Good news for job seekers in 2015!
The projections for 2015 all point to a healthy market for job seekers, but filling these jobs and retaining top performers continues to be a struggle for employers.
The buzzword for employers is “the war for talent”. The war for talent is a term coined by Steven Hankin of McKinsey & Company in 1997. The term is also described in the book, “The War For Talent” written by Ed Michaels, Helen Handfield-Jones, and Beth Axelrod.
The war for talent refers to an increasingly competitive landscape for recruiting and retaining talented employees.
Talent retention is an important topic for all HR professionals as top performers are getting contacted by recruiters on a regular basis. We saw a lot of counter offers go out to candidates from their current company in 2014. Employers are working on creating incentives to keep the employee at their company for as long as possible. Some have paid out five figure signing bonuses which the employee needs to pay back to the company if s/he leaves within 2 years.
In 2014, we saw several of our candidates in a position to chose from 2 to 4 offers at a given time. Prospective employers who have waited on a candidate for too long have come in too late with an offer and the candidate is off the market. After losing their top candidate, the employer is back to square one on their search. This is why we always try to keep the employers informed of the said candidate’s activity every step of the way.
What does this market mean for job seekers?
- Assess what your current employer would need to offer you in order to keep you and weigh that against what you could get out of a new opportunity
- If you want to stay with your current employer, but need more of an incentive to stay, then schedule a time to chat with your boss about options. Don’t be pushy, entitled or demanding. Approach the conversation with the idea of what you both need from each other in order to keep you on board. Be prepared with what you can offer the employer in the long-term.
- Do not use other employers to get a counter offer with your current employer. This will burn bridges with everyone involved in your interview process.
- Make a commitment to where you’d like to work for the next few years and don’t become a job jumper.