Auxilion recently conducted a survey, carried out by Censuswide, of senior figures across the Irish finance industry. There were some striking results that paint a picture of a rapidly evolving market for employers and candidates alike.
The market is undergoing widespread and rapid change, with a remarkable 59% of respondents changing jobs in the last year. 61% stated that they intend to change role in the next 12-24 months. It’s clear that both employers and candidates need to consider their strategies for the years ahead.
There are also some intriguing results around job security and career progression within this evolving context. 31% of respondents do not believe that their current role will exist in five years and 66% would retrain for a new role if barriers were removed.
At first, I was surprised, even alarmed, by some of the results. The amount of people interviewing or considering changing roles seemed extremely high at first glance. But we’ve been working with FSI for years, and we understand that this is a dynamic industry and that we're in a particularly transformative time. It’s an industry going through a period of rapid transition and upheaval, and people working in that sector must be constantly evaluating their role within it.
Employers and candidates should seriously consider these results and what they mean for them. Below, we have detailed our key takeaways.
Recruitment Agencies to Play a Key Role
The survey responses demonstrate that recruitment agencies are playing and will continue to play a key role in this volatile market. 71% of respondents stated that they have used agencies before and 70% stated that they intend to use one in the future. Recruiters can streamline the process for candidates by matching them with roles that truly align with their needs. They can support employers by quickly sourcing and vetting suitable candidates through a reliable process.
In a rapidly changing market, the expertise and efficiency provided by recruiters can provide crucial support both for jobseekers and employers. I was glad to see in the results that this is clearly recognised by leaders in the industry, and that recruiters are evidently providing the support required.
Job Security Concerns
A striking 32% of employees reported that they do not believe their current role will exist in five years. This demonstrates the speed with which industries and roles are changing as new technologies and new ways of working emerge and evolve. Relatedly, 66% reported that they would retrain for a new role if barriers were removed. This suggests a willingness on the part of most workers to develop new skills. Employers should invest heavily in upskilling and career development for current employees. This will help to satisfy the desire for progression while easing job security concerns. Workers who feel that they are supported and progressing within their current organisation are far less likely to look for opportunities elsewhere.
Rethinking Hiring Strategies
The results make clear that some organisations may need to rethink their hiring strategies. They particularly demonstrate the need to be ready to respond to change, with 61% of respondents planning to change jobs in the next 12-24 months and 80% having interviewed for a different role in the past six months. We are in a time of significant change in the job market. Employers can’t afford to ignore this. They should instead implement a blended approach to recruitment which incorporates permanent and short-term hires. This will enable them to respond quickly to unanticipated shortfalls in key areas of the business. A robust medium-term hiring strategy is also required to hire talent in advance of need to safeguard BAU activities.
Candidate Attraction & Retention Strategies
With 61% of respondents planning to change role in the next 12-24 months and 80% interviewing for another role in the past six, it’s clear that organisations must seriously assess their strategies for attracting and retaining employees. Organisations should consider what they are doing to retain current staff, and what they could be doing better. It’s also clear that competition in the talent market will be intense; what is your organisation doing to attract talent? What are your key differentiators and how can you communicate them to the market to stand out from other employers?
One of my main takeaways from the results is that communication with current and prospective employees will become even more crucial in this period.
Hybrid Working
The results shed some interesting light on the current discussions around hybrid working. 26% reported that they were not happy with their current workstyle. Interestingly, 78% of respondents currently working in-office stated that they were happy with their current working style, whereas only 55% of those working remotely stated the same. This may be related to the pressure some employers are exerting on employees to return to the office, with 69% stating that they felt under pressure to be in the office more. This pressure is being felt more in larger companies (81%) than in SMBS (64%).
There has been a renewed focus on hybrid work recently, with several major organisations introducing “Return to Office” mandates. There is still a widespread desire among employees and candidates for flexible or hybrid working models, however, and this looks likely to remain the case. Offering flexible working models can give employers a significant advantage in a competitive talent market.
If you'd like to discuss how Auxilion can support your resourcing strategy in a rapidly evolving market, contact hello@auxilion.com.
