What you need to know!

The hiring landscape is shifting as we move into a normalised or, dare I say it, "cooling" market. Over the past three years, we witnessed a dramatic upswing in opportunities following one of the most challenging periods our industry has ever seen. For many businesses, the ability to capitalize on these opportunities hinged on attracting and retaining staff. This led to an unprecedented shift in the power dynamics of hiring and interviewing. Salaries skyrocketed, companies introduced a range of benefits, and remote work flexibility saw a massive uptake.

However, with the slowdown in infrastructure projects and the drying up of tertiary education projects, we are now experiencing a period of normalization. Whether you're a candidate actively looking for work or a client looking to grow, there are a few uncomfortable truths to consider.

For Candidates:

• Recent Job Movers: If you changed jobs in the last three years with a significant pay rise and have recently been made redundant, there's a fair chance your salary might not align with your capability.
• Returning to Buildings: If you moved to infrastructure (structural consultants, I am talking to you) and are now looking to return to buildings, expect a salary similar to what you had before your move.
• WFH Expectations: If you're accustomed to working two or more days a week from home, know that this is the exception, not the rule. Most businesses now allow only one day from home with compulsory in-office days.
• Salary Realities: If you're considering a move because your friends received big pay raises in the past couple of years, you might have missed the boat. There are more candidates available or looking for work, and salaries are starting to normalize. You can still expect a “bump,” but not the $25k-$30k hikes candidates saw two years ago.

For Employers:

• Market Competition: Yes, the market has slowed, and if you're interviewing candidates who are out of work, you are in a stronger position. However, there is still competition for candidates. Regardless of someone’s circumstances, you still need to be more attractive than your competitors.
• Passive Candidates: Passive candidates are even more hesitant to move. Ask yourself why someone would leave a secure job to join your business. If your answer includes culture, project quality, or reputation, you need to quantify and demonstrate these factors and explain why they can't be found elsewhere.
• WFH Flexibility: 83% of candidates in professional services have said they wouldn't consider roles without at least one WFH day per week. If you don’t currently offer this, that's okay, but you won't attract the best people. The question often arises: “Why would I leave a secure job to join a business that doesn't trust me to work from home? It raises questions about their culture.”
• Competitive Salaries: EAP, health & wellness days, and WFH are fantastic initiatives and will significantly impact staff retention. However, you still need to be competitive with salaries. Offering these perks while giving a standout candidate a pay cut won't work.

As the market normalises, both candidates and employers must adjust their expectations and strategies. The dynamic has shifted, but with the right approach, opportunities for growth and success remain abundant.