Looking back to this time last year and not many people would have predicted the monumental shift that has now hit the recruitment market.
During the peak of the pandemic, many organisations went into survival mode and despite the support offered by the furlough scheme, we saw unemployment figures rise. There were 1.61 million people unemployed in February-April 2021, which compared to 1.37 million in January-March 2020.[1]
Between September -November 2020, the recorded level of redundancies was the highest in any quarter since records began in 1995, at 395,000. [2]
Since then, levels have been falling and the number of vacancies has almost returned to pre-pandemic levels.
As businesses navigate new ways of working and are looking to strengthen their operations, we are seeing a surge in opportunities for candidates across the HR sector and this seems to be true in various industries.
The market has drastically shifted from being an employer driven market to a candidate driven one and it has become hugely competitive.
Whilst this is fantastic news for talent, it is set to be a long-term challenge for employers looking to attract and retain their stand-out employees.
Here are some things to consider when it comes to attracting the right talent for your business is such a competitive market.
- Stand Out
In order to attract the best talent, you have to show your competitive edge. Think about what makes your organisation special and make sure you showcase this in your job adverts, online presence and with every interaction that you have with any potential new hires.
First impressions really do count and one of the first things a candidate will do is look at your social media and website so make sure you’re utilising these platforms effectively. Highlight the unique elements of your company culture, share positive news stories, talk about your vision, the growth opportunities and create a real buzz about why top talent should join your team.
- Invest
Hiring the right person for your business should be seen as a long-term investment and with the competition being so fierce, candidates won’t waste time with slow negotiation processes. We recommend that our clients are swift in their interview process because in such a buoyant market there’s always a chance that preferred candidates will be snapped up elsewhere.
Securing the right talent and someone who will make a genuine impact on your business means offering a competitive salary and a compelling benefits package that will make it easy for top tier candidates to say yes.
- Flexibility
What people want from a role has changed significantly in the last 18 months and according to research by reed recruitment, the term ‘work from home’ has been of the most popular search terms from jobseekers so far in 2021.
In a candidate driven market it is key that you can offer flexibility. This can also widen your talent pool as remote working means you can hire from people outside of your normal geo-graphical location. Flexible working brings benefits to both employers and employees so identify what works for your business and implement change where possible.
- Transparency
A highly skilled, in demand candidate isn’t going to look twice at an advert which doesn’t contain any salary information. We’ve been advising our clients for years that including a salary range on all adverts is an absolute must however, it only takes a quick search on any of the popular job sites to see that some organisations just aren’t’ listening.
Listing a salary as “competitive” isn’t good enough in today’s market and going back to point 1, you should be shouting about all the reasons why a candidate should join your business including salary, benefits, learning and development opportunities and progression.
It’s been fantastic to see the markets pick up so much in recent month’s and we’ve been busy sourcing the right talent for clients across a range of sectors.
Our top tip for businesses looking to attract and secure the best talent is to execute a recruitment plan with definite dates and stick to it. If a second interview is required do not let too much time lapse in between because a lot can happen in just 24 hours! The candidates will thank you for it.
If you’re seeking HR talent whether it’s HR Administrator, HR Manager, HR Advisor or HR Director, we can help. Alternatively, if you’re a HR professional seeking a new opportunity, we would love to hear from you.
Get in touch to discuss your requirements today.
[1] https://researchbriefings.files.parliament.uk/documents/CBP-8898/CBP-8898.pdf (pg 4)
[2] https://researchbriefings.files.parliament.uk/documents/CBP-8898/CBP-8898.pdf (pg 8)