Speaking to candidates, as I work in an Australia Recruitment Agency, in the last week has been an eye-opener for me!
It’s been over 3 months since Asha went on mat leave. Due to excessive amounts of caffeine I’m enjoying taking on her work and doing my best not to let her down!
Recently, I’ve been mostly working with senior candidates. So head-hunting less tenured candidates again has been interesting, especially in this market.
Senior strategy folks tend to be open-minded about the opportunities a specific role could bring them and curious about the broader market in general.
They see the value we bring long-term and build a relationship with us as that one role could change their lives.
They’re interested in the content of the roles, who they’ll be working with, what career options lie beyond the role and senior exposure available. All very important stuff to know!
Only then we have a conversation about salary.
By this time, we may have identified through the conversation, that this one role we had in mind may not meet their needs however we may have 3 others that do.
All of this can take as little as 15mins (caffeine dependant).
What’s surprised me in the last week is the number of more junior candidates who have responded to my approach with “how much will they pay me?”
Just that! 😲
This has really shocked me.
Whilst I understand the current economy means we all need to ensure we are being paid our worth, the lack of interest in the nuances of a role or more importantly the market holistically was concerning.
As experts in this space we;
a/ Know what market rates are
b/ Educate clients who are not aware of market rates to lift their bandings or lower expectations
c/ Don’t take on roles our candidates will not be interested in or who can’t pay market rates
d/Have a plethora of interesting roles at any given time, we just need to understand what “a good opportunity” means to you
With the market being talent short, you’ll always find companies that want to throw money at the problem if they cannot attract quality candidates at market rates.
I’d suggest you ask yourself why that may be.
I’ve spent hours speaking to strategy execs whilst recording the Strategy Bites podcasts, all of them point to reasons you should consider taking a role.
None have said they made any move for money!
The podcast I did with Joshua T. VP of Strategy PepsiCo a few weeks ago echos this, he says “slow down and ensure you enjoy the journey!”
This is the reason we started doing the podcasts, so less experienced consultants can get advice from senior leaders on how they should be thinking about their careers and the opportunities they are presented with.
We’re not here to push you into one role, but to give you options based on what makes you tick, and what is best for your long-term career.
Please, think beyond “what are they paying” and have a holistic conversation about you and your needs.
The firm that will pay you the most isn’t always going to value you the most!
Benefits of using an Australia Recruitment Agency? What can organisations do to boost the quality of their hires in this candidate-short market when using an Australia recruitment agency?
Easy! Ensure you are doing these 4 simple steps.
1. Work hard to attract them and then work even harder to hire them: Engaging people in the right way, making them feel your intention and energy goes a very long way!!
2. Truly partner with your Australia recruitment agency, trust them and take their advice. If in doubt ask your agent how best to partner with them to achieve your desired result based on their experience. So pick the right partner!
3. Move super fast! Don’t delay, move to fireside chats quickly and interviews even quicker if the candidate’s change readiness is clear.
4. Be a place where prospective candidates want to work. Be clear on your EVP, celebrate your companies’ accolades and achievements openly and on social media, but most importantly create a culture that lures the best your industry has to offer. Never ever become complacent just because you were once an iconic brand that attracted good people in the past. If you do this, you’ve already lost the talent war!
Advice on best practice shared by recruitment guru Greg Savage.
I’ve been triggered in my chats with candidates recently especially with the term work life balance in consulting.
I’ve worked with Management Consultants for 20+ years, and work life balance in consulting has always been one of the reasons strategy candidates explore new opportunities.
Typically, long hours and extensive travel came hand in hand with working for a top tier consulting firm.
Often, whilst consultants were young, this was even seen as appealing. Do 4+ years in a MBB and doors open for you wherever you go.
So, the topic of balance is one I have discussed for many years. Strategy consultants have always endured working long hours since management consulting began.
However, in the current market, with massive shortages in talent in the strategy sector, the inability to hire consultants from overseas and massive attrition in both in consulting and corporate teams, those team members left behind are picking up the slack.
