Usually, the 4th quarter is one of the most challenging times to add top-tier talent. There are several reasons people don’t want to make a change during the last few months of the year. Let’s explore the three main ones and why hiring in 4th quarter has changed in 2020.
During a typical year, people have a pretty good idea of what their annual bonus is going to be. Depending on the role, it can be a significant amount of the overall pay. Some have to wait until February or even June for some to receive this bonus. I certainly would not want to walk away from a 20-100% bonus unless there was a significant reason to leave.
However, in 2020, many of the Bank Executives I’ve talked to are predicting annual bonuses to be minimal. Due to local shutdowns, a fluctuating economy, and uncertainty surrounding the Coronavirus, there are many uncertainties. Professionals don’t feel as secure in their positions or as confident in their annual bonus. As a result, they are more open to making a change.
Flexibility In Hiring
The pandemic has really exploited the weaknesses of mediocre performers. And, with limited bonuses at competitors, banks have the opportunity to capitalize on capturing high performers. Additionally, if you are willing to get creative with the compensation and work/life balance, you’ll be able to attract A-level candidates. These are the areas in which professionals are looking for a change.
This year has demonstrated that remote work is effective. Banks are rethinking the mindset of “all employees MUST work in the office.” Being flexible on this is really going to allow you to capture the best talent you are looking for to help your team.
Normally, the holidays are hectic and chaotic with parties and travel, but not this year. Travel is limited at best, and parties are not happening. Even major retail cornerstones like Black Friday will be completely different this year. Often, hiring in 4th quarter is slow because of the holiday. However, this year it is the perfect time to snag top talent. There are some incredible candidates looking to start 2021 off on the right foot.
They want to be a part of a strong leadership team with a bank that has a successful track record. We are talking to hundreds of people who will be making a move in the 4th quarter this year because they put up with less than ideal circumstances for too long. This is the time to uncover game-changing talent.
As you have seen, the pandemic has been a challenging time for most. However, it has created some fantastic opportunities for those ready to build the best team. (Even when there is a bit of chaos in the market.) It certainly changed the way we do business. Banks have realized that many jobs can be done remotely. Additionally, it can save a ton on rent, equipment, and, most importantly, staff happiness.
Now is the time to cut the mediocre and capture the best. And to do that you need to use the best firm to help you find those candidates. Call me today, and we can discuss your situation and how we can help you find the best talent for your team.