How is the Job Market Evolving?

“Job market conditions have changed rapidly over the past 5 years, mainly because of the introduction of AI (even in recruitment), because of the digital transformation, the developments in the function of financial planning and budgeting within companies, as well as new techniques in managing supply chain, value creation and innovation processes,” said Sabyne Moras, Head of Career Service, SDA Bocconi School of Management.

Due to Covid 19, we have seen roles and positions being put on hold and recruitment processes postponed and delayed. “Even large head hunting and executive search firms experienced a decrease in receiving mandates and closing selection processes up to 30-40 per cent,” Moras reported.

To face this crisis, the School has activated the relationship with its Alumni further, trying to staff students on pro-bono short-term projects in order for them to continue their learning journey on real company cases and business problems.

At the same time, a positive trend is in place towards a more flexible way of working, with the introduction of remote work opportunities even in companies that did not offer this pre-Covid 19. This is actually a huge change for some countries, Italy in the first place, where this working method had not been largely adopted. “Remote working enables not only to continue to work efficiently from home or other locations, when possible,” said Moras, “but has also pushed firms to adopt virtual processes for hiring new employees and to organize thorough online onboarding journeys in order to transfer company culture onto them. We have had students receiving job offers and joining firms in the e-commerce, pharma and consulting sectors, and starting their work in a total remote mode.”

“Another important trend we are observing is that companies have worked and are continuously working on talent attraction, company-culture fit, managerial-competencies fit. To hire the best talent, firms have relied on much more complex recruitment processes. In most of the firms we work with, business leaders and HR have opted for a larger set of interviews, conducted one after the other by a pool of hiring manager-peers who play a vital role in the decision-making process,” said Moras. “Especially for MBA roles, which require 5-7 years of work experience, interviews can be up to 7; this increases pressure on candidates, of course.” Moreover, firms are able to select candidates, based on their competencies, psychometric profile and development potential, through specifically designed assessment centers. Understanding candidates’ deep motivations and primary needs, firms are able to assess their cultural and personal fit, which will allow prospect employees to perform at best.

SDA Bocconi School of Management