January 31st is the most common day of the year to resign, according to a stat that the Sydney Morning Herald reported. But why this date? We all know that with the new year comes new challenges and a fresh start of sorts, but there must be something more to this trend.
If you’re looking to stay on top of this changing market, it’s important to understand and anticipate its fluctuations. Every year around November, two major trends start to rear their heads.
1. Employees begin to think about a fresh start
People are counting down the days until Christmas break and are already dreading their inevitable return. Many commence their job search in November and December so they can hand in their notice and commence their new role in the new year.
Once January comes around, they’ll hand in their notice and move into their previously secured position, leaving unprepared employers with an empty seat. Recruitment takes time, and while the Talent Acquisition teams are working to refill this position, other employees bearing the workload are feeling burnt out and unmotivated, leading to even more turnover.
2. Employers take their foot off the accelerator
Organisations start to slow down their recruitment efforts. ‘We’ll start to hire again in the New Year’ is an all too common saying. The problem is, all of the top ‘New Year, New Me’ candidates have already secured positions by January, leaving these employers with the remaining talent pool to compete for. You really should be looking at your options before January. If not, you could find your team with empty seats and no one to fill them.
How to stay ahead of the market
So, how can you prepare for the high end-of-year turnover and secure talent? Ideally, this should be done in November and December, rather than waiting for the new year to come. Right now is the time to be proactive in starting the search. That means posting job descriptions, having conversations, and reaching out to recruiters.
By making initial contact with recruiters now, employers can ensure that a strong shortlist will be waiting for you when you’re ready to hire in the new year. So even if you’re not yet looking to set up interviews, posting the job description and having those early conversations is a great head start. Just make sure you let them know the timeframes you are looking for.
Even if you aren’t actually making a hire until next year, being well-prepared will put you ahead of the competition. There is a lot of prep work that goes into a successful recruitment process, as we’re sure you know. For a role set to begin in the new year, the groundwork should already be underway if you want to secure the best talent.
Now is the perfect time to post your roles on TalentVine. Doing so allows you to get a head-start on your new year hiring by forming connections with specialist recruiters beforehand. Even if you aren’t intending to make any offers until next year, your recruiters can find you a backlog of top active and passive candidates ready for when that time comes.
So, why not consider beating the queue and getting proactive with your 2024 hiring? Starting the conversations with your trusted recruiters and their candidates now will ensure that the best talent will be unable to stop thinking about your opportunity whilst they are sitting around the pool in their Santa hats.
Posting a role is simple and free. Best of all, there is no obligation at all until the successful candidate steps foot in the door on their first day.