- 27 Jun
Client Newsletter – June 2019
RECRUITMENT MARKET UPDATE
June, of course, means rainy season as a wet and sticky prelude to the summer months. Our photo this month comes from webmagazine.com. With the dull weather, it is easy to see things negatively, and this article gives some ideas on what you can do when it’s wet outside – https://jw-webmagazine.com/things-to-do-in-rainy-season-in-japan-b920b21acbaf
For us, things are not slowing down at all and there continues to be active hiring across industries and functions. Strong candidates still have a choice of roles so it pays to move quickly if you can find a match. Please contact us directly and ask how we can help with your needs!
The Legal market for June has been all about healthcare, we have seen a number of new positions come up with our clients, and the main focus has been for Japan-qualified attorneys. This industry will always be attractive for lawyers and there will always be a large number of opportunities. Having said this, other role have opened in manufacturing, entertainment and consulting and the market shows no sign of slowing down as we enter the tough summer season.
For the Finance and Accounting market, there is high demand for candidates in financial planning. There is generally a shortage of good quality profiles from 30 to about 50 years old. There is also a growing need for management accounting experts who can advise corporate management by analyzing various internal figures such as calculation, cash flow analysis, profitability analysis and so on. In addition, emerging companies are planning IPOs and require experienced candidates to help with the process and manufacturers with global expansion plans are also looking for accounting experts. It remains a seller’s market!
The following are some examples of offers out this month:
- US IT Software – Legal Manager – 10M
- US Manufacturer – Associate Counsel – 12M
- European Technology – Legal Counsel – 14M
Accounting & Finance
- US Service company – Head of Finance – 14M
- US Consumer Company – Finance Director – 18M
- European Pharma – Accounting Manager – 12M
Recruitment Focus – Employee Retention
Hang On To What You’ve Got!
When we recommend a role to a candidate one of the first things they do if the name is new to them is to check the company’s online profile, in particular, websites such as Glassdoor and Vorkers. One measure used to judge whether to apply to the company or not, is the rate of turnover, particularly in a certain team, and it will be a major red flag for them if many people come and go quickly. Obviously, employee retention is a crucial aspect for a company’s well-being, in order to grow and develop the business, maintain the brand and attract the best employees.
It may seem strange for a recruitment agency to talk about the best way to retain employees, after all, if there is no movement in the market we would have fewer jobs for us to work on. However, with lower turnover, companies will have stronger employee brands and so will be easier to recruit for when positions do come up.
While there are many different reasons why people voluntarily leave their jobs, we will look at some of the most common and also some ways on how to prevent those conditions from happening in the first place. After all, it is much better to prevent situations from occurring in the first place than attempting a quick fix.
We meet hundreds of candidates per month who are actively looking for a new job or who are just open to better opportunities and, across disciplines and industries, the reasons they may be looking are similar and quite simple:
- Their career growth has slowed or even stopped – the candidate can no longer see a clear path to gaining more responsibilities or gaining new skills
- Problems with the manager – this could have a range of causes, form a personality clash to a disagreement about management style
- Work is not satisfying – the work does not match their abilities and is not fulfilling, they feel their potential is not being used and they re not making progress (see above)
- There is a major change in the company’s focus or culture – the candidate may have become disconnected from the things that attracted them to the company in the first place
Some of these causes are preventable by introducing strategies to increase employee engagement and boost retention – it’s not all about the salary and benefits!
- Develop personalized action plans for employees and train managers to have regular meetings with their teams to follow up on these plans and keep them on track
- Conduct an employee satisfaction survey – based on these results, talk to the least satisfied employees immediately to address their concerns. Take the feedback from your most satisfied employees to build a long-term plan to increase job satisfaction across the company
- Create a learning culture – many employees, especially those in their 20s and 30s, will look outside if they have no opportunity to learn new skills and fulfil their potential. Some companies offer learning and development as part of the benefits package, while others offer an allowance to spend on evening or online classes
- Consider flexible working conditions – some studies have found that offering flexible hours and work from home can be the equivalent of a 10% salary increase, especially among millennials (people born in the 1980s and 1990s). This may be difficult to implement depending on your company culture, but is incredibly popular among employees and they are more likely to stay if they have them
Retention policies should also be a part of the recruiting process, and it is important that your recruiting teams, internal or external, are making sure that the candidate is considering the long-term proposition before they join. One way of doing this is to get the candidate to consider your role with all of the short-term gains removed, e.g. salary, bonus, location and then ask them why they want the job. If they cannot give a good answer to this question then, even if they accept your offer, they may not be satisfied in the long term and will be looking again soon.
Improving employee engagement and retention brings great results in the short-term and long term. Your current employees will feel more motivated and be less stressed and more productive and the improvement in your brand caused by lower turnover will mean your roles are easier to fill when people do leave.
Recruitment 101 – The Pros & Cons of Hiring Overqualified Candidates
The job market is in general very healthy but there are still some candidates who are having difficulty finding the right opportunity. Clients often tell us they receive resumes from candidates who have way more skills and experience than they need for the job. It is natural that companies wish to hire candidates on their way up in their career and are motivated to continue growing. They are very cautious about candidates who may be taking a sideways or even backwards step, but can these candidates actually offer value in a tight market?
We take a brief look at the pros and cons of hiring overqualified candidates:
- Create a fast track to more senior positions – If your new hire has a lot of experience, they are in a good position to move quickly up the organisation and become a leader to future generations
- Hit the ground running – especially for a replacement position, a highly skilled hire can drastically reduce the ‘catch up‘ time
- Reduce training costs – the new hire should require less training when first getting started
- Chance to expand the role – the new hire should be able to hit their targets quickly and offer suggestions on how to increase the scope of the role
- Less supervision required – an experienced employee should be able to get on with their tasks with minimal oversight
- Pass it on – the new hire’s colleagues will be able to benefit from their experience and develop their own skills. They may even become mentors for junior team members
The potential drawbacks are probably better known:
- Turnover – the person may continue looking for a role he or she is better suited for
- Boredom is a risk – If the role is fixed and cannot be expanded over time, the new hire could become bored and have a negative influence on the rest of the team
- Resistant to new ideas – If they already have a lot of experience, he or she may be set in his or her ways and may not want to change to fit your culture
- Career blocker – other team members may see the new hire as being in the way of their own career progress, leading to increased dissatisfaction and may even turnover
- Skills may be outdated – especially in a technical role, they may have a lot of experience, but it could be outmoded, meaning you will have to train more after all
Whether or not you should hire an overqualified candidate will depend almost entirely on your organisation and the particular role. You will, of course, need to thoroughly question the candidate’s motivation (would they just join as a placeholder until they find something better?), and think hard about whether their ambitions will match your role or if there is a mismatch that will lead to frustration in the long term.
Once you have these questions answered the decision will become easier – it may pay you not to dismiss overqualified candidates if the market is tight!
We provide a free consultation and training session to help clients improve recruitment activity and perfect their agency relations.
For further information on this topic or any other recruitment-related questions, please contact email@example.com
Comments are closed.