How has the Talent Market Changed After the Pandemic?
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For our TrustED Conf 2021 VR World Tour, we heard from EL Phan, a Talent Acquisition Specialist who’s been active in the APAC region for the past 4 years focused on the IT division before switching to digital marketing on how the talent market changed after the pandemic.
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How has the Talent Market Changed After the Pandemic?
- 1. Digital You Can Trust | EVENT: Trusted Conf DATE: November 2021 SPEAKER: El Phan - Talent Acquisition Specialist TALENT MARKET TRENDS
- 2. Digital You Can Trust | Trusted Conf 2021 HOW HAS THE TALENT MARKET CHANGED AFTER THE PANDEMIC (AUSTRALIA-NEW ZEALAND) EL Phan Talent Acquisition Specialist Hi I’m El, has been in recruitment for almost 4 years - I’m an introvert so whenever I don’t have to work with people I prefer staying at home with my cat doing nothing. - I was/am an IT recruiter so I used to be the one that has stronger communication skills, not anymore! - Out site of work I enjoy learning Go even though I’m bad at it.
- 3. Digital You Can Trust | We’re going to cover ● What talent wants ● What employers need ● What we’re learning in the Great Reshuffle
- 4. Digital You Can Trust | Job vacancy rates for digital advertising and ad tech industry roles have more than doubled in the last 12 months, to reach 9.8% Reasons: ● Strong market growth, ● Changes in visa rules, ● Lack of incoming talent due to border restrictions, ● And the entry of new large global organisations into the local market. Let’s take a look at the digital landscape
- 5. Digital You Can Trust | “The demand for talent in the Australia digital advertising market is the highest that I have seen in my 20 plus years in the industry” The Interactive Advertising Bureau (IAB) Australia CEO, Gai Le Roy said
- 6. Digital You Can Trust | There is a current lack of talent in the $75,000-$150,000 salary range, in mid-weight skilled roles So where is the low point?
- 7. Digital You Can Trust | 1. Good work-life balance 2. Excellent compensation and benefits 3. Colleagues and culture 4. Open and effective management 5. Job security What talent wants Most important priorities for candidates overall (Australia & New Zealand) 1. Excellent compensation and benefits 2. Good work-life balance 3. Colleagues and culture 4. Open and effective management 5. Job security Most important priorities for candidates overall (SEA)
- 8. Digital You Can Trust | Good work-life balance tops the list of most important factors when considering a new employer
- 9. Digital You Can Trust | 1. Employee training +16.7% 2. High caliber talent +12.8% 3. Compensation and benefits +11.4% 4. Inclusive workplace +9.4% 5. Job security +8.7% What talent wants Fastest-growing priorities since COVID (Australia & New Zealand)
- 10. Digital You Can Trust | Employee happiness fell by 3% between April and July 2021, while burnout signals spiked at 9%. The sad truth
- 11. Digital You Can Trust | Jobs with the fastest growing demand Q2 2021 vs Q2 2020 (Australia) 1. Teacher +7x 2. Account Executive +5x 3. Account Manager +4x 4. Full Stack Engineer +4x 5. Cloud Engineer +3x 6. Business Analyst +3x 7. Software Engineer +3x 8. Business Development Manager +3x 9. Executive Assistant +3x 10. Technical Specialist +3x What companies want Jobs with the fastest growing demand Q2 2021 vs Q2 2020 (SEA) 1. Software Engineer +4x 2. Customer Service Representative +3x 3. Product Manager +2x 4. Business Development Manager +2x 5. Full Stack Engineer +2x
- 12. Digital You Can Trust | What are companies doing to deal with the challenge?
- 13. Digital You Can Trust | What does it have to do with us?
- 14. Digital You Can Trust | Build talents and a learning ecosystem. Using a dedicate training/learning platform program can be crucial, sites like Thinkific, talentlms serves the purpose well Enable employees to see shared futures. Good careers management connects the employees' talent plan and the organization business plan Moving forward - Suggestions to accelerate
- 15. Digital You Can Trust | Thank you
Editor's Notes
- The global talent market has never changed this much, this quickly. LinkedIn called it the Great Reshuffle: a time when everyone is rethinking everything. As employees reconsider where they work and why, employers are recalibrating their talent needs and company culture. It’s a learning process for all involved, and this report is here to help you understand the biggest changes since COVID began. We’re going to have a look into Linkedin’s data set to capture how trends are driving changes in people’s attitudes, what employers are looking for, and the skills needed to unlock success in Australia’s talent market.
