The changing landscape of the employment market within the technical sector
As we enter 2023, the economic outlook remains challenging with the rising rate of inflation and soaring running costs. Although this may paint a cautious picture as has been the case in the sector in recent years, there continues to be vast amounts of optimism within the adhesives and sealants market with an expected compound annual growth rate (CAGR) of 6.21% from 2017 – 2028.
The sealant industry has come a long way over from its humble beginnings and employment within the professional, scientific and technical services saw a growth from an average of 13.8% between 1960 and 1979, to 27.2% between 2000 and 2016. Throughout the 21st Century we continue to see widespread developments in the safety and environment-impact of sealant products and with that comes new demands for evolving skillsets and expertise, creating a healthy demand for the right calibre of talent.
The largest segment by end user industry is building and construction, with the fastest growing segment by end user is Healthcare due to the increasing healthcare expenditure and rising investment in medical device production. Silicone sealant continues to be the largest and fastest growing segment by resin due to its sheer strength and applications. With rapid growth and strong sectors emerging such as locomotive, marine, electric vehicle and medical devices, new skill sets will be needed to fulfil these applications, a common theme seen within this sector.
Candidate flexibility and diversity
Historically this was a highly sought after industry, however a challenge will be attracting young, diverse talent at junior management level. With the evolving technology, candidates will no longer be able to rest on their experience and will need to ensure that they’re keeping their skillsets up to date and relevant and are prepared to be flexible where needed. Another area of change within this sector is diversity and inclusion, there has recently been early signs of improvement in gender balance in the industry with a quarter of tech teams now female and females equating to 28% of new hires.
Shifts in the talent approach
We have seen businesses taking steps to review their hiring practices to ensure they’re taking a strategic approach which includes reviewing the scope of their own internal recruitment teams compared to their use of recruitment agencies. At Wallace Hind we have seen an increase in being retained as the preferred supplier due to a complex understanding of the business and being able to find the best person for the job, ensuring they can fill vacancies and have a fully skilled team to be able to deliver on business objectives. Organisations will need strong positive work cultures and robust HR operations in order to attract and retain top talent.
We expect the recruitment market to be resilient but that doesn’t mean there won’t be some adjustments, talent and evolving skills will be key to the growth of this sector. Many companies have been downgrading their company projections and have announced job cuts or hiring freezes, whereas other companies have seen the current climate as an opportunity to scale up its technology resource to focus on growth and come out as a market leader.
Whatever your situation, it is an exciting time for the industry and we look forward to seeing how it evolves over the coming years. If you have any recruitment challenges, queries or requirements, Wallace Hind would be happy to have a conversation to see how we could assist. Contact Michael Thorpe, on MT@wallacehind.com or 01604 683 313.
*Statistics referenced from Mordor Intelligence industry report