Conversations are happening whether you are there or not.

– Kim Garst, Author, Blogger

Rarely has the job market been more in the news – there seem to be daily headlines about worker shortages, talent squeeze, wage inflation, etc. The number of workers who quit their job in a single month has broken an all-time U.S. record and economists are calling this period the “Great Resignation.”

In the investment industry, the demand for talent has reached extreme levels, as investment firms of all types gear up to tackle the post-COVID economy and deploy the record levels of assets under management. While economic rebounds are positive, the effects of this on those who are hiring are typically negative. There’s widespread frustration about the quality of talent in the market, and when someone that could be a potential fit with a firm is identified, that candidate is often dropping out to accept an offer at another firm. Hiring timelines have dramatically shortened. A hiring process that would typically takes 3 to 4 months is now often completed in 3 to 4 weeks – or quicker.  And compensation is being driven up. We’re not talking about the 6.2% current annual inflation rate; we’re talking about substantial 20-40% compensation increases that have been seen this year, acting as the backdrop to what is likely to be a dramatic year-end bonus cycle. We go further into this in our first article.

“Is it possible to compete for talent without just throwing money at the problem?” is something we often hear. To answer that, you have to consider what job seekers are valuing, and how they are making career decisions. A big piece of this, that is very different to practices just a few years ago, is the extensive use of social media in information gathering about career paths and specific firms. We concentrate on the topic is this Quarter’s newsletter. What are investment firms doing online, how are these approaches resonating, and how can we compete for talent most effectively in 2022 and beyond?

The Odyssey Team