June 13, 2021
The Covid-19 pandemic has caused chaos all over the world, and arguably, nowhere more so than in the recruitment sector. After a year of furlough and laying off staff, companies are now facing the “new normal” and this has raised the possibility of the candidate-driven marketplace finally coming to an end. With confusion and mixed messages out there, what does it all mean for companies requiring new staff, candidates looking for posts, and ultimately, those working within the recruitment industry itself?
The Candidate-Driven Status Quo
Before coronavirus struck, the employment market was certainly a candidate-driven one. However, there have been predictions that the post-Covid situation will cause the job market to look very different. After all, there have been far fewer jobs created during the pandemic, so surely this should lead to an employer-led marketplace? Yet, there are many people who believe the opposite, and state that the available job opportunities today are equivalent to those available before the pandemic erupted. With this in mind, will there really be a shift away from the candidate-driven market?
No Change In The Market
Despite the conflicting opinions on the subject, those who work in the recruitment sector can confidently say that, although Covid-19 has had an impact on the industry, essentially the market remains primarily candidate-driven, especially in the Wiltshire area.
Why is this the case? Essentially, because many of the factors that were in place before coronavirus remain in place today.
Before the global pandemic, there was a major skill shortage in certain sectors. The technology sector in particular was especially short of suitably skilled workers to fill their vacancies, and with an aging workforce that lacks the necessary expertise to undertake those available role, young graduates with the right educational background and workplace experience could cherry pick the positions that best met their needs and satisfied their ambitions.
The skill shortage meant that candidates applying for those vacancies could pick and choose from the various available options at will since there were far fewer applicants for each vacant position. The result was that any talented individual with the right experience and qualifications could dictate their terms and conditions in the counter-offer culture that prevailed in many workplaces.
While there has been a shift to a “new normal”, the skill shortage still exists. There are still too few candidates with the right experience and qualifications in certain areas, and the existing workforce is still aging and lacking in the necessary expertise to fill those vacant roles. All of this adds up to a situation in which those talented individuals will still be able dominate the marketplace for some time to come.
Flipping The Market?
With the above in mind, it’s clear to see that there’s no cause for the recruitment sector to panic just yet, especially in Wiltshire. While it’s true that there are sometimes less job opportunities available, and yes, those available job opportunities may have changed because different organisations are now hiring, the fact still remains that the job market, at least for now, is still being run by the candidates themselves.
Before Covid-19 arrived on our shores, a shocking 90% of the UK’s job market was driven by candidates, and even if the global pandemic has allowed some areas of the recruitment market to become increasing led by the employers, the ratio has not shifted so significantly than the majority of the recruitment market has been flipped. At least for now, the market is still candidate-driven, in fact, very much so, and looks set to remain this way for some time to come.