The Hard Truth For Young Professionals

From both sides of the hiring desk 

BY LISA KNIGHT, PARTNER, AMROP KNIGHTSBRIDGE

Are you ready for a hard truth about today’s job market? The competition among young professionals for plum positions in top organizations remains fierce. It’s an employers’ market and getting and holding on to these roles over the past several years has often meant that today’s up-and-comers have made major sacrifices — taking on high student debt, deferring family for career and working hours that tip work-life balance far to the work side.

FOR THE MOST PART, EMPLOYERS HAVE NOT HAD TO COMPROMISE THEIR EXPECTATIONS OR DEMANDS AS MUCH AS THE CANDIDATES THEY ARE PURSUING. AND THIS HAS GIVEN UNIQUE SHAPE TO THE LABOUR MARKET FOR 30- AND 40-SOMETHING PROFESSIONALS AND THOSE HIRING THEM. HERE ARE SOME OF THE TRENDS WE ARE SEEING:

A NEW NATIONALISM IS IN THE AIR 

Working for a Canadian-based company is becoming a strong preference for many job-seekers who have either been downsized by U.S. or global enterprises or who see the writing on the wall as non-Canadian companies restructure and pull back from their commitments in Canada. Most high performers know that the best opportunities are found in growing companies. Small to mid-size, home- grown Canadian businesses are favourites among many job seekers because they are seen as better positioned for growth than many of their global or U.S. counterparts.

WHAT’S HOT?

Hiring activity is hottest in finance, sales/marketing and general management. Coming out of the recession many companies are looking for ways to understand and manage their costs, grow their businesses and improve the overall quality and effectiveness of their leadership. At the same time, there is more hiring activity across all the so-called “recession-proof” sectors, with energy and food faring better than most. Investment banking is one of a very few sectors that have lagged behind.

THE LETTERS AFTER YOUR NAME STILL MATTER, BUT THEY MAY SPELL SOMETHING DIFFERENT

Along with the increased hiring activity in other areas of finance, there is an increased focus on financial designations — particularly CAs — perhaps because of recent changes in International Financial Reporting Standards (IFRS) and Sarbanes-Oxley (SOX) requirements. Companies seek the discipline of CA training in reaction to, and as a way to prevent, the financial shenanigans of a few years ago. MBAs, while still highly regarded, are less frequently a requirement or differentiator. In certain positions, an MBA combined with another Master’s-level degree gives a one-two punch of solid business training with specialized focus.

WHERE IS WORK-LIFE NETTING OUT? 

Many large employers continue to spend time and money to support their employees’ work-life balance. However, small and mid-sized companies still sometimes see these programs as a luxury they can’t afford. The economic recovery has done little to diminish the “do more with less” mantra of the past three years.

THERE’S A NEW EMPLOYER INTOWN 

A significant number of top-level candidates — some downsized, some just disengaged — are opting out of the corporate world for self-employment. Knightsbridge’s Career Solutions practice runs workshops with transitioning executives where graduates of the program return to speak with current clients. Two years ago, the number of career transitioners who opted for self-employment was high, but there was a sense that it was less a deliberate choice than a consequence of scarce job opportunities. At the most recent session, those same folks were back, reporting a significant success and inspiring a new group of would-be entrepreneurs to make self-employment their preferred option. The job statistics bear this out: self-employment continues to be the fastest-growing employment category among Canadians.

<strongWHO HOLDS THE CARDS?

Until we see a return to a true candidates’ market, active job seekers will continue to find it tough going with fierce competition for every role and seemingly unrealistic demands to meet — unless of course, you happen to be Ms. Perfect.

But although it is still an employers’ market, there are some exceptions. Passive job seekers who are currently employed and considering a move up or out now that the economy has stabilized have a bit more power in the employer/employee equation and thus more opportunity to have their needs met. Many of these candidates are still willing to work the hours required, but they are asking for greater flexibility in how they put in those hours. Flex-time, working from home, job-sharing and part-time work are rising in popularity. The really good news is that technology has made flexible work arrangements feasible and employers seem more willing to buy in. Many employers and employees recognize that spending two-and-a-half to three hours commuting when that time could otherwise be billable or spent with family is a no-win situation for anyone. Realistic compromises that work for both employers and employees are on the table for young professionals — and those employing them — to negotiate.

Having developed best practices for search execution as a partner and director of resourcing at her previous job, Lisa Knight is an established expert on hiring trends. Now as a partner with Amrop Knightsbridge, and coupled with her 25 years of experience in the career executive search profession, Lisa’s specialty centres on recruitment and selection. It is for these reasons we have asked Lisa to share her expert advice on current hiring trends. She can be reached at Amrop Knightsbridge in Toronto at 647-777-3181 or lknight@knightsbridge.ca.