The last month has looked a lot more optimistic in the job market. Employer confidence in hiring is always a good indicator of what is going to happen in the economy as a whole. During tough times, companies only hire when they can see recovery and the shrunk workforce are pushed to deal with increased levels of business.
During the first phase of recession temp numbers increase and perm opportunities either slow down or go on hold at the last. We found this to be the case between September and November last year.
The second phase of recession sees the temp numbers decrease with little or no perm business. We found this to be the case in from November, and the New Year saw a huge increase in candidates coming through the door that had been laid off. This continued to be the pattern till May this year, and was a difficult period for everyone with doom and gloom headlines every day.
The third phase of recession is the beginning of the recovery. More individual companies start to use temporary, contract or interim staff and permanent placements increase. This has been the case since May, and while increases may be slow and gradual, we are experiencing increased demand week on week. We are also finding that more permanent vacancies are resulting in hires. The time it is taking between first interview and offer has increased from 3 weeks to 6 weeks, and if you’re interviewing at the moment, you will be asked to jump through a few more hoops and meet a few more people, but more candidates are being hired. GOOD NEWS!
The fourth phase sees a full recovery. We expect this to come in May next year when it will be business as usual, though in case you missed it, Sky News among others announced the end of the recession with ITN being equally bullish only a few weeks ago.
Recent research indicates that around 40% of people in work are unhappy and will be looking to move on. The cuts made by their employers might have been necessary, but they are resented. This level of churn will create increased opportunities over the coming months, although these jobs will require more preparation and effort in the process.
If you are among that 40%, now is the time to dust off your CV and start preparing. Make sure all your details are up to date and that you prepare for every interview you go for properly. If you’re thinking about it, come in and see us. We will be happy to advise how the market is working, the realistic salaries that will be available and the companies that are likely to be hiring.
Whatever you’re thinking of now is the time to be more confident in the job market. We are hearing more and more of our clients speaking confidently, even if they are not yet hiring. Be sure you are prepared to make the most of the opportunity.
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