Pre-pandemic, the jobs market was broadly influenced by very different factors than today. But as Jim Roach, Managing Director of ARV Solutions, explains – what has changed, and why does it matter?
Our team of recruiters need to understand people's motivations to properly help candidates in their next career move. These are widely accepted to be: money, status, responsibility, lifestyle and security. I add to that personal development and growth. Many candidates come to us seeking more money in their next role. However important, it is rarely their sole driver to move.
Since the pandemic we have seen a significant shift in the key drivers. In 2019 the market was stalled, from so many staying put for security: 'better the devil you know, in those post-Brexit times of economic uncertainty. Since then, we have all had time to reflect on what is important to us. There is more focus on family, and quality of life, as well as wanting to do more rewarding and meaningful work. Additionally, many of us learned we could work effectively from home. We live with low unemployment, and more vacancies advertised than people available, making job security less of a concern.
The Great Resignation
This increased willingness to move jobs, rather than being held back in less-than-ideal roles has been dubbed 'The Great Resignation', however my own view is it was an end to a stagnated employment market. What we have seen is a far more balanced jobs market, with people moving for positive reasons of improved work life balance, and better, more flexible company cultures.
Skills shortage
The skills shortage is now seen by many as the most important factor to holding back business growth and development. This is particularly the case in the growing and developing offsite construction sector, with need for more, and new skills all the time.
Money
Whilst never the only good reason to move, it is important. On this one we see a whole range of issues. Candidates with multiple job offers and ever higher salary expectations, but also others happy to take the same or less for flexible working or a better environment. Actually, candidates want both. We see some employers paying major increases, and others still in denial on skills shortages and salary improvements.
Counter offers on the rise
Employers, faced with losing skills to competitors are increasingly making big counter offers to retain people. Sounds great – more money and you don't need to leave. But why wasn't the offer made before the need to move on? Our long term and widespread experience are that those who accept counter offers are calling us within six months looking to move after all.
Inevitably, the money issue is resolved (temporarily at least) but the other issues remain, and any promised changes rarely come through. Counter offers make the most sense to the employer – as a short-term fix. Retain the employee's knowledge and information and save the cost of an emergency replacement. What often happens is that once the employee's valuable information is secured with others, a planned replacement comes through.
Going forward, it is clear to me that salaries, benefits packages, employee wellbeing, and flexible working all need to keep moving forward, in a growing and developing sector. Those that successfully embrace this will succeed better in retaining valuable skills and grow and develop successfully.
For more information visit: www.arvsolutions.co.uk
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