Keeping up With Dramatic Changes in the Labor Market

HR

In the last couple of years, we have seen a dramatic turn in the labor market. Whilst there used to be strong competition for jobs, leaving employers able to influence candidates into compromising on remuneration, a shift in the availability of good quality talent and desirable positions has created an extremely candidate-driven market, especially in the technical areas.

Fruzsina Farkas, Recruitment Consultant at Hays Hungary

This is great for candidates as it gives them more bargaining power to secure a job on their terms. It is, however, bad news for companies, as it means the candidates that they are trying to hire are receiving multiple offers as would-be employers battle it out to secure the best talent in the market. Recruiting and retaining talented professionals is the challenge of 2017. That’s why the function of HR departments has become outstandingly important.

According to our experience, learning and development and employer branding were put much more in focus among multinational companies on the Hungarian market, but smaller organizations have also realized that employee engagement is a key asset for stabilizing business success in the long run.

The use of external training agencies has become a basic routine for most organizations. Besides that, peer learning has been recognized as an efficient and cost effective way of improving employee knowledge and skills, especially because of the relevance of information transferred as it is delivered by people who understand the organization’s culture and needs. Employer branding has also become a strategic priority as part of HR responsibilities, focusing on not just compensation and benefits, but improving the overall employee experience through development of talent programs, satisfaction surveys and evaluation systems.

The trend in recognition of HR functions as important assets in a company’s business, means more opportunities on the market, especially on the generalist levels, in all sectors. Whether in case of further expansion, entering the Hungarian market or even internally improving the existing organization, it is essential for companies to hire good HR professionals to build up a stable structure, therefore the demand for all levels is likely to increase in the upcoming years.

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