Recently, I have been contacted by recruiters more than ever before, what is going on?
Supported by expansion and new companies entering the Japan market, the legal & compliance industry is now the busiest it has been in over 10 years, across all industries.
This results in a high number of new headcounts and a lot of turnover in legal and compliance departments. This active market creates much opportunities, but therefore many challenges, too. Let’s look at the different sides of the story below.
This is a fantastic market for candidates, who often are spoilt with choices. The competition between companies to retain the best talents has substantially increased salaries across industries and improved in working conditions (namely work-life balance) as these are the factors that candidates typically value most.
More opportunities, better conditions, multiple offers…sounds great! What’s the catch?
Well…having multiple options is a good thing, as long you are playing it right. Don’t rush into your decisions and don’t play strategies, this could work against you. It is indeed tempting to leverage an existing offer in the process with another company – but be careful. This is a dangerous game. Do not let your feelings overwhelm you: keep a cool head, set your priorities straight, and don’t play ‘strategy’ games. Be straightforward with your requests and needs, instead of trying to think of the best way to take advantage of your position. It is essential that you have a strong and regular communication with your recruiter to keep him/her informed of the status of your different processes – for him/her to make the best out of the situation. Your recruiter deserves to be informed of your mindset so that he/she can understand you and represent you effectively. Trust is a two-way street.
Working with one recruiter that covers the market for you has never been as valuable.
This is probably one of the most challenging times for companies to have clear visibility and predictability on their recruitment process. It is a highly candidate driven market, with more jobs, than candidates. It is a simple offer and demand equation.
As an employer, you need to move quickly if you don’t want to lose the race against a competitor. We understand that restraints on budgets are often out of your control but having flexibility will help you compete against other companies. Being flexible with your requirements and offering a flexible working environment are other factors that can help you create a competitive difference to attract candidates.
This is an environment where you want to have a trusted recruiting partner and advisor on your side. Think about alternatives from contingent searches (such as exclusive or retained arrangements). The overall costs of these are often not higher than contingent searches, but will offer you more control, and most of all, a committed ally in your search.
This is a highly challenging time for recruiters, too. High demand from clients and candidates and more competition than ever. Be mindful of choosing an experienced recruiter that you trust. With a high demand in the legal industry, many agencies chose to grow their teams – often with inexperienced recruiters, wanting to take advantage of a growing market, without truly thinking of the needs of candidates and clients they represent.
Choose one recruiter to cover the market for you, one that you trust and who is familiar with the industry. He/she should be able to advise you effectively and in a time-efficient way. To do so, he/she needs to be kept informed on details of your search as this will help him/her to represent you effectively (See our other article on this topic: Breaking the myth: Working with multiple agencies, “Click here“).