- The Talent Report from the IAB Australia has confirmed growing discussions about the talent shortage across the national advertising industry. The report has found that job vacancy rates for digital advertising and ad tech industry roles have more than doubled in the last 12 months, to reach 9.8%, this being driven by several contributing factors, including strong market growth, changes in visa rules, lack of incoming talent due to border restrictions, and the entry of new large global organisations into the local market. Probably 15 to 20% of Australia talent is ordinarily imported, but the Labour market testing laws were changed by the Federal Government, came into force in the previous September making “Historically, if somebody was on a 482 visa and was working at X agency, I could easily go and approach them and move them on that visa into another agency, for example. You can’t do that now without immigration lawyers, labour market testing, and now there’s a backlog of getting these things processed. As a result, it becomes extremely challenging to move existing talent who are on these certain kinds of visas across to other agencies.”
- The most competitive sector of the recruiting market currently was identified as people with three to five years of experience (75-150k), which often results in organisations opting for candidates with less experience, factoring in costs for internal training and room for upskilling.
- Now we know how competitive the current market is. Let’s dive deeper on how should be tackle this challenges, first by understand our candidates needs. Good work-life balance tops the list of most important factors when considering a new employer, followed by excellent compensation and a workplace that inspires employees to do their best. Similar data applied for South East Asia region Work flexibility, used to be a distinctive perk. Today, it’s increasingly an expectation. You might not get special attention for offering flexibility, but you will probably stand out for not having it (and not in a good way).
- Again, throughout LinkedIn report, mumberrla insights that press the importance of creating a work-life balance culture, let’s not look at this as a perk and good to have but a serious problem we need to solve in order to sustain a health workforce and grow the business
- For Australia and New Zealand talent access to ongoing training grew the most in importance, up 16.7%. Working with inspirational talent (12.8%), excellent pay and benefits (11.4%), and inclusive workplaces (9.4%) also grew in importance. Before the pandemic, companies reported that the primary challenge to a successful organisational transformation was not having the right skillset to execute. As COVID-19 proved, rapidly adjusting capacity and redeploying resources is critical to success. As we observe the transition to a post-COVID-19 economy, what becomes more important than skills themselves are the enduring human capabilities and the ability to learn, apply and effectively adapt to evolving skills requirements. Organisations that nurture and cultivate these human capabilities in their workforce will have a strategic advantage, as their people are better at adapting to increased disruption and change.
- The sad truth is companies aren’t delivering what talent wants. While work-life balance and compensation are the most important priorities for candidates, employee surveys reveal that companies score poorly on those priorities relative to other factors measured, as I mentioned before, Flexibility now become an expectation yet companies still put it as benefit perk. For all the benefits of remote work talent may be enjoying in Australia and New Zealand, there’s a dark side: employees are more likely to struggle with work-life balance[2]. With remote work[3] remaining a likely reality for many, organisations should foster workplace culture to support workers, and unlock the productive gains[4] that have been witnessed from more flexible arrangements.
- Okay it’s for fair to only consider what talents wants. Let’s also look at the needs from companies The common of both Australia/NZ and SEA market will be the grow of Technical related jobs, with SEA is grow as a outsourcing hub for technologies companies worldwide with huge demands for Engineer/Developers & Customer Services. The more mature market with has more specialist resources like Australia witnessing the grow of Account/Project Management role.
- To scope with all of the challenges and the competitive market, companies are forced to change. We see companies are trying to create their best practice of remote/hybrid working or start, and while companies are doing well when it comes to flexibility — but for all the benefits of remote work, there’s a dark side: employees are more likely to struggle with work-life balance.
- It means a lot of opportunities for us to promote our existing culture, the culture of work-life balance people are searching for. Saying it is easy, but it’s not going to be 1 person game, coming to 2022, we’re all going to need the support from our teammate, acting as a brand ambassador or raise your voice and become the KOL of your industry, It can start by sharing linkedin related posts or attend more events at a speaker, or create training about related topics or simply introduce some of the channels/platforms that you see digital marketer are acting on
- And because we has been a remote agency for 10 years, we have all the benefits of making mistake and become better, we’re actually ahead of the curve, and to utilize that benefit, we need to think about solution to accelerate: It can be Build talents and a learning ecosystem.Understand future jobs and valued skills in our business, function or company and think broadly about where and how learning occurs. Understand who has these skills, wherein our organization they are needed and how they are best cultivated beyond organizational boundaries. Example: cross functionals training: PM for everyone Enable employees to see shared futures.Good careers management connects the employees' talent plan and the organization business plan. Create ways to tell employees what future skills the business needs, amplify complementary skills and relevant opportunities and share pathways for moving into future roles
- The Great Reshuffle is here: employees are rethinking their priorities, companies are reconsidering their needs, and everyone is learning to “build the plane as we fly it.” We’re all adapting to constant change, making decisions amid uncertainty, and exploring new opportunities. And although the talent market always ebbs and flows, many of the changes we’re seeing today are unlikely to be undone. Hybrid work is here to stay, digital transformation is only accelerating, and people are building durable new skills for the future. We’re just beginning to understand the full impact of the Great Reshuffle. But once the dust finally settles and the pandemic is far behind us, those companies who rose to meet this moment will reap the rewards in the talent market.