Your quarterly update on the Strategy market, where we provide you with insights from both the previous and upcoming quarters.
What were the market trends for last quarter?
There’s some good news from our major business partners - we saw a huge number of promotions and expedited internal progression. This probably stems from the multitude of options candidates are weighing up, as well as non-traditional career paths posed by incubators, start ups, and accelerator programs.
If businesses can’t promote, employees will look elsewhere.
We’ve also noticed an uptick in salaries in the consulting firms, with corporates struggling to keep step. To combat this, many organisations are offering increased non-financial benefits like study leave and flexible working, with some smaller businesses even adding shares or equity to salary packages.
What are the major skills in demand?
Last quarter was all about growth for most of our client partners - new products, new revenue streams, and new markets.
In continuation from earlier in the year, many of our client partners in retail, consumer, technology and financial services were searching for SQL and technical data analysis capabilities.
As usual, the infrastructure market continues to hinge on strong financial analysis and deals experience - so investment bankers had the pick of the positions across this sector.
Looking for professionals with those skills?
What are the skill gap shortages?
The data tools we just mentioned are critical for business success, but finding junior candidates with demonstrated experience here continues to be a challenge.
In fact, delivery experience in general continues to be a trend, with many strategy professionals being able to talk the talk - but those who have already walked the walk winning out on most occasions.
What are organisations doing to attract the best talent?
Finessing the process!
We can’t stress enough the importance of kicking things off with a coffee or informal intro - and the business that sells to a candidate from the very first interaction, is much more likely to get that candidate on board. On that note, any business which takes a proactive approach to recruitment, and meets with great talent as soon as it comes to market, is more likely to win in a talent short market, because these candidates can be very time sensitive.
What is the outlook for the next quarter?
Q3 is when we traditionally see the senior executive roles come to market, thanks to the landing of the FY2020 budget. Outside of that, we know our business partners are focusing on ventures, scale up, and product development experience, to take advantage of waves of new technology and venture funding. This holds true across our large ASX100 businesses, as well as SMEs and early stage organisations.