
We have been encouraged by the activity we have seen, the conversations we have on a daily basis with both Clients and Candidates and despite what feels like a never ending news cycle, there seems to be a lot of optimism and positivity these days.
If you are a client in need of services or a job seeker needing career advice, please check out our blog or send us a note! We are happy to help in any way we can, even if its just advice. Stay Healthy!