May 6, 2022
As we are slowly transitioning back to a bit of stability after 2 turbulent years with the pandemic, we are noticing lots of positive changes. Unemployment is incredibly low at 3.8%, a drastic drop from nearly 15% in April 2020.
Major layoffs in the thick of the pandemic caused employees to accept pay cuts or even steps back career wise to keep working. With so many opportunities available today, it is a vastly different market today! Prospective employees are demanding higher wages and more flexibility and with a tight pool of qualified talent, employers are coming to grips with the reality of offering higher compensation and making the accommodations needed to attract and retain key skills and capabilities.
We have worked with so many people that had been looking for a change between November and December and were suddenly faced with the difficult decision of choosing between multiple offers in February and March. The tide has shifted, and while it may be an opportune time to make a shift, longer term trends must be balanced against what may seem like “greener grass”.
Key factors that are important for employers and candidates to remain aware of in this market:
Return to office
Most employers are eager to get their employees back into their offices with the pandemic winding down and there are mixed feelings about the requirement to be back on-site. While some people are excited to go back into an office for the social aspects of sitting with their colleagues, others have adjusted to the flexibility of remote work and simply do not want to go back to their old lives of commuting 1-2 hours a day to get to work. This is the number one complaint I am hearing from candidates who we’re recruiting for positions in our firm today. With so many jobs available, if you don’t want to go into an office, there are other options out there for you. But again, be wary of what may seem like a great thing in the short term, may end up being something quite different a year from now. Technology is great, but it will never replace the value of bringing people together, especially when it comes to advancing within an organization.
Compensation
Those who accepted reductions in late 2020 to get back into the market are realizing there are other fish in the sea. If your sole motivation is money and have a highly sought-after skill set, the quickest way to achieve this is to look for opportunities elsewhere. At GSG, our clients come to us for experienced hire consultants with these valuable skills. Our business and compensation models allow for greater access to roles in our firm that have higher total compensation, greater flexibility and the potential to work on various client projects.
Employers like GSG who are offering remote opportunities can leverage talent from other markets. If a San Francisco or New York based client has a project with consulting needs with specific skills, GSG has the geographic footprint to bring these candidate pools from around the country and the world to offer higher wages than a mid-market city can provide to local candidates.
Streamlined Hiring Process
It takes a lot less effort to go through the hiring process today than it did in 2019. We are all accustomed to video meetings with Zoom, MS Teams and Webex and clients have realized that they don’t have to meet our consultants in-person to make decisions about moving forward with GSG to deliver on their project. Video introductions require a lot less coordination which can streamline the hiring process for us in bringing on new consultants.
Timing is Everything
No matter how great the market is, there are seasonal trends, and the summer months can be quiet for the initiation of new client initiatives as it is a prime time for family vacations. However, GSG is always hiring through these periods in anticipation of the projects we are poised to deliver for our clients. But there is a window of opportunity now through June where we are even more motivated for the right talent.
If you are looking for a new challenge, contact us today! GSG is a leader in consulting services for the banking, wealth management, investments, and asset management sectors. We are always looking for great people to join our team across several disciplines, practices and service areas including Digital, Business Transformation, Project and Program Management, Technology, Innovation and Regulatory Compliance.
Galawezh Mostofi is a Senior Talent Acquisition professional for GSG based in San Francisco. Her labor market insights are derived from her unique ability to connect with people and a passion for creating opportunities for the consultants she works with.
