Why now is a good time to find a new job Jobseeker questions and answers
Finding a job can be challenging at the best of times, but job hunting after businesses filled all their vacant roles in the last 18 months can be particularly daunting – especially particularly if your job search comes off the back of a redundancy. Economic turns can create a challenging environment in which fewer opportunities and increased competition make for a more rigorous job search process.
While it may feel that your options are limited, with the right strategy, now is the perfect time to find a job that supports your career goals long term.
To understand why now is a good time to find a new job, it's important to first understand the macroeconomic trends that are shaping the current economic turn. Various factors including the COVID-19 pandemic, supply chain disruption, and geopolitical uncertainties have caused significant economic disruption globally, and Australia has not been immune.
Warning signs of an easing economy often triggers a change in behaviour as both customers and businesses scale back their spending in order to create a financial buffer against market volatility.
Tighter budgets have a cascading effect on hiring. Whether it is instigated by a drop in sales or demand, a pause in growth initiatives, or revised financial forecasts, there is less money available to support new or sometimes even existing salary budgets.
As businesses continue to grapple with the ongoing effects of the pandemic, many are being forced to make tough decisions about their talent management strategies. According to the Robert Half 2023 Salary Guide, businesses in Australia are cautiously optimistic about hiring in the year ahead, with 75% intending to hire permanent positions, but they are proceeding with caution.
Nicole Gorton, director and workplace expert at Robert Half says “We are seeing a move away from ‘proactive’ hiring patterns as businesses scale back their more ambitious growth agendas to focus on their core offering. While some businesses in worse affected industries have frozen hiring entirely, the majority are instead looking to make strategic hires – that is, backfilling vacant roles or selectively interviewing highly skilled candidates aligned to strategic business objectives.”
Nicole Gorton is a renowned recruitment specialist with over 25 years’ experience. She has forged an outstanding reputation in the highly competitive recruitment industry as a specialist who can advise on effective hiring strategies for organisations ranging from small businesses to listed companies to large-scale projects encompassing global talent mobility. With a results-based mindset, Nicole relishes the opportunity to help companies and jobseekers tackle their workplace challenges.
In the current hiring market, the job search process has likely changed compared to the ‘candidate short’ conditions that have faced finance, technology and business support sectors over the last 3 years.
As companies focus on filling vacated positions rather than creating new ones, there will be more competition for each position. When jobs are posted, there is likely to be a high volume or responses in a short period so the role may be taken down within days, as opposed to weeks or months in a candidate-driven market.
Given the high volume of candidates, employers are in a position to be highly selective when short listing of candidates. This is not purely tied to the larger pool of available talent to choose from for each role, but also an act of caution.
Hiring and rehiring is a resource intensive process, so businesses are likely to err towards a ‘safe’ candidate who has demonstrated experience in the role requirements. While in a candidate short market, employers are more willing to hire on potential and train up a candidate, during the process of hiring strategically, the focus may pivot to recruiting candidates who can offer immediate value in a familiar role.
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During the interview process, businesses may not be flexible on salary given the tighter financial situation and increased competition for the role. If looking at a lateral move, jobseekers may need to be prepared to accept a similar, or even slightly lower salary, than they would in a stronger job market where companies are willing to pay a premium simply to fill the vacant position at speed.
It's also important to be aware that the recruitment process may take longer than usual. Businesses may need to conduct more interviews or undertake additional due diligence before making a final decision. This means that jobseekers need to be patient and persistent. It may take longer to secure a job, but persistence can pay off.
“While we may see the economy and hiring market easing in Australia, it is coming off an incredibly elevated period so jobseekers should continue to search with confidence. That said, candidates should approach the job search knowing they have less bargaining power than they would’ve a year ago,” says Gorton.
“Employers were hiring in droves but they are likely to be more selective about their shortlist now that they have more choice so focus on delivering highly personalised applications to roles where you can offer immediate value, and be prepared to negotiate salary based on what you bring to the role. The hiring process is more robust to ensure the candidate is a perfect match for the role at hand.”
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While companies may have changed their hiring patterns, the demand for skilled professionals remains strong. Rather than hiring on volume or with an eye to expansion, companies are focusing their attention on high-value candidates that can contribute immediately to the central or critical pillars of their business strategy.
In the technology sector, businesses are looking for candidates with skills in cloud computing, cybersecurity, and software development. IT security professionals, developers, and experts in the cloud are highly sought after to ensure the structural, experiential and safety components of organisations in an increasingly digitised landscape.
In finance and accounting, the most in-demand positions include financial analysts, management accountants, and financial controllers. Businesses are looking for candidates with strong analytical skills, business acumen, and an ability to work well under pressure.
If you are looking for a job right now, it's important to have a strategy in place. Here are four top tips from a recruitment expert on how to get your resume to stand out:
Applying for roles through job boards can be fiercely competitive and challenging to stand out from the crowd given the high volume of candidates. Working with a recruiter gives you direct access to a passive job market of suitable roles that leverages the recruiters existing client relationships.
Many jobseekers make the mistake of using a generic resume for every application. When there are fewer open roles, competition for each role is likely to be fierce. It's important to tailor your resume to the specific job you are applying for. Highlight your relevant experience and skills, and make sure you use language that mirrors the job description.
When there is more competition in the market, networking is more important than ever. Make sure you attend industry events, connect with people on LinkedIn, and join relevant professional organizations. Let your network know that you are looking for a new role, and ask for their advice and support.
As the hiring and work landscape evolves, it's important to be open to new opportunities. Recruiters are well positioned to provide insights and advice on industries or areas that are hiring for which your skills are relevant. Being able to demonstrate your ability to adapt to the new world of work - for instance, leveraging AI to become more efficient - can help to differentiate you from your peers.
Our experienced team of talent specialists are here to help you get the most out of your career. If you are ready for a new role, contact us today.
The study is developed by Robert Half and was conducted online in November 2022 by an independent research company, surveying 300 hiring managers, including 100 CFOs and 100 CIOs, from companies across Australia. This survey is part of the international workplace survey, a questionnaire about job trends, talent management, and trends in the workplace.
