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Brace yourself - the pendulum has swung

It was a candidate's market - now it's an employer's market.

Back in December 2007 it was difficult to find good candidates who were available for work. With a booming economy and lots of project-based roles, there were more jobs than candidates. This made it easy for writers to increase their rate or salary expectations, sometimes in line with the market and sometimes ahead of the market. It was a candidate's market.

However, the pendulum has swung.

It's now December 2008 and we couldn't be further from last year. World economic growth is looking shaky and this has rattled Australian confidence, despite our economy's underlying health. Businesses are holding back to see what will happen and there are now more candidates looking for work than there are jobs. It's now an employer's market.

How does this affect you in your search for work?

"Candidates need to adopt realistic expectations when it comes to remuneration" says Matthew Cumberworth, Director, Client Development at TechWriter.

"The risk is for candidates who are coming off contracts to expect to receive last year's rates in an entirely different market. We're now seeing a mix of surplus candidates and employers with limited budgets (assuming they still have one).

"We've noticed that the successful candidates in this market are those who are willing to be flexible with their rate or salary expectations. They are aware that market rates are moving and so prepared to move to the highest rate they can obtain in the current market. This can be less than what they would have received in last year's market.

"Typically in a market characterised by reduced demand and excess supply there is an enhanced focus on rates (and perhaps a lesser focus on quality). This means candidates who take a flexible approach to remuneration are more likely to obtain roles. Similarly, it's easier for less experienced candidates to get roles because they are more prepared to take what the employers are willing to pay."

Posted: 09/12/2008