It’s the start of a new financial year.
The first quarter of a new financial year can be a slow start as we all take a collective breath and reflect on the past year’s performance. But, if you do want your business to get off to a flying start in FY24, you will be keen to get major projects moving.
To make sure that projects stay on track to deliver results now is an opportune time to recruit new IT talent.
Below, we examine other factors that contribute to why now is a good time for IT recruitment.
Budget Allocation
At the beginning of a new financial year, companies often have freshly allocated budgets for various departments, including IT. This can provide more flexibility and resources for recruitment efforts and for hiring new talent.
You’ve probably worked hard to secure this year’s budget, so don’t lose it, make sure you spend it!
Strategic Planning
Companies tend to undertake strategic planning initiatives for the upcoming financial year. As part of this process, they identify IT projects, system upgrades, and technological advancements that require skilled professionals. This presents a demand for IT talent and creates an ideal time for recruitment.
Staffing Evaluation
Companies often evaluate their existing IT team during the financial year-end. They assess skill gaps, workload distribution, and overall team performance. Identifying areas that require additional expertise or support can prompt recruitment efforts to bolster the IT team’s capabilities.
Competitive Advantage
Starting the financial year with a strong IT team can provide a competitive advantage. It allows organisations to hit the ground running, accelerating project timelines, and ensuring smooth operations. Recruiting new IT talent at the beginning of the financial year enables companies to capitalise on this advantage.
Industry Trends and Technological Advances
The IT landscape constantly evolves, and staying competitive requires staying ahead of industry trends and adopting new technologies. Hiring new IT talent allows organisations to bring in fresh perspectives, specialised skills, and knowledge of the latest technologies. It can also keep companies at the forefront of innovation.
Timing your IT recruitment efforts
Recruitment timing does vary depending on the business’s needs, industry, and specific circumstances. Some organisations may have ongoing needs throughout the year. While others align their hiring cycles more closely with the financial year.
We usually see the start of the new financial year presenting favourable conditions for recruiting new IT talent. However, the current market is candidate short. To increase the opportunity of filling vacancies quickly, follow these three tips.
1. Timing
You need to act with bullet speed. Sitting on a CV for more than 24 hours can lose you the candidate. The same goes for feedback and follow-ups after the interview has taken place. Many candidates are in a position of power, and they are not prepared to wait.
2. Meet the Market
Salaries continue to trend in an upwards trajectory, although growth is slowing. We don’t suggest paying inflated salaries but do listen to the market, so you remain competitive. If you refuse to offer a competitive market rate, you can bet your competitor probably will.
3. Think Outside the Box
Think about what really matters to your prospective tech candidates. Construct your messaging around what would make an offer more attractive. This could be by highlighting career progression opportunities, hybrid work arrangements, specific wellness programs, or other non-salary benefits. Organisations need to be clear about what outcomes they want to incentivise in today’s environment.
Wish to save time on recruitment?
If you’d like to free up more of your time so you can focus on growing your business, we can help. We are here to lend a hand with any of your recruitment and onboarding strategies for this new financial year. We’re growth-focused recruiters and we know what and WHO it takes to deliver your next big goals.
Get in touch with luvo’s Talent Team today.
