As we enter the second half of the year, it is apparent that the market is experiencing a contraction and notable deceleration compared to last year. However, it is worth highlighting that despite these challenges, there continues to be a steady influx of new entrants into the Irish market. Notably, within insurance and payments sectors, there remains a high demand for compliance and risk professionals.
Despite the prevailing market contraction and a decline in job opportunities, it is evident that new entrants are actively seeking to hire, adding pressure on firms to retain their workforce, especially those in PCF roles. This situation becomes further challenging as we find ourselves in a tight labour market, with an unemployment rate of 3.8%. Consequently, continuous headhunting of individuals in PCF positions becomes crucial. It is imperative for organisations to engage in one-on-one discussions with their team to ensure their job satisfaction and that they remain content in their current roles.
Companies are advised to consider implementing succession planning strategies to address the possibility of these valuable individuals departing. Having a well-defined plan in place to identify potential replacements is vital, as venturing into the job market to find suitable candidates might pose significant challenges. By preparing in advance for potential vacancies, organisations can mitigate the impacts of talent attrition and ensure a smoother transition in critical roles.
Advice for clients:
Clients must ensure they are prioritising the candidate experience throughout any recruitment process, especially if they intend to hire during the summer months. Overcommunication with candidates is vital during this period, as their interest can decline if they perceive a lack of engagement. Timely feedback and clear expectations should be established when identifying potential candidates. Keeping them informed about the timelines involved in the selection process will significantly contribute to their sustained engagement and interest in the opportunity at hand. Remember, in today’s competitive job market, time is of the essence, and proactively addressing these aspects can prove crucial in securing top talent for your team.
If you are concerned about how the current market may affect your position, or to discuss how we can support your hiring processes in the current market, please get in touch with Director and Co-Founder Andrew Murphy at firstname.lastname@example.org