2024 - Time waits for no one...
We all started the year after a nice Christmas break and very quickly, the reality of the market set in..
Key Words…
redundancies, restructures, tight market and cost pressures continue to dominate..
The current transient environment continues to test resilience and is translating to increased pressure for risk and compliance leaders and their teams.
As we get closer to the end of the financial year, there is a glimmer of hope for stability coming through with business changes taking effect and the market adjusting to new norms.
These are some of the key themes that have emerged thus far:
There is a misalignment of available opportunities in the market (in terms of experience level required and remuneration offered) vs the available talent pool. Quantity isn’t measuring up to quality or to client requirements.
Some candidates are receiving multiple offers and in some instances, accepting an offer, then declining and taking another offer.Key attributes in demand are good communication, stakeholder engagement, relationship skills and practical thinking and these are still hard to come across.
Leadership a push factor…
Many candidates are reporting leadership as one of their key push factors, specifically a lack of collaboration, clear direction and communication.
This is taking its toll on the culture of risk and compliance teams as well as the broader business.
There is a strong preference for flexibility and hybrid working; the push to bring staff back into the office in conjunction with business cost pressures is weighing on candidate sentiment.
We are noticing an increase in passive candidates in the market. These candidates are open to a conversation, however general propensity to move is low unless there is a clear benefit.
As cost of living pressures continue to take its toll, candidates are more deeply reflecting on what’s important to them. Although remuneration isn’t the key driver, the macro economy is ensuring that this is still a key consideration.
From a hiring perspective, you could say that in some ways, not much has changed, i.e. good candidates are still in demand, well paid and hard to lock down.
The new and improved challenge is securing the right balance of “depth” of experience at an appropriate remuneration level.
commitment hanging by a thread.
Market conditions and business pressures are driving more candidates to be passive in the market...
Market Activity, Demand and Supply
There are fewer available roles in the market at all levels as organisations look to control costs and push recruitment out.
The demand for risk and compliance candidates continues at the Senior Consultant and Manager levels (circa $100K to $160K). We expect this to be constant for the rest of the year and further amplified due to reduced supply.
At the Senior Manager level and above, supply is outweighing demand.
A large group of these candidates are active primarily due to redundancies, restructures and dissatisfaction with changes in business culture or their roles.
As always, hiring expectations are for the best talent. Beware, these candidates have options and can command a premium (albeit not as significant in the current market).
As a Hiring Manager, do you really spend the time to understand candidate motivations and drivers?
First impressions and building a genuine connection with these candidates will be key to getting the best talent across the line.
Market Outlook
We are observing a shifting landscape in the market as businesses and candidates navigate through various challenges. As we anticipate an uptick in the attrition rate due to ongoing business pressures, it is crucial for both job seekers and companies to adapt and evolve in response to these changes.
Despite the current uncertainty, there is a prevailing sense of optimism and confidence as we look towards the latter part of 2024. The demand for contracting work is expected to rise, driven by regulatory requirements such as CPS230 and FAR, along with restrictions on headcount that are putting pressure on risk and compliance teams.
As market forces continue to influence businesses, we foresee shifts in leadership structures. These changes will present new opportunities for growth and innovation within organisations.
For candidates seeking new roles, the job market may pose challenges, but there is hope on the horizon. As we approach the end of the financial year, recruitment activities are likely to pick up, offering a ray of hope for those in pursuit of fresh career prospects. Stay resilient and proactive as we navigate through these dynamic and challenging market conditions.
ONE SIZE DOES NOT FIT ALL.
PX Resources is a specialist in governance, risk management, audit and compliance recruitment. We take an advisory based approach to recruitment and sourcing talent and we work closely with clients and hiring managers to provide fit for purpose recruitment solutions.
We have the experience, market context and networks to source and deliver the best talent.
In addition to recruitment and search services, PX Resources partners with specialist consulting firms to provide you with tailored governance, risk and compliance solutions.
Contact Us for a confidential discussion.
