US
The news is fantastic! The news is still not so good! It all depends on which category of candidates you belong to: the all-too-busily employed; or the retrenched-for-nearly-a-year.
I am sure a lot of us have noticed how candidates who survived the GFC are now being cornered for a couple of roles simultaneously, even if they did not start their search themselves, but were approached by recruiters, friends and (in rare cases) banks.
At best the current market trend, not only in the front office but in the back and middle as well, can be described as “swaps”. It is a market of barters, or rather musical chairs – roles being vacated, filled and then back-filled.
Nothing wrong with that if you ask me, but there is one glaring problem here. What is happening to retrenched candidates? As the employability of anyone whose job has outlived the GFC is steadily on the rise, the unemployability of those whose didn’t seems to be on the rise too.
It’s still ugly for the unemployed
During 2009, every recruiter told retrenched candidates to look forward to plenty of jobs in 2010. Sadly while the number of positions has risen, the demand for these candidates has not.
And employed candidates look set to control the market until their requirements get too demanding and banks are forced to look at alternative solutions. As it is, we are already at the stage where we are facing too many offer rejections, counter offers and multiple offers.
But given the finite nature of the employment market, banks will have to start looking at retrenched candidates soon. It doesn’t make long-term viable sense for them not to consider people who have the requisite experience, market and product knowledge, and who might come a lot cheaper than those already in jobs.
Waiting for things to turn
The real question here is when will this happen? It’s tough to answer that one, but any hot market cannot really sustain itself for an indefinite period – it will have to cool down or burn out. So once the first round of musical chairs is over, the market will have to take stock of other options.
Whether that will happen before the end of this year, is something to wait and watch. Once enough continuously-employed candidates have created enough of a ruckus in the job market, by refusing, negotiating or demanding unreasonable hikes, banks will wake up to the importance of the alternative pool of candidates who have been neglected in this recent frenzy of a job market.
great article that hits the nail on the head. I have been saying this to clients for months, we can all predict what will happen, just none of us have got the timing right so far. My message is hang in there as it will happen.
As a generalisation, surely it must be recognised that the GFC was also a great cleaning out of the sub-prime people who rode the wave in the good times? No question there will be over capacity on the ‘talent’ side as the industry has shrunk, and employers will rightly choose the best and brightest rather than the merely available.
I couldn’t agree more. Those who survived the GFC are generally Ok while those, like me, who made it through only to be turfed out in 2010 are doing it tough as we are overlooked!
My advice, reinvent yourself and take a pay cut. It worked for me as I am now in a manufacturing and sales company in charge of strategy. I didn’t start in the role but within 6 mths I had a new gig internally and more $ (not quite the Fin Ser # I was on but it is better then no $ and I love the change in careeer).
I have to agree with happy jack – reinvent yourself – find your true passion and follow it PLUS have no fear..what have you got to lose?…creativity and innovation are rare commodities – I have been in my own consulting business since GFC Nov 08 and love the challenge..The corp world wants a lot of ” to do” people not thinkers and leaders …the thinkers and leaders occupy the top 5% of the pyramid..do the maths..carve your own path,,,
I have several ex-colleagues who have been out of work since end of 2008, or early 2009.
One is a bit stubborn and not open to a lower pay or status job at all, but I get the impression the others have become very flexible on job, pay, etc.
All have a good amount of experience, education and qualifications, and I am surprised that they cannot find work?