According to the National Association of Colleges and Employers, across most industries, most hiring during the year takes place typically between January and April. However, throughout financial services organizations, survey data suggests otherwise as the majority of hiring managers (52%) believe the best time of year to hire top candidates is during the last quarter of the year. For the past 30+ years, I would certainly concur with that!
Many candidates may believe (falsely?) the best time to apply for positions is in the new year, or perhaps try to get motivated as some sort of New Year’s resolution to update their resumes and refine their job search strategies.
Savvy employers have learned to take advantage of market conditions and use it to their advantage. A recent study conducted by LinkedIn, showed that 44% of hiring managers reported that they found the best candidates outside of traditional perceived “peak” hiring seasons. Moreover, the survey also revealed that 68% of the hiring managers found that the quality of the candidates was the same or better than when they hire during the other times of the year.
So, what does this mean for you? Well, it means that you shouldn’t be afraid to look for great candidates outside of peak season and that the odds are in your favor. In fact, over the past 30+ years, we have seen tons of hiring during the “slower months” of the summer and during the latter parts of the 4th quarter.
A couple of quick thoughts:
- The talent pool is somewhat more select. Hiring now means you might be dealing with a more serious pool of candidates. Rather than the “active” job seekers and job hoppers, the candidates you seek, the highly qualified and motivated, passive candidates have their eyes and ears open regardless of the season and are ALWAYS opportunistic!
- Many clients we deal with like to get the jump on the “New Year” hires. Even if they will not start candidates till after the holidays, now is a great time to interview and lay our solid hiring goals. Hiring in in December can help give your team a jump start on projects for the New Year.
- Companies often feel some “pressure” to hire before year end for fear that headcounts in the new quarter might be somewhat different.
- Occasionally, employers can take advantage of perceived seasonal slower periods in the job market and often might have increased leverage to negotiate salary or other benefits, as competition wanes.
- People are often more motivated to find a job in November / December, as they might not be as busy at their position, making it easier to coordinate meetings and interviews.
- An oddity that I was recently made aware of shows actual increased job satisfaction. A survey by the American Psychological Association found that employees who are hired during the holidays tend to report higher levels of job satisfaction than those hired during other times of the year.
Feel free to reach out directly to discuss this topic further as well as any other questions or concerns regarding the current hiring climate. I guarantee that in our call together you will leave with 2 or 3 ideas that will greatly impact your ability to find, attract, and procure the top 10-15% of the candidate pool on a consistent basis.
