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The market is on fire right now. Companies in Auckland are hiring at an unprecedented pace, with the market booming as business confidence grows following COVID. The only let down? Top tech talent is sparse. This has significantly changed the dynamic of the market, placing candidates well and truly in the driver’s seat. We’re finding that if companies want to secure the best in tech they need to put their best foot forward and act fast. 

 

With multiple offers and counter-offers at play, and with job applications down and job ads up, we’ve found ourselves in a candidate-led market. According to our Global Digital & Technology Hiring Market Snapshot, active candidates are receiving 2.7 job offers on average, and counter-offers have increased by 22% since January. Candidates are becoming much more selective of the roles and companies they progress with, and both financial and non-financial benefits are significant drivers in a candidate’s decision to accept a role. As a company, if your offer is not competitive, and if flexible work isn’t on the table, you can kiss goodbye any chance of that candidate coming on board. 

 

Our candidate-short market can be attributed to our borders remaining closed to international talent. However, as our Australia/New-Zealand travel bubble opens, it brings to the fore the question of what the impact of an open Trans-Tasman market will be on the availability of candidates. In mid-2021, changes to temporary visas will be coming into effect. Six temporary visas are being replaced with one, which also calls to question the impact this will have on the market in the long term. I predict that even when borders re-open there will be fewer people coming into the country as every employer will need to be accredited, prove the role cannot be done by Kiwis and a migrant worker check is completed. With fewer migrant workers, I believe that we will see the battle for top tech talent continue well into the year. 

 

Now more than ever, possessing a strong employer brand is critical. A company’s brand and how it is perceived by potential employees is at the fore as competition continues to grow. It is essential within the hiring process that every candidate who engages directly or via an agency receives some sort of feedback. Failure to keep candidates in the loop about how they’re progressing presents the risk of not only losing them to competitors but also turning them into detractors who negatively promote the brand. This will have detrimental effects in the long term as candidates steer clear of companies who have a negative reputation surrounding the hiring process.

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Another interesting trend we’re observing is companies who don’t have a mature employment brand are asking candidates to complete tests prior to talking to them, meaning potential employees are spending hours completing a test before even being sold on the company or role. In a market where candidates are receiving offer upon offer, selling the role and company is key. It’s time to sell, sell, sell! As a company, you want to do what you can to stand out and prove to the candidate why you should be their first choice. Yes, there is room for testing, but using these critical first interactions with a candidate to do so is not ideal. 

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We’re also finding that being agile is essential. The interview process is being condensed and is now faster than ever. According to our Global Digital & Technology Hiring Market Snapshot, companies are reducing time to fill by 36% on average. With competitors conducting multiple interviews within the space of a couple of days and making a hiring decision quickly, companies need to keep up or risk losing out. 

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The key takeaway from all of this? The market is booming. If you’re a candidate, the world is your oyster. With an abundance of offers on the table, you can take your pick. If you’re a company looking to hire, it’s time to up your game. You’ll need to sell your brand, offer flexibility, and act fast if you want the best in tech to join your team. 

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