The market is off to a fast start in 2024. Job flow increases seen here at Coopman have increased by 100% week on week since the start of January which is great to see. Notably, we’re seeing earlier resignations with bonuses being paid out or candidates willing to forfeit a bonus especially since we have seen bonuses down anywhere from 20-40% for 2023. Headhunting practices are seeing candidates being put under pressure even when contracts are being issued as the competition remains fierce. Individuals are now prioritising growth and professional development over large payouts. An observation is that financial crime roles at the entry level are facing layoffs in big companies. This has led those with at least 3 years of experience to consider shifting into second-line positions. With all of this, clients and candidates are still focussed on a measured market, making thoughtful and deliberate decisions at every step of the hiring process.
Challenges for Clients
Flexible working hours and strong work culture are among the top factors pushing Irish professionals to change roles in the current market. It’s important to consider this throughout your hiring process and updating your current working model to align with market trends. According to a recent Forbes article, a significant portion of individuals, around 55%, indicate having substantial flexibility in choosing their work locations. Currently, 55% of professionals can choose a mix of remote and office work, while 51% have the choice to reside in an area different from their office location. For junior-level professionals, unmet expectations might lead to quicker job transitions. In a candidate-short market, they choose to gravitate towards opportunities that align best with their current needs. Shifts in the market are understood more readily by seasoned senior-level professionals, due to their expectation of the constantly evolving market, while junior-level individuals actively seek positions aligning with their current expectations.
Individuals may also contemplate leaving a role if they notice a lack of advancement. Therefore, creating a well-structured progression plan with employees can be effective in achieving goals, acknowledging efforts, contributing significantly to talent retention and overall growth within the company.
Advice to Clients
- Consider cross sector expertise to hire for difficult to fill vacancies. Consider those who possess experience of working within a regulated environment who are willing switch industries which presents them with a growth opportunity also.
- Maintain open communication with junior team members. This is especially vital during the bonus payout season from February to April, to manage expectations.
- Competitive market at €55-80k salary range. In the job market, there is a noticeable demand for salaries ranging from €55k to 80k, conduct an efficient interview process.
For guidance on the talent market across risk and compliance and to discuss resource planning on a permanent or interim basis please contact Director & Co-Founder, Andrew Murphy, on +353858205640 or Andrew.murphy@coopman.ie.
