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We are now 18 months in to what has been the most buoyant recruitment market since…well, ever! Certainly in the last 25 years I have been in the industry. Yes, the period leading up to the global financial crisis in 2007/8 was busy but not like this. We have seen unprecedented volumes of roles across all parts and levels of the HR function. With high demand and limited available talent, opportunities have been limitless for talented HR practitioners, with the added benefit in many instances of significant remuneration increases for those switching jobs.  However, nothing last for ever and with interest rates and inflation on the rise, global markets falling sharply and ongoing concern over the war in Ukraine, there are certainly dark clouds on the horizon.

But what does this mean for the HR Recruitment market? Could we be about to see a cooling off? Could things fall off a cliff or will HR’s COVID inspired elevated position of importance in the organisational hierarchy provide some level of protection and security? Will things slow down at all or just continue on the same positive trajectory as the last 18 months? And what does it potentially mean for hiring organisations and job seekers? Is the balance of power between job seekers and hiring organisations about to shift?

A softer market doesn’t necessarily mean that it will become easier to attract talent. In the same way that hiring leaders become more cost conscious, in a softer market job seekers tend to bunker down, adopting a ‘better the devil you know’ mindset. As an employer, the need to have a strong EVP and compelling proposition as to why talent should join your organisation will still exist. Now really is the time to make sure you have your longer term attraction strategy in place. And as a job seeker, yes, you might be in a position of power right now, but it would be prudent to give increased thought and attention as to how you manage your own personal brand in the market. How you conduct yourself through the recruitment process, as well as how you leave your current organisation, will be of heightened importance. 
It is certainly going to be interesting to see what transpires over the course of the next 3-6 months but in the meantime, my advice to both hiring managers and job seekers is to make hay whilst the sun still shines!

Would love to hear other people’s views on the current market and prospects for the period ahead! #tandempartners