CANDIDATE CONSIDERATIONS POST LOCKDOWN
Businesses have always had to adjust their recruitment methodologies to account for changing times. However, recent events have drastically changed our everyday lives in a relatively short period of time, and as a result, has precipitated a profound shift in job seeker mentality. Below are some of our thoughts on the key considerations candidates recently expressed when considering a career change in the current climate.
Whilst the investment management industry has not seen the level of job losses which other sectors experienced; recent events have instilled a heightened level of cautiousness in candidates across the board. As such, firms will need to focus on promoting job security as this has become much more important for people when looking for a new position, possibly even more so than compensation. Some key considerations candidates will now make when selecting a new role are:
Is there any upcoming restructuring within the business which could affect my position in the medium to long term?
How well has the business adapted with all the enforced changes and has it impacted operational performance and profitability in any way?
Has there been considerable AUM outflows this year or are there any in the pipeline?
What changes have been made in how the business operates, and how effective have they been?
A question we have been asked by candidates many times since March is “What is the company’s remote working policy, both now and going forward?” With a high percentage of businesses still working from home, remote working now feels like the new normal. Many candidates spoken to on our side have found WFH more appealing than commuting to the office every single day. It affords the opportunity to better manage one’s work/life balance and has also saved people a considerable amount of both time and money in relation to the daily commute. Some typical questions candidates are now posing to potential employers include:
Does your company offer flexible working? If so, how many days a week am I permitted to work from home?
Will the company provide me with the required equipment to work from home i.e. computers, screens, office desk and chair etc.?
If I am required to travel to the office, what facilities does the company offer to help avoid public transport i.e. shower facilities, bike racks, cycle to work scheme etc.?
We have also noticed an increase in the number of contractors looking to secure longer-term, permanent roles. This naturally ties in with the need for more job security and no doubt the evolution of IR35 is also having an impact.
We have noted remote interviews have by and large been quite successful with the help of video conferencing technologies such as Zoom, Teams etc. In fact, it has been noted there is a greater willingness from candidates to interview when they do not have to commit to donning full business attire and booking time out of the office to attend an in-person interview. While historically companies have preferred to interview all candidates in person, perhaps moving forward it will only be a final shortlist which is brought forward for in-person meetings.
Transparency is now more important than ever and an interviewer’s responses to these new considerations will be key in securing the right talent. If you would like to discuss how you can better promote upcoming hires and prepare interviewers, please feel free to get in touch directly.
Written by James Hogan
James is a senior consultant at OCR Alpha and has been with the firm for over 3 years. James is an avid rugby fan and spends a lot of his spare time at Twickenham and the Stoop. If you would like to discuss any potential hiring requirements, please feel free to email him directly at firstname.lastname@example.org
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