We're in a unique position to have a bird’s eye view of what’s happening out there on the current FMCG talent acquisition and retention landscape. Here's what we're seeing:
Contributions from:
Erin Kirk, Partner - Sales & Marketing
Michelle Elsley, Partner - Supply Chain & Operations
Claire Ellis, Partner - Finance & Accounting
Claire Gibson, Partner - Technology, Transformation & Change
- It is currently a challenging time for recruitment and difficult to forecast while interest rates and inflation remain at the current level; but within the industry there are still high performers experiencing growth. Some of our clients are feeling confident, some have seen an upturn in business, yet others are understandably guarded.
- With unemployment on the rise, there is currently a surge of candidates seeking new opportunities; yet job ads are now at their lowest level since April 2016.
- With the number of applications per ad dramatically increasing, we're seeing candidates applying for roles that don't necessarily align with the required skillset. Fewer candidates have the appropriate experience or qualifications, thus driving the need for a broader market search and proactive approaching to find the highly skilled FMCG candidates our clients need.
- On the flipside, while there are a lot of job seekers on the market, many candidates are showing caution when offered a position, taking their time to ensure the offer is aligned with their needs. Job security and company stability are paramount right now and, in some instances, candidates are opting to stay in their current role rather than moving to a riskier, albeit high paying, alternative.
- We are also seeing more sideways movements, with highly skilled/tenured FMCG talent moving for a change of pace or a different environment/location, rather than compensation.
- Salary expectations are proving to be misaligned with the current market rates, with some candidates demanding higher salaries due to inflation and the cost of living; however, paying more is often unrealistic and unsustainable for struggling businesses who are facing increasing costs or changes in employment laws.
- With many companies finding the market and economy challenging, we've noted a preference for some employers to only want to look at candidates with strong existing skillsets, and are not open to looking at suitable candidates that might need some skill development.
- While the contracting market is stagnant at the moment, there are pockets of demand for consulting and project-based roles, particularly where people can consult with businesses, identify where profits have diminished, and optimise ways for businesses to return to profitability.