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Rich & Nick who are both ex-McKinsey, former freelance consultants and founders of Movemeon – write a lot of advice and insight. It all gets published on our blog and distributed via Linkedin. Follow Movemeon on Linkedin so you never have to miss another article.
The jobs marketplace is like any other
Its dynamics are driven by supply and demand. If there is more demand for jobs than there is supply, the market “power” sits more with the employers. If there is a sudden rise in supply for jobs, vice versa – the “power” sits with the candidate.
Here at Movemeon, we can track these market dynamics using a very simple metric: the likelihood of a candidate applying for a job after viewing it. This gives us an idea of how “picky” consultants can afford to be when looking for their next job. The pickier they are – the argument goes – the more choice they have, and thus they have more “power” in the market.
This is also a good indicator on the buoyancy of the jobs market, which is regularly used as a lead indicator on the economic state of markets.
There are, of course, some assumptions we’ve made: consultants are a homogeneous lot and their propensity to apply for a job isn’t culturally influenced. Given our experiences of global McKinsey and BCG offices, this seems a pretty fair assumption!
So what have we learnt about the market dynamics across our geographies?
In short that there is high competition for talent across NY, London and Paris.
New York’s stronger economic recovery and increasing demand for consultants across start-ups and corporates mean the war for talent is as fierce as ever. Candidates typically view 20 jobs before making an application – such is the choice out there in the market.
France, whose recovery is often thought to lag behind the US and areas in Europe, is close to NY in terms of market dynamics. Candidates will typically look at 15 jobs before applying. Whilst this is partly thought to be a result of the high demand for strategy consultants, there could also be some cultural difference in application habits.
In the UK and Australia, candidates typically apply having viewed 12 jobs. Again, signs of a strong recovery, and an increasingly heated talent market. Looking at the roles currently on the Movemeon site, over one-third of this demand is from start-ups.
In Spain, the dynamics appear to be reversed: candidates are applying after making just 8 job views. This is thought to be the result of a slower recovery in Spain and a more competitive market from the candidate side.
We are going to keep tracking consultants propensity to apply for roles, so are looking forward to seeing how these numbers change overall and in each geography.
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On 22nd June 2017 LoveCrafts & Trouva joined movemeon to answer questions about the challenges of launching your own business. The consultant turned founder speakers gave advice on recruitment, raising funding and finding the right co-founder(s)