Market update – July 22

Simon RoderickMarket updates

Notes from the park - monthly updates
Notes from the park - monthly updates

Market update – July 22

On the value of preparation, politics & diversity, and some news from Fram.
July 14, 2022
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Preparation

There may be a war for talent, but don’t let that lull anyone into the error of not preparing for interviews. I've seen many changes seen since I started in the recruitment industry in 2000. Corporate benefits have been reduced, there’s less hierarchy and more consolidation (both of which limit career opportunities), and the best candidates prepare more than ever for interviews. They review websites, interviewer backgrounds, accounts, products, and just about everything else you can think of. They’re building as clear an idea as possible about the firm they’re meeting. Of course, these perceptions may change during the meeting, but they want to maximise every minute of that meeting.

There often aren’t any silver medals in an interview process (although we’ve had lots of occasions when clients couldn’t choose between candidates and hired both), and you can be sure that someone on that shortlist really wants the job. The very, very best candidates also start preparing a mini-business plan based on their findings and the information they glean during the first meeting. Again, the plan may come with lots of caveats, but it gives the client a sense that this is a serious person who is looking to improve their business. This preparation helps move the conversation from the basics of “do we get on” to “can we make this thing better”.

Not everyone will have the time for the above, and not every role is suited to it (though many are), but if there’s one thing clients’ often dislike it’s a candidate who doesn’t ask any questions - literally nothing. Whilst it’s nice for the interviewer to feel they’ve given a comprehensive account of the opportunity; most are left feeling disappointed when they don’t receive any questions.

Diversity

It was often the school of thought that politics should be kept out of business, and for the most part I’d agree. However, events such as Brexit and the war in Ukraine have very real effects on business, and so we find ourselves being forced into conversations that a few years ago would have been unnatural. Therefore, I hope you excuse my focusing on what can only be a political event – the Conservative Party leadership contest. I will let readers draw their own conclusions about whether it’s dignified process, but I would like to give a huge cheer to one aspect that the process has shone a light on – diversity.

Credit where credit is due, the contest has thrown up a genuinely diverse range of candidates from a wide variety of backgrounds. As I write today, it looks increasingly likely that the UK will have its third female Prime Minister. Of course, this isn’t enough, but when some countries have had none, and pre-Mrs Thatcher attitudes can’t be controlled in 2022, it’s something we must celebrate. For me, it’s a reflection of the good work and change I’ve seen across the responsible end of corporate UK. Firms have worked incredibly hard to create fairer processes, more inclusive environments, and to build more balanced teams. For many firms this isn’t just about “fairness”, it’s about building teams that need to respond to a rapidly changing world.

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In December 2019, I think most people would have thought you crazy had you suggested that whole economies could close. Few investors understood how consumer spending habits would violently shift from one part of the economy to another. Even fewer would have called a global house price boom in March 2020. Overnight business models changed, and firms have had to rapidly pivot.

Again, business models changed overnight for many firms when Russia stepped foot in the Ukraine. Whilst macro events have always shaped the economy, social media, 24 hour news, and the speed of a message getting around the world means conditions change far faster. Companies are also having to service increasingly complex or diverse clients and, therefore, the skills firms had in-house before the pandemic may not be the exact skills they need today. They need to look at much wider pools of talent to ensure they are keeping up with the enormous cultural and societal shifts we are seeing. I’d urge every firm to look at where they feel their market is going and to audit the skills they have.

News from Fram

We’re delighted to welcome three new colleagues to the team. Our recent hires will focus on delivering for clients across Sales & Marketing, Corporate Functions, and Asset Finance. They will also work closely on candidate care to ensure that candidates feel they have a great experience with our clients, and Fram, even if they don’t secure a role through us. We understand that when we work with clients, we represent their brand too, and this will enable us to continue to ensure we are maintaining the highest standards of delivery and care.
Want an informal chat? Contact us on 01525 864 372 / [email protected].

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