What is driving demand?
- The volume of work post Royal Commission has been a key driver for risk and compliance resources.
- Upskilling of teams is a consistent theme.
- Risk and compliance functions are looking to restructure or reinvent which feeds into recruitment activity.
- Structural change i.e. divestments, acquisitions, etc.
- Small to mid-sized organisations are building their functions from a low base.
- There is growth outside of the financial services sector.
How is supply meeting demand?
- As the expectations of the role have increased, the candidate market is struggling to adapt and meet these expectations. The better candidates are being recognized and locked in.
- Everyone is looking for top 20% of the market.
- There is a greater emphasis on the soft skills and supply is lagging behind.
- At the $90K to $130K levels, supply is scarce as these candidates have plenty of choice and they are attracting premiums.
- There have been some early signs of lateral movement within the business.
- As the profession matures, there is a greater appreciation for candidates with business knowledge.
How to navigate a candidate short market?
In short, please feel free to give us a call on 02 9223 8200.
Some other points are:
- When recruiting, it is important to sell the story i.e. “WHY” join us?
- The ability to move quickly is essential as good candidates will have multiple opportunities. We have had examples where candidates have had one interview and have been offered the role within a week.
- The reason the process is slow is because hiring managers are unaware of the candidate market and first look to establish a benchmark, prior to selecting their preferred candidate.
- Open up your brief, compromise on technical skills, not on attitude or soft skills.