ABS unemployment rate statistics for May 2023 show ACT at 2.9% UE rate and NSW 3.1% UE. Both lower than the national level which remains at 3.5%
With the unemployment rate remaining low, you may be worried about the time it takes to recruit. Working with a great recruiter alleviates this.
In fact, the clients that we have regular catch ups with, tell me that these catch ups not only keeps their mind at ease, but they also get specific value out of our discussions.
Here’s why.
#1. We listen to you
I really enjoy my regular catch ups with my clients. We chat about our respective current organisational projects and market performance. I get a real understanding of how my clients are tracking to their objectives and what initiatives are on their strategy plans to deliver on. Quite often I can connect them to my contacts who may have been through a similar project deliverable. It’s this community that brings you value-add and access to broader contacts.
And then there’s you. I am always interested in how my clients are feeling in their current roles. At the same time, I am always looking out for opportunities for them too. Career planning chats and check-ins are a healthy way of confirming what you are looking for in your life right now and a couple of years into the future. Across my ten years of founding and running Troy Recruitment, many of our clients have become candidates.
#2. Keep up with salary benchmarking
In a recent catch up with a client, she shared with me that two members of her risk team had brought up a recent salary report with her in their 1:1 meeting. You might think she gave the standard response of, ‘we review salaries once a year in our budgeting and performance review process organisation-wide’.
Actually, her 1:1 conversation could not have gone better. To begin with, I had sent a similar salary report with my summary to her the week before – so she was pre-prepared. My client was able to tell her staff member that, she too had read a similar report and thanked her staff for sharing this one with her. That this second report helps to confirm her view that Risk Management roles have grown in demand and salary range, in the general marketplace. She had already requested a meeting with her Director and head of HR and would be happy to share any updates going forward.
#3. We have qualified candidates All The Time
A great recruiter has built up strong relationships with qualified candidates. We maintain these relationships, so that at all times, we have a mental short list of potential candidates for any unexpected vacancy you may have in your teams. Keeping our candidate database and relationships up to date is key to our business in servicing our clients.
It’s also a recruiter’s business to know the strengths and current career goals of our candidates. This means that when you need to find an excellent member for your specialist team, we are able to answer the call.
#4. Team structure and succession planning
Through my clients, I know about the staff that I have helped to place in their team, and we also discuss the make-up of their whole team. We talk about which staff members are looking for more scope in their career development and progression and how this can be satisfied. We will sometimes discuss performance management progress.
I play a role in being a key confidant that my clients can bounce off ideas with about team structure and succession planning options. As I am aware of different approaches to Accounting and Risk team structures, I can provide insight into various options for my clients and their organisations to consider.
A great recruiting partnership means that my clients bring me in for discussion at the start of the team re-structure and management process, not just at the recruiting stage.
#5. Keep informed on what risk and accounting candidates are looking for
I do talk to a lot of people, a lot! My focus specialty is in Accounting and finance roles including Forensic Accounting, Cyber Security, Data Analytics and Risk Management recruitment. Through my conversations I can keep track of what job seekers are expecting and looking for in this market space. There are trends of course in the benefits and professional development opportunities being offered and sought out. There are also emotional needs trends. The demand to be able to work flexibly has been delivered on since Covid-19. Now it’s ensuring that this option is embedded and continues to be the norm.
What’s coming? I am seeing that the current economic environment is playing out in two ways with my candidates. Firstly, living costs are rising with inflation, and everyone is feeling the pinch and looking for ways to either save money or earn more. Working from home can save on costs. Seeking salary increases and more seriously considering a job move is also on people’s minds.
However, as the economy is expected to tighten over the remainder of the (2023 calendar) year, we expect to see the current record low unemployment rates start to rise. People will be more concerned with job security and for their employers to show them that they value tenure and loyalty.
If you would like to keep across your job sector and have a chat about the marketplace, I would be happy to keep in touch with you.
Let’s connect soon!
- Helen
Troy Recruitment is a boutique firm with a wealth of knowledge and long-standing relationships. We’re here to guide you through every stage of your recruitment journey. Read more here
