Your Opinions – The Results Are In

After some very good engagement on our recent blog post – Top Talent – The Current False Economy – We decided to put it out there and get your thoughts on the current hiring market, how it has affected your expectations, and what you would be willing to accept when looking at new opportunities. 

We asked you:

“Would you consider a 20-30% pay cut of your usual salary/day rate if it improved your chances of finding work within two weeks?”

Well, now the results are in and there are some interesting results. The majority of people (79%) would not consider a 20-30% pay cut in order to secure work even during the pandemic and the current job market. 

This supports what we suggested in the blog, that although the job markets are flooded with new candidates, most people are willing to wait for the right opportunity and are sticking to what they know they are worth. 

I think that this has also been affected by people having the time to assess their priorities and are focusing on quality of life, finding a job that is a good match for them - where they feel valued and genuinely able to add value to the project and company they work with. 

Even amongst the candidates who were willing to consider lower salaries / day rates, when speaking to them there was a big focus on the overall remuneration package and the consideration for the lower rates is weighed up to other benefits like flexibility to continue working from home, longevity and progression, private healthcare and pensions.

What is more interesting though, is the experiences some candidates have had when looking for new opportunities and the misalignment in how companies see the current situation. Believing that there is now an overwhelming candidate pool to choose from, some companies are trying to take advantage of the pandemic and offering candidates as little as only 40% of their normal rates. 

It is clear from our poll, speaking to a number of quality candidates, and our own resourcing efforts, that although there may be more people applying for positions, the talent in the market is sticking to their guns when it comes to remuneration. 

This is something we fully understand and support, businesses looking to hire need to consider the long term implications to their business that a bad hire could cause – whether that be hiring someone without the right experience, skills, and expertise needed for the role – or believing you have the right person for the job only to find they leave you for something better in a few months. 

Of course, compromise is needed from both sides, but there has never been a more important time to make sure you are finding the right talent and keeping hold of them.

This is where Foundations can really help you – sifting through the hundreds of applications, access candidates from across the whole market, qualify candidates, give you up to date market information and feedback, and find the right individual to push your business forward.

For more information on how Foundations Executive Search can help you 

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