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26 Jan, 2012

Market of the Employer vs. Market of the Jobseeker, or is there the End of an Outrage?

By Vitaly Vitvitsky | Category: Labour Market

Since the beginning of crisis I heard many times that the labour market has been changed dramatically. They say, from “the Market of the Jobseeker” it became “the Market of the Employer”. Moreover, some experts predict that the labour market will never be the same as before. But, never say never.

I would like to express my point of view on this subject. For sure, the last crisis has drawn a borderline between “before” and “after” the crisis. But was it a dictatorship of jobseekers? Did employers really have to surrender to impudent candidates?

After the former crisis that happened at the turn of the millennium many emerging markets have shown a stable (if not rapid) growth. This was because of the deep fall of economies during recession as well as beneficial situation on the global markets and, perhaps, some economic achievements of governments.

Of course, emerging markets have demanded more and more manpower. Some specialists have been repeatedly hunted by expensive recruitment agencies from company to company. Indeed in such cases some candidates were offered enormous compensations. But where did that happed? Only in certain places such as large cities where capitals concentrate. First of all in the “overheated” sectors like banking and real estate.

During all those years of growth I was an employee and, from time to time, a jobseeker. But I haven’t happened to see that “golden shower” from generous employers boxed in by harsh realities of the Market of the Jobseeker. Every penny has to be justified and worked off.

Anyway, with the crisis the number of vacancies decreased significantly and employers have become much tougher. It looks like many employers have been “spoiled” by the crisis.

For sure, businesses must carefully monitor their costs, including labour costs. Otherwise both the employer and the staff may be left with nothing. But is it worth making benefits from this situation, twisting workers round the employer’s finger? I wouldn’t advise employers to behave this way. In fact, employees clamped in a “financial vice” will silently continue working. But as soon as possible, they will pay back to the employer a hundredfold.

So what’s next? I think sooner or later the crisis will be over. Economies will start growing. Moreover, some sectors will demonstrate a rapid growth especially those where financial “bubbles” are easy to be blown up. GDP and other indicators will reach or even exceed pre-crisis levels. That means that the demand for labour (even if the increase in labour productivity) will reach the pre-crisis level or even exceed it.

That will be the time when objective factors start influence on the emerging markets. First of all I mean the lack of qualified labour. And labour migration will not solve the problem.

Still I hope that the employer outrage with not be changed by the jobseeker outrage. Because the interests of the employer and the worker are not opposite at all. And the mutual understanding is possible to find. Remember, the employer is a human being, too.

I wish you success in job search and a high rise in career!



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