The recruitment market has dramatically changed over the last few years, due to a range of factors from the economic recession to Brexit.
During the recession we saw a surplus of candidates on the market, due to redundancies and candidates job searching because they felt at risk. Following the recession, unemployment rocketed to around 8.5% in the UK. Companies who were recruiting found themselves spoilt for choice and as a result were often able to offer lower salaries and less preferential benefits, while still securing the best talent.
However, the tables have since turned. As the economy recovered, the labour market stabilized, but recently, especially since the Brexit referendum, we have noticed a massive shift towards a candidate-driven market.
In the current climate fewer candidates are looking to change jobs as they are still unsure about the future and are less likely to make rash decisions such as quitting a job. Moreover, international candidates are less likely to consider roles in the UK, further diminishing the candidate pool. As a result, the current unemployment rate is at 4.1% in the UK, the lowest it has been in 40 years, and skilled candidates are at a premium.
Consequently, those few candidates looking for new opportunities are finding work more easily. The best ones are attending multiple interviews and can pick and choose between employers. They can afford to wait for the right job to come along with the right salary and the right match to their selection criteria.
This is a great time for highly skilled job hunters who are in such demand, but it’s not good news for employers, who can be left struggling to recruit the right people and retain their current staff. Companies can no longer expect interviewees to be available for long. To avoid disappointment, they need to make decisions quickly and follow up with an offer of employment as soon as possible once they have found the right candidate, or they risk losing out.
Companies seeking new employees are having to work harder than ever to entice people to work for them. Hiring managers and recruiters are raising their game by offering the best pay and benefits packages they can. They are also making sure the candidate recruitment experience is smooth and efficient so they can get an edge on the competition, as candidates are more likely to favour a company that is efficient, organised and makes them feel wanted.
Companies are also threatened by the whole array of tempting job opportunities now on offer by other companies who are happy to go the extra mile to entice new employees. If they are not providing their current staff with a good enough salary and benefits package, they risk losing them to a more attractive option elsewhere.
All in all, a candidate-driven market means tougher times for companies trying to recruit, and for those trying to retain their staff. Finding the right candidate for a job is no longer a given, and companies recruiting are having to adjust their recruitment strategies accordingly.
For more advice on recruiting in a candidate driven market, check out our top tips for attracting candidates to your business.
For more information on how CK Group can help you find the right candidates get in touch today.