Following on from the optimistic theme of Friday’s blog, two reports on the labour market give further cause for that optimism to gain some momentum. Both reports differ dramatically, offering a micro and macro perspective on the jobs market, but both offer reasons for optimism which are encouraging to us all.
The Bank of Scotland report on jobs highlighted the sharpest rise in demand for permanent staffing in Scotland in more than two and a half years. The number of permanent appointments made rose for the seventh consecutive month, whilst the number of permanent vacancies rose for the fifth month in a row. The Bank of Scotland’s Labour Market Barometer highlighted improving market trends and a return of confidence that is slightly behind the rest of the UK as a whole but nonetheless gives reason to continue to be positive about hiring activity.
This positive news gains further credence alongside a more macro snapshot of global hiring activity from the Association of Executive Search Consultants. Around the world the number of new executive search mandates grew 30.3% in quarter one 2010 versus the prior year, with revenues up in the same period 22%.
Jobs growth as evidenced in the AESC report comes from a number of sectors, with the Financial Sector leading the way, evidence if it was needed that banking would appear to have left the dark days of 2008 very much behind. Other areas to experience hiring growth at an Executive level include Technology, Life Sciences, Healthcare, Consumer Products and Industrial.
Unsurprisingly Asia Pacific experienced the highest growth in search mandates (up 48%), followed by North America ( 29%) and Europe (26%).
We not ought to be surprised by the fact that according to the AESC report, more than 41% of individual Executives surveyed are dissatisfied with their current responsibilities and would respond favourably to the prospect of a move. From my experience one of the biggest challengers for head-hunters in the last two years has not been identifying talent. Regardless of the economic climate, exceptional business leaders of today and tomorrow are as difficult to find as ever they were. The challenge has been once having found them, persuading them of the virtue of making that move. There has been a tremendous fear of being last in first out, with the overriding sentiment being one of “although I am not entirely happy here, people know me, I don’t have to prove anything to anyone, I know whats expected of me and therefore that gives me some degree of security”. However it was only going to be a matter of time before that translated in to itchy feet for many.
It is that increased confidence that encourages people to put their head above the parapet and move, giving energy to a market needs to rid itself of the inertia of the last couple of years. This is good news for all in so much as market movement creates opportunity throughout the employment chain. It creates headaches for hiring managers for sure, but a certain amount of fresh talent in to an organisation can be tremendously energising with new initiatives, ideas and momentum. Lets keep the good news coming!!!!!