Current Recruitment Market, Hints & Tips

Job Board Direct knows that in these ever-changing times our clients are in a precarious position of trying to manage increased salaries to attract and retain talent.
Please find below some information on the current market and tips for those new recruits.

Shortages have been fuelled by the ongoing effects of the pandemic which have impacted sectors across the UK, some of the worst hit being technology, medical, engineering and hospitality.

It’s essential that employers consider how best to attract and retain top talent. Many short-term problems that may have appeared temporary at the beginning of the pandemic have become permanent.

Hence, it’s imperative that employers take the time to futureproof their retention strategy to not only reinforce a sense of stability, but to keep employees productive, engaged and happy.

In sectors where workers have the leverage due to labour shortages, companies are having no choice but to increase their pay to secure the personnel they want and need, according to Chris Adcock, Managing Director of Reed Technology.

He said: “It’s a supply and demand issue. The need is so desperate at the moment.

“I think employers are realising that they desperately need candidates to fill roles, and the only way they are going to be able to do it and do it quickly is to offer a large increase on their base salary.”

With demand far outweighing supply, companies are currently willing to bump up salaries to retain employees.

Chris added: “Companies are happy to offer what we would have called ‘silly money’ a couple of years ago.

“They know that it’s expensive and hard to replace people, so when someone does think about leaving or goes to hand their notice in, companies are often quite happy to offer large increases to keep them because they know the challenges that will face them in the market.”

Flexibility and company values remain vital factors for workers opting to stay or join a company and benefits being offered need to be refined and adapted to keep a competitive edge for our clients – such as benefits, pension contributions and flexible working from home, are all enticing factors, so employers may need to take a more personal approach if they wish to secure the right talent.

The Office for National Statistics said average earnings growth of 5.4%, including bonuses, is failing to keep pace with a 6.2% rise in the consumer prices index from February 2022, adding extra pressure on employers to potentially offer more than ever before.

Most companies may well feel like they are walking a tightrope with demand far outweighing supply, companies are currently willing to bump up salaries to retain employees and of course companies will need to be very careful as the market will no doubt corrects itself over time.

When you do find that new recruit welcome your new rising star as they settle in

Being the new person often feels awkward, difficult, and uncomfortable.

Here are our top tips for ensuring a welcoming company culture, achieving good impressions early on, and gaining serious loyalty points by making a special effort to help your new candidate settle in:

• Get the basics right: Do they know where the toilets are? Or what the arrangements are for lunch? Task a colleague to show them the ropes and be a point of contact for any further questions (it’s touch to take it in all at once!)
• Take them out to lunch and talk about non-work subjects: This is a great opportunity to differentiate yourself and get your new relationship off to the best possible start. It’s amazing how many companies slip up here.
• Meet the team: Ensure meetings are planned with their core team in the first week so they have a chance to meet everyone. It also helps them to understand roles and responsibilities early on so they can hit the ground running.
• Feedback: Get feedback on your onboarding to continually learn, guide and shape the processes for each new joiner.

The process of recruitment is not easy to do alone.

But when you have a proven process to follow, you wind up with more time to concentrate on the important stuff such as finding a candidate that will fit your business, your budget, and the role you are recruiting for.

I hope the above information that I have sourced for you via Reed has been helpful.

Kind regards,