Market insights and trends - May 2022
This year has been like no other for recruitment specialists, and we are only a month into the second quarter. The demand and competition for roles continues to grow, with clients and candidates working at pace to secure new talent and innovative roles respectively.
Here at Suzie Walker Executive Search, we work closely with HR and Talent Acquisition teams to share knowledge and best practice. So, here, we will run through some changes that you may already be feeling or will certainly be felt in the months to come.
Demand
Organisations are seeking to futureproof, leading with intelligence and a digital-first agenda. They are advertising roles to ensure they’re ahead of the curve, ready for new and developing platforms, and responding to changing customer needs and behaviours. We know it’s a candidate’s market but it’s a whole other level for digital, data and tech functions. The demand for talent is extraordinary and competition at late stages in the recruitment process is the norm. In addition to expanding your shortlist and responding promptly throughout the recruitment process, which we explained in our previous update, we also recommend having counter offers signed off and ready to use – they are now expected and should be ready to present.
Wage inflation
Counteroffers are driving up salaries to an unsustainable level, which we expect to start outpricing talent for companies in some sectors. For example, retail, leisure and tourism sectors are already starting to experience a disadvantage against the financial sector, which can afford to secure talent through exceptional salary increases. We would recommend that employers in those disadvantaged sectors focus on rewards that provide long-term advantages to candidates, like learning and development opportunities and hybrid working (in their favour). Opportunities for growth and work/life balance will appeal to long-term and committed candidates.
Leadership skills
Finally, while companies advertising roles in data, digital and tech expect the technical skills from candidates, we are now seeing a real focus on the ability to lead with emotional intelligence. We recently wrote about what makes a great leader and the importance of empathy, collaboration and communication are key. Technical leaders are now at the forefront, providing insights and identifying opportunities that influence strategies, so working with teams and understanding customers on an emotional level is now hugely important.
We hope this information is useful for securing the talent you need. If you’re looking to hire for interim or permanent senior leadership roles, or if you’re a ready to make your next career move, get in touch to see how we can help you or connect with us/send a message on LinkedIn.
With warmest regards,
the Suzie Walker Executive Search team
Suzie Walker Executive Search is a firm of specialist headhunters with an expert team recruiting interim and permanent senior leaders for marketing, data, digital and tech roles in FTSE 350 and private equity-backed companies. Find out how we can support you by connecting with a Consultant below.