What Treasurer Search sees beyond covid-19
What the newspapers and government tell us and what we see in our daily lives can be very different. The Dutch CPB states all is well and we move in the right direction, Professor Entrepreneurial Finance Lex Teeffelen claims independent contractors and the restaurant business got hit hard, savings have been spent and entrepreneurs suffer. Many talk about what happens when government support stops. I think all are right at the same time. But what do we at Treasurer Search see and what do we expect?
We consider it our task to know what is happening in the treasury labour market. For example, we know about at least 90% of all relevant job openings and transfers in The Netherlands. The first striking and not surprising observation, not only in our own portfolio, is that the number of job openings during corona was lower than before. Employees were not too keen on changing jobs, employers cautious in investments, and all consider on-boarding remotely hard. The second observation is that the average length of a recruitment project went up. Although video interviewing speeds up the process, we saw employers being more thorough in their decision making processes.
We saw no substantial changes in interim market activities. One could have expected an increase due to the need for liquidity and funding expertise. Also, with interim management it is easier to mitigate risk than with permanent employment. On the other hand, interim management is more expensive than permanent employment. We did not see an impact of the above, perhaps they blended each other out.
Now we see a real positive shift in the market. The number of job openings is going up in the whole market, also in corporate treasury. The vacancies page of treasuryXL gives you an idea. New clients are reaching out to us at their own initiative. Employers understand they cannot let candidates wait or they will lose them to other options. Last week Kim placed a candidate in a permanent position and the whole process was completed within a week! The market picked up from the junior side of the market and is reaching more senior positions. So volume and speed in our portfolio is going in the right direction.
Let’s all root this is how the market will be for long. What are your labour market observations?