Important Tips for Candidates in A Candidate Short-Market
Nowadays within the accounting world, the market is candidate short. This means that the candidate holds a lot of power in terms of job selection, salary negotiations, work-life balance, etc. It is important that candidates take full use of the market conditions especially as for years previous to now it was quite the opposite - Companies held all of the power, they picked and choose who they wanted and got the best candidates at a very competitive price.
Here are some tips for candidates to ensure that they are taking full advantage of their market’s conditions, while it favours them most:
- Work-life balance:
Work-life balance has become one of the main attractions for candidates over the last couple of years. The biggest Multinationals in Ireland are adapting to this too. Working conditions are getting better, work days are getting shorter, candidates are being offered the option to work from home. It is important from a candidates standpoint to ensure that they are maximising their time out of the office and creating the best work-life balance that they can within their company.
- Salary Negotiations:
This one is something that a lot of people frown away from. A lot of people are intimated and very awkward when it comes to discussing salary. It can be very useful for candidates to reach out to agencies and discuss salaries, a lot of candidates use agencies as it takes away the uncertainty of salary and takes away the negotiations process too. Here at Eirkoo, we understand the market we are conducting ourselves in and we can tell you about salaries in the market and any other relevant information.
It is important for candidates to remember that it is a candidate short market and companies do not want to lose some of their best staff. Due to this fact, companies are more than happy to do yearly salary reviews to reduce staff turnover.
- Benefits:
Very similar to work-life balance and salary, benefits have become an increasing attraction to candidates. Years ago, benefits used to be quite standard. However in some companies now the benefit package goes on and on. Over the past couple of months working here at Eirkoo I have seen benefit packages in some of the biggest companies in Ireland and one in particular struck me: one company offered:
· Bonus, annual leave days, good working hours, health insurance, pension, subsidised food in the staff canteen, several schemes to help with commuting and travelling, free gym, swimming pool and other recreational activities, clubs, enhanced maternity/paternity leave.
The lengths that companies will go nowadays to secure top candidates really shows the candidate-short market at its finest. I would highly recommend candidates getting in touch to discuss benefits and what companies offer the best packages.
- Progression:
Progression is a big thing for some candidates and not so big for others. For the candidates that progression means a lot to, there has never been a better time to progress in companies at pace. Some companies do it better than others, on a daily basis I see people that have been promoted 3 times within 2 years. In particular, I have found that candidates that go into internal audit progress the quickest in companies as they get a well-rounded view of the companies operations and then find it easier to adapt into a different part of the business.
- Educate yourself on the market:
This is a really important one – understand the market you work within and understand the industry specific salaries. This can give you a good basis to understand your career trajectory. This can best be done by getting in touch with recruiters, do your own online research, check job boards quite frequently (you can set alerts on different job board platforms for specific job searches). If you are interested in getting any market information, do not hesitate to reach out.
- Be Realistic:
Although all of this information is useful, it is important to remember that you must be realistic when dealing with any of the above. Although companies nowadays offer a great career path, better salary and packages. It doesn’t mean you will see a promotion, 10k salary increase, with a 20% bonus after a salary review.
It is important not to throw your weight around because you know you are an important asset to the company. Be realistic in any demands you put forward. If you need any advice on any of the above, don’t hesitate to reach out to me at smurphy@eirkoo.ie or on 01-699 1200.