I am constantly hearing from candidates, at all levels, on the verge of absolute burn out and it really worries me.
And sure the term work life balance in consulting is all relative.
But I am talking about driven and ambitious people that still want to be stretched and challenged at work. They want to work hard and do not mind putting in the hours to be successful.
They do not want a 9-5 but crave the ability to have a decent night’s sleep, not working into the early hours, constantly, and having their families pull them aside concerned for their health.
Having suffered from adrenal fatigue myself, I know the warning signs well. (See link below to a podcast where I talk about my personal experience).
It creeps up on you especially if you are in a high performance environment where everyone is working hard and at pace.
At first you feel wired and tired and before you know it, you can no longer function properly.
Chronic fatigue and brain fog are just two of the symptoms that can haunt you for months and there is no quick fix.
Then there is the massive change of identity.
Going from a high performer, with the ability to get sh*t done fast, to forgetting who you are emailing and why, and having to have a nanna nap every day.
It’s just like the story of the frog being put into cold water but the heat being turned up until boiling and the frog not even noticing.
But this is NOT ok.
Line managers may not even realise they are driving their teams to burn out given the remote working environment we have become accustomed to.
High performers may feel embarrassed at not being able to cope.
But trying to solve the problem when an employee resigns does not convey genuine care, it reeks of panic and often promises made in a state of panic will likely fall short in reality.
Whilst managers do have a responsibility to ensure the health of their teams, we are the captain of our own ships. The first step is recognising the signs and being vocal about needing support.
For anyone suffering with this right now, I listened to a great podcast that may help. Link of the podcasts below:
If you are interested in learning more about how Oaktree can help you secure your next strategy role or improve your hiring process, feel free to drop us a line or reach out to Anika for a confidential call. You may also read more about our insights and blogs here.
We are in touch with hiring managers daily. And we’ve realised this, “can many choices mean you make bad choices?”
These are the common conversations we’ve had with hiring managers and candidates: “Amazing candidate, but I want to see some more before offering, just in case!” “This role sounds ideal, but I just don’t know what else is out there!”
Two very common conversations we recruiters will be having daily at the moment.
Mr. or Ms. Hiring Manager wants to ensure there is absolutely no one else out there they have not seen despite having a fantastic candidate that has impressed in all the interviews and is chomping at the bit to accept the role right in front of them.
Said candidate will then often feel that lack of interest, be presented and tempted with other opportunities, and boom, they are no longer available.
And candidates, who may be just starting to explore the market but finds a role that ticks most of their boxes, will often fear making a wrong move. The process may have moved at a decent pace and before they know it, they are facing an offer. They can often use tactics to delay having to accept an offer to buy themselves more time.
This often leaves a bad taste in the client’s mouth and can burn bridges. Clients may have lost other credible candidates in this process.
On the flip side of this, candidates and clients that meet everyone and anyone, hoping the right option will seem obvious, often end up making bad decisions or no decision at all
According to Barry Schwartz, the author of The Paradox of Change, the more choice, the less the satisfaction rate of securing whatever the thing is one is trying to obtain.
Schwartz reasons that having too many options makes us fear missing out, which causes anxiety, analysis paralysis, and regret.
The antidote for overloaded hiring managers and candidates alike isn’t more options, it’s decision simplicity.
Really identifying what is important to you and having the discipline to focus on the key things that are essential and ignore the rest, and ultimately you will derive greater satisfaction from the choices you make.
As recruiters, we guide both hiring managers and candidates alike, and we’ve realised that can many choices mean you make bad choices?
So we’ve put together a list to make sure success in placements and sourcing is achieved:
Get clear on what really matters to you before embarking on a process. What are your values? Why are you looking in the market right now? What is missing?
Who else is affected by this decision? Family if you are a candidate, or stakeholders if you are a hiring manager. Get their input at the beginning of any process so you are aligned.
