We have our own beliefs based on experience. We spent some time researching non conflicted articles online also (difficult as everyone has a bias) and there seems to be a consistent theme.
There are two sides to the equation.??
- As an employer - is this a good time to search for employees and will it be time consuming when people are more interested in winding down?
- As someone seeking employment – will employers be available to speak with?
For many years, we’ve found the wheels of business in financial services (Financial Planning) generally don’t grind to a halt until a few days before Christmas.?Momentum gains once again in mid-January with most (if not all) in full swing by late January.??
Late December through to early/mid-January is a time where we focus on family, friends and pursuits other than business.?Being business owners, we do understand that demands exist that sometimes, can’t be avoided.?As an employer, some points (not all) to consider are below.
- As the year nears to a close, if a business requires additional resources in the new year, it’s important to consider starting well before Christmas.?From experience, if you need someone in late January/early February, this process should in fact start in November or early December.?In a scarce market for experienced staff, due process to find and assess individuals, making the offer and negotiation, consideration of notice periods and business closures during the festive season mean a lengthy period between commencement of engagement and start date.?If you start in mid-January, then expect a potential start date in March/April.?The process should commence even earlier with authorised representative staff.
- Certain times and events in our lives influence our thinking and reflection on what’s important including careers, work environment and needs personally and professionally. Therefore, early in the new year can be a good time to engage in a process as more individuals could be open to a discussion.?How you approach this is critical to secure the right people.??
- If an employee is considering a change, generally they won’t move if a reasonable bonus is due within the next 6 + months. Where bonuses are paid based on financial year’s ending in September or December, the retention component on an employee may wain once paid.?
- Building an ongoing talent pool – You’ve heard us say this before.?We work with businesses that are growing, strategically understand what this looks like and we have an open brief to present the right candidates as they arise.?To do this, we have an intimate understanding of the business and are treated as part of what they do.?Purposeful and reflective employees also plan their careers and recognise that ongoing engagement with the market is important to their future.??
- This time of year can be a good time to network with potential future employees.?As workload may quieten and people are feeling more festive, it can be a good time to have informal meetings with the right future employees.??
- Passive vs Active Candidates – There are far more passive candidates than active at any one time, and we all compete for these individuals. During a break, they can become more active searchers and coupled with what we’ve said above, may be more open to a conversation whilst thinking about a change.?
The fesitive period can be a suitable time to maintain momentum with the attraction of staff. The commitment to do so can be more difficult.
Ric Zanetti and Ben MacKenzie
