It has been a difficult couple of months for everyone, it goes without saying. I’m pleased to say that Taylor Ryan is officially back to our offices in Yaletown, effective May 19th. It is great to be back!
I am thankful that we have enough space to return safely and comfortably to some sense of normal. In-person relationships are something I am sure we have all missed.
As we return to the office, I wanted to connect with you directly. The whole team and I at Taylor Ryan place a lot of value on our relationships with clients and candidates, and as much as we would like to start meeting in person, we thought a brief market update would be a start.
Over the past 10 weeks, we have seen several notable trends in the Vancouver employment market. In mid-March, at the beginning of lockdown, we saw a number of employment offers going on hold at the last minute, due to uncertainty. These were mostly junior level positions e.g. financial analysts, project coordinators etc. In the past two weeks, we’ve had the same clients move ahead and hire those same roles. A good sign of a positive outlook.
For more senior positions and those deemed critical hires, we have continued hiring activities throughout the previous 10 weeks. Whilst we were initially concerned as to whether candidates would be willing to move during this period, in all cases, candidates have been willing to make career changes provided the opportunity fit with their career objectives.
I’m pleased to say that Taylor Ryan has seen multiple job offers extended and accepted during this social distancing period, as well as several candidates starting positions whilst working remotely. We have been impressed by how our clients have adapted quickly within the virtual office, to make this possible.
We have seen the most slowdown with new positions coming to market, which is to be expected. Strategic positions have still come to market, but fewer than usual. Feedback from clients on resuming their hiring plans seems positive as businesses are able to move forward with more confidence.
Reduction in team sizes has really varied by individual company. So far, many of our clients have been able to maintain their employee base with no layoffs, ourselves included. However, many have made the difficult decision to make changes within their organization. Some of those are strategic, while others driven by financial burdens. If you have been in the position where you have made layoffs, we at Taylor Ryan can support those staff impacted by providing career counselling and support. If this would be of help to you or your team let us know.
We are looking to the coming month with optimism and hope that the feeling will continue as we move through the loosening of restrictions here in BC. We look forward to being able to meet in person and will continue to keep you updated on the market over the coming weeks.
Compensation has been a hot topic of conversation over the last few months. We are about to launch a compensation survey for finance executives across BC to provide up to date information on compensation structures (particularly LTIP) and pay levels specific to company sizes and industry sectors. We plan to do the same for the real estate industry through summer. The free report will provide data comparing normalised 2019 figures to 2020 changes in the market due to COVID. It will be available free of charge to all those who contribute information.
Finally, if we can provide you with any direct intelligence or if you’re ready to hire or move careers, we are here to help!