Do you have all the information to make a decision?
I am a big believer in trusting your gut instinct but make sure you are not making any decisions based on assumptions.
I would recommend adopting the services of a specialist recruiter who has access to a variety of suitable roles and expert candidates but who can identify the top 3 opportunities or the top 3 candidates that will work for you specifically.
This way you can simultaneously assess 3 strong options and make a decision based on your criteria and research.
Currently, in this crazy market, too much choice = delays = disappointment.
If you are interested in learning more about how Oaktree can help you secure your next strategy role or improve your hiring process, feel free to drop us a line or reach out to Anika for a confidential call. You may also read more about our insights and blogs here.
We are happy to say that gender diversity or diversity in our placements as Australia Recruiters is on the rise. This year, approximately 53% of all new hires were women. This is an increase from our previous years where women comprised 50% or less of each cohort. Additionally, we have seen a trend towards more companies emphasizing the importance of gender diversity in more senior roles.
Our placements of executives at the head and general management levels were 57% female and 43% male for the year.
We’ve noticed a trend of our clients wanting to see a 50/50 split on resumes. In fact, it seems like companies are looking for a more diverse pool of potential candidates. We recruit across all sectors and this is according to the market as a whole.
Diversity in our placements is a much more complex topic than gender alone. We are committed to providing our clients with a diverse shortlist of candidates, which is why we consistently encourage our recruiters to not only consider gender but also other factors such as race, ethnicity and religion.
Well done to the Oaktree team for striving hard with gender diversity in mind when shortlisting candidates for our clients.
What is happening in the Strategy consulting market in 2022? As Sydney Recruiters, we are being asked constantly since returning to work.
We are seeing multiple roles coming through at the manager and senior manager levels & a decent amount at the “Head of” level.
In January, we speak to MANY candidates keen to explore the market.
This year is no exception especially with rumours of “the great resignation”, everyone wants to understand what that means for them.
Some candidates approach us with a set idea of what they want, others have no idea what to expect or what their market value is.
Those who are very rigid in their expectations can be disheartened when they investigate the outside world. Yes, consultants are in demand but that does not mean you will double your pay and nab a COO role straight off the bat.
It’s good to have done some thinking about what your career aspirations are, however, it’s also beneficial to be open-minded at the same time.
One of the most impactful shifts is consulting firms are doing EVERYTHING they can to retain staff.
We have seen salaries, both base and bonuses increase substantially, early promotions, promises of promotion, and other actions being taken as they have been unable to bring consultants in from overseas for years and are oversold on projects.
The ASX 20 is still where the volume of opportunities beyond consulting comes from, and whilst consulting salaries have shifted upwards, some ASX business bandings have not shifted for many years. This gap is creating issues.
Some are proactively working with HR to shift bandings to meet the market, some are succeeding, however, others are struggling to make the changes needed. There is also the consideration of creating a salary imbalance in their existing teams which can cause future issues.
We have roles from start-ups and mid-sized businesses who have more flexibility with things like equity and titles, however, consultants can struggle with the ambiguity in these companies and, if not prepared for this, can leave in favour of roles within a more structured environment.
And of course, it is not all about money, and top-tier consultants in particular need to have a solid reason to want to leave consulting beyond pay.
They are looking to their new employers to align with their values and win their hearts and minds.
Therefore, it is so important that hiring managers are deeply entrenched in the recruitment process especially if their salaries are not a selling point. People buy into people.
And then, of course, we are seeing consulting firms again doing everything they can to counter offer any consultant that goes to resign.
We have never seen the type of tactics being used to retain staff as we are currently.
Candidates need to be prepared for this and should consider this before even embarking on recruitment processes as if they will only end up staying, they can often have an open conversation with bosses now and save themselves a lot of time and effort.
If you are interested in learning more about how Oaktree can help you secure your next strategy role, please reach out to us or check out our jobs here. We would love to tell you more about our services and how we can partner with you for success!
