What's happening in the talent market? - MIQ Debrief with Greg Coleshill
Pubished 22nd March 2023
In this video, Greg Coleshill, COO shares his expertise on the overall trends happening right now in the talent market.
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Hello, I'm Greg Coleshill, and I'm the Chief Operating Officer of InterQuest Group’s specialist staffing businesses.
In today's video I wanted to spend some time looking at into InterQuest’s MIQ report from March.
I'll cover some of the overall trends illustrated. However, Rob Sugden who leads our ECOM North business will be providing his insight on the technology market.
Our MIQ reports is a monthly report based on industry data and trends, providing an insight into the recruitment market with a clear focus on technology and financial services in addition to macro trends.
Looking at the general market and recruitment data, despite many of the news items we have seen recently relating to the tech sector and layoffs, data from the Recruitment and Employment Confederation illustrated that confidence in hiring and investment decisions rose by 2% in the quarter. Permanent recruitment intentions remain in positive territory and contingent and contractor demand rose both in the short and medium term.
All of this positivity points to a strong demand for talent and greater confidence in businesses.
Recruitment is important but retention is essential. Last month, we looked at what was important to both attract and retain people. However, I think this is interesting to look at why people are actually moving roles.
A recent report by Leapsome, illustrated 86% of EU based and 76% of US based IT and technology professionals plan to move roles in the next 12 months, with a large portion of these plans to do so in the next six months.
Why is this?
The data suggests that work life balance which seems to be the new debate opposed to work from home is top of the list with culture and compensation following.
What does this mean?
Businesses are having to look more holistically at their employee propositions.
Candidates continue to have multiple options meaning that businesses need to ensure they are the most attractive, not just good enough.
Looking at our financial services intelligence, we can see some key trends. Before we start, it's worth mentioning there's a bit of a disclaimer that this report was created before the crazy happenings of last week.
Hopefully the great work done by the UK Government, HSBC and the Fintech community in the UK and the government in the US will lessen the impact of the failure of Silicon Valley Bank. But there will almost certainly be some level of fallout.
2022 saw huge amounts of hiring in technology across both banking and fintech as financial services firms fought for talent with big tech.
At the start 2023, we've seen the market normalise towards a more even balance between candidates and clients within this space, whilst demand has maintained extremely high within risk and compliance.
This is illustrated with there being 21% less applications per job within risk and compliance year on year. Following last week's news, I only see this demand for both interim and permanent resource increasing.
Hopefully my comments have been of interest. If you'd like to learn more, please subscribe using the link below.
I want to take a quick moment to give you a little more information on InterQuest. InterQuest is a specialist search and talent consultancy firm. We provide talent solutions to technology and financial services companies.
Through our expert consultants and specialist business units we provide retained senior search, specialist permanent and non-permanent recruitment and enterprise talent solutions.
With a strong and demonstrable track record of supporting some of the fastest growing and most exciting technology and fintech businesses. We are uniquely placed to solve our client’s needs. If you're interested in learning more, please get in touch for an explorative conversation.