What a month!
It’s our 11th operating month and one that saw the business ramp up in the quality and nature of the assignments we’re managing. This is due in part to our growing presence in the premium end of the market and prevailing industry factors that support ongoing growth among key players.
The volume of senior assignments that we were briefed on grew to a new height and perhaps even more notable was the way we were engaged.
The sector is really maturing with 84% of our May assignments being retained. This highlights that many operators are tiring of traditional, transactional recruitment and are willing to invest in a more robust business partnership.
The Australian hospitality market continues to be very resilient with a significant uplift in role scope and salaries across most asset classes and job types. However the persistent talent shortage is showing no signs of easing.
It was the top end of town that really shone across the month with Hastings being engaged on multiple C-level roles, each within major national hospitality operations.
Key themes for the month.
Hospitality talent is hot property. The number of opportunities available to experienced hospitality professionals in the current market is staggering. Businesses from outside of the sector have (finally) realised the dynamic nature of hospitality professionals and are seeking to utilise their skills in new areas of business.
Time kills all deals. The market is moving quickly and operators need to catch up. This is not to say that processes need to be rushed, but a sense of urgency needs to be applied, particularly when dealing with active, high quality candidates. They simply don’t last long on the market.
Forgive and forget. Similar to the above, employers need to let go of the notion of the perfect process with a candidate. The number of opportunities in the market, coupled with the usual factors associated with changing jobs, can result in candidates being indecisive or requesting additional steps in the recruitment process. If you are dealing with a quality candidate, do your best to persist. It will be worth it in the long run.
Accommodation never sleeps. Attending the AHICE conference and speaking on a panel relating to trends in the industry, it became abundantly clear that the sector is not showing any signs of slowing down. All major brands are touting double digit property growth which will result in further pressure on the talent market.
In summary…
We were able to achieve a record month in May on the back of enhanced market buoyancy, a healthy appetite for quality partnerships and increased opportunities for hospitality professionals. The continuing challenge for businesses is finding time to manage these processes in house, particularly when they are looking to engage with the best talent in the market.
Traditional candidate procurement is becoming less effective as more often than not, the best talent is not the active talent.