A real look into the 2022 employment market

The current employment market continues to show signs of candidate shortages. However, there seems to be more interest now (mid-year) than earlier in 2022 with people slightly more willing to take a peek at a new job opportunity. There’s usually a trigger in their current workplace that stirs an interest, as well as traditional reasons such as wanting a change or a new challenge.

Feedback during the interview process consistently tells us applicants want to feel valued, be paid what they are worth, and seek a hybrid working model between home and the office, and usually in that order of priority. Surprisingly, car parking is near the top of the wishlist, especially for new job seekers negotiating their remuneration package. Feeling valued means different things to different people. It can come down to being acknowledged, being offered benefits such as medical coverage, gym memberships, one-off bonuses, or hotel and travel packages, or receiving an improved approach to parental leave. Candidates continue to be interested in what employers are offering in the way of mental health support. Employers who gain a greater understanding of their staff and take an interest in their people at a deeper level appear more likely to retain their staff.

We are seeing a rise in the need for employers to be more diverse with the type of arrangement offered to potential employees. This includes contracts, project work, temporary assignments, part-time hours, and one-off commissions. The traditional 40-hour per week salary isn’t cutting it anymore. The increasing popularity of health and wellbeing sees many candidates requesting a four-day working week with flexible hours. In many cases, businesses can’t make that work because of industry demands but it’s definitely a question we are being asked by candidates from entry to executive levels. Social justice plays an important part in why candidates may or may not choose a new employer. Applicants are looking for diversity, equity, and inclusion initiatives and will often ask in the interview process how a company can demonstrate this. It makes good business sense to implement social justice initiatives into the workplace because an equitable and inclusive environment will attract and retain a more diverse workforce. Candidates are also now looking for companies that match their morals and values. One of the key questions we are asked by candidates is around company culture, which is something that can be shown through job adverts and mission statements. We know candidates won’t stay if companies just pay lip service – businesses need to deliver on their promise because employees are looking for action rather than words.

It’s no secret job applicants are in the hot seat, and they know they’re in a position of power. As we move through 2022, the job opportunities keep growing as companies try to expand and build back from the pandemic but make no mistake – the candidates still hold all the cards. Applicants now realise their worth in the job market, and that trend is likely to continue throughout 2022. Candidates tell us they will no longer put up with poor working conditions, a low salary, or feeling undervalued – they don’t have to. The increased cost of living also plays a part in the demand for higher pay packages.

With a pulsating candidate market, employers need to move quickly through the recruitment process. Applicants will be considering multiple job opportunities – not just yours. There is no time to delay, the old saying “you snooze, you lose” couldn’t be more accurate. The real question is: when will the pendulum swing back?

Jill Cachemaille, Director, The Staffroom Ltd. Jill has 25+ years’ experience offering an authentic recruitment experience with clients and candidates resulting in quality outcomes. Transparency, honesty and sincerity – you can be promised of these values when working with any one of The Staffroom team. For more information visit www.staffroom.co.nz.