A lot happens at End of Financial Year time. Car dealers have the best sales, retail stores offer amazing deals on any item you can imagine, tax returns are expected, completed and submitted and the job market becomes extremely fluid.
Obviously, it’s this last point that is important – the job market becomes extremely fluid. With everything else going on, its completely understandable that people don’t want to add changing jobs to that list, but here’s why we think you should consider it.
Performance / Salary Reviews:
For most industries, EOFY means performance and salary reviews and there are usually one of two results after the reviews have taken place. You received a promotion and / or pay rise or you didn’t get the review you were hoping for.
For those that didn’t receive what they were hoping for or felt that they deserved for whatever reason (maybe your current company just didn’t have capacity), the natural first instinct is consider whether you can receive it elsewhere. You can assume that if one person is thinking this, then others are too – the result is a lot of movement in the market.
For those that did receive a promotion and / or pay rise, this doesn’t necessitate staying at their current company or even that they are happy with the result. We have in the past encountered many post-review leavers who received a promotion that didn’t entail what they thought it would and so had decided to leave.
We have also encountered candidates who recognised that their recent salary review pay rise placed them in an even better position to negotiate a better option for themselves in the job market.
No matter the reason, salary / performance review time opens a lot of holes for companies, which provide a higher level of choice for a candidate to take advantage of.
New Financial Year Business Plans & Recruitment Budgets
Post EOFY sees the new financial business plan settling firmly into place and with that, a brand-new budget for recruitment. The combination of these generally results in a flurry of new hires in the July through to September period as companies look to solidify their teams in the lead up to the Christmas period.
For candidates, this is an excellent thing. Rather than just filling holes as often happens during the rest of the year, companies post-EOFY tend to create a bevy of new positions to cover the requirements of the new financial year business plan.
For a candidate really looking to negotiate the best deal for their career, jumping into a newly created position is a prime opportunity to carve your own personalised niche within a new company – rather than stepping into the already established one of a past employee.
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