Summer Hiring and The Vaccines Effect on Return to the Office
With Summer around the corner, and a hopeful end in future sight to the pandemic, its time to re-think and re-evaluate your hiring efforts to get through what will be an intensively busy 2nd half of 2021. With the vaccine roll out becoming more and more efficient, many clients have done a complete 180 on their permanent work from home philosophy. While some are considering a hybrid model, the fact is that virtually all of our clients – from Large Fortune 100 to small startups, are now fully committed to requiring some form of substantial in the office face time. Some of our busiest clients are large Commercial Real Estate orgs (along with anything in the Consumer category) with extensive large commercial offices. They are hiring like crazy to meet the uptick in demand. Why is this so important? This is still one of the biggest challenges on the recruitment front – the growing disconnects between employer and employee on where employees want to work v where employers will require them to work. How as a company will you adjust to keep top performers happy, to attract and hire some of the best passive candidates on the market?
Total recruitment activity is up substantially, there is now a record number of new job openings across the US. And yet its harder than ever to find truly exceptional talent, despite some of the best top performers, who have had their heads down buried in their work, starting to emerge to look for a new job. Their asks and requirements have likewise substantially increased as well. People are seeking significant pay increases, some form of permanent hybrid work, better benefits with more coverage paid by the employer and stronger 401k matching. Just in the last month alone (for Director and above level searches), we have seen final comp settle 30-40% ABOVE the initial salary range in order for clients to hire the best possible person. This is in part because employers are now seeking more and more “unicorn” type employees – combining many different skillsets into 1 desirable profile, trying to find one hire who can do multiple people’s jobs. This is making searches both more challenging and at time, longer to complete. Counter offers are increasing substantially as well. Companies and Hiring Managers need to ask themselves some critically tough questions on what skillsets they absolutely MUST have v which they can forgo? Are they willing to hire multiple individuals to cover a growing gap in skills? Are you ready to commit to permanent hybrid work or conversely, are you expecting to house staff back in your office? How much are you willing to flex on benefits and compensation to attract a true top performing individual? We recommend thinking through these dynamics in advance, and being ready to move as quickly as possible within your process.
Don’t believe us? Check out some additional insights from the below articles and content to review.
The number of job openings reached a series high of 8.1 million on the last business day of March, the
U.S. Bureau of Labor Statistics reported today.
Close to half (48%) of six-figure salaried workers are plotting their switches and as many as 66% of them are feeling more confident about their decision to change jobs than they did six months ago.