The times are a-changing and fast!
Monday, November 17, 2014
The times of recession seem to be far behind us. The UK's job market is booming - average salary increases and the rise in job vacancies is quite evident. Candidates can now choose from a wide range of attractive job prospects and moreover are lured by attractive salaries and benefits packages. On the other hand though, in such a buoyant market, employing the right people is more difficult than ever before.
High calibre candidates are hard to catch. They are no longer desperate for any job, but are rather offered multiple jobs instead of one. Furthermore, they are no longer looking for high salaries and benefit packages only but are more interested in different factors a company can offer, such as self-development, longevity and the diversity of the role.
As the times are changing, employers in order to attract the top skilled workforce will need to be prepared to make changes to their hiring and employee attraction strategies.
In the recruitment world timing is crucial. The companies with multiple interviews and assessment steps are loosing their key staff as the saying goes "snooze and you loose". We have seen that while a candidate is going through an extensive interview process, filling in endless forms and awaiting weeks for the feedback from a company, he or she can be easily targeted by another company before the second interview has even been arranged. This is unfortunate for larger companies with lengthy hiring processes as this is how they are easily missing out on the top talent. At the same time, the companies with a more flexible approach of fast tracking superb candidates to the decision makers are meeting their labour targets and growing. We see the real growth occurring within these groups of companies especially in London, where the market booming with several start-ups and SMEs.
Furthermore, over the last three months we have witnessed a high percentage of candidates with multiple prospects receiving job offers on the very same day they have attended an interview, which is a clear indication of the growing economy. We know that in times of skills shortage we have to target the right candidates quickly and advice our clients on candidates movement activities to ensure they do not miss out.