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With bonus season in most organizations now behind us, is your business ready for what happens next?
Our depth of experience has taught us that this is one of the busiest periods for employee resignations and moves in the space, with between 20-40% more jobs typically available in the Finance & Accounting, Real Estate, Construction and Renewables spaces from April, through into May and June. We've already seen a spike from firms that pay based on the calendar year in the first few months of this year and expect that to continue again throughout the next months.
According to data from LinkedIn, nearly 1 in 10 people in the Finance & Accounting, Real Estate, Construction, and Renewable Energy fields have changed jobs in the past year. We expect this to be higher this coming year from our conversations in Q1 and April with candidates who have sat tight in the trickier times of 2023 but are looking ahead for more in 2024 and beyond.
With this in mind, have you considered what your organization and department will do if some of your key staff decide to leave? We look at how you can navigate the challenge below.
Effective planning for the inevitable
How critical are the Finance Managers, Asset Managers, Project Managers, and more to your operations? If any of your high-performing employees were to hand in their notice tomorrow, could you confidently say that you’d be able to get somebody else on board in a timely manner? Would you look to fill their role in a like-for-like way, change the responsibilities of it, or look to hire someone more junior or senior into the space? Strong succession planning looks at the key roles across your organization if you’re in HR/Talent Acquisition and across your team if you’re a department lead to understand what the future might look like in the roles if the current incumbent decides to leave.
We find the most proactive organizations that we have the closest relationships with are contacting us in the first half of each year or hiring cycle about their potential upcoming plans – even if they don’t have an actual vacancy to fill at that exact time. We’re then able to create a market map of available talent and inform them about the key skills that are required in similar roles in the sector, including what they might be missing out on in their current incumbent and, crucially, the budget they should expect to set for the role(s) in development.
To retain or refrain?
By having a handle on the talent available in the market, what your competition is doing, and what the cost would be of employing someone in a role, you can make an informed decision about whether you want to make efforts to retain someone when their resignation hits your desk, or refrain in the knowledge that you can actually advance your team with a new recruit.
With budgets tight across the sectors, we’ve seen the number of counter-offers at a higher salary start to slowly diminish. Organizations are starting to weigh up whether that individual is truly worth a counter-offer, which would ultimately result in breaking pay grades, standard benefits packages, and often complex structures, only to risk potentially creating a number of different internal issues and seeing the same thing happen again next year. Some are looking more in-depth at their benefits packages to attract and retain staff, including revamping any existing equity and healthcare packages in order to find more innovative ways to attract and retain the best talent.
Helping you achieve your goals in 2024 and beyond
Within the real estate, construction, finance & accounting and renewable energy fields, we’ve seen more confidence so far this year to move forward with strategic growth plans.
As mentioned, it’s been a busy start to the year so far, speaking with a range of excellent candidates interested in finding their next opportunity. So, whether you have an imminent vacancy arise or want to understand more about the current market, candidates, and salaries typically on offer for roles that may need to be filled later in the year, please get in touch with me below to discuss your requirements.
Nick Louca, Managing Director - US– nlouca@cobaltrecruitment.com / 646 494 1548