Recruitment in 2022
Recruitment has changed! If you are currently recruiting, you have probably already found that the market is challenging. The pandemic has driven changes in technologies, new ways of working and people’s expectations of their life and work. In addition, we have record-low unemployment and our borders have been closed, cutting off supplies of new workers. As a result, the market has changed. Here are some important trends to be aware of:
Candidate-driven market
The most significant change in hiring is the shift to a candidate-driven market. There are more jobs available than there are candidates, so it is the applicants who hold the power. With employers desperate to recruit from the same pool, candidates can easily negotiate better pay and benefits. Therefore, you will need to be creative in how you recruit and what you are offering if you are to attract new staff.
Selective applications
Because of the shift in the market, you can expect to see a much smaller number of applications than you are used to. Candidates now have plenty of choice and can be more selective about the jobs they apply for. It may be your industry norm to work long, unsocial hours or have low pay rates but candidates have choice and may not be willing to do these types of jobs. You need to make your workplace desirable and promote elements that will appeal to your target candidates. And make sure you have an easy application process; candidates are more likely to apply if they can do so at the touch of a button.
Employer branding is critical
Your employer brand is your reputation as a place to work. It is a critical element of your recruitment and retention strategy. You want candidates to have a positive impression of your Company and apply for the job. Now is the time to look at your website– does it back up what you are selling in that job ad? Can candidates get an idea of the existing team, your company culture? Are you using social media to spread awareness about your company?
It isn’t enough to just say that your company is “a great place to work” (everyone says it!). Think about what genuinely makes your business unique and who would thrive in the culture you have. Tailor your messaging to resonate with like-minded people. In a tight market it can be tempting to take on anyone that applies but be selective about the type of candidate you want and who will thrive in your workplace and they’re more likely to stay with you.
It is worth noting that a LinkedIn study found that organisations with great employer brands can see a 28% reduction in turnover and a 50% cut in hiring costs. This was supported by a Randstad study, which found that a huge 86% of people would not consider applying to or continue to work for a company that has a bad reputation with former employees or the general public.
Remote is here to stay
As we come out of lockdown, we are seeing that employees want to retain an element of working from home and flexibility. If you only offer office-based, set-hour working you may be missing some great talent. Candidates are beginning to expect remote work and remote interviews alongside this too. Interviewing virtually gives you access to a larger and more diverse range of candidates. Moreover, it is a timesaving, efficient way of completing the initial parts of the hiring process.
Longer notice periods
In a candidate-driven market where employers are desperate to hold on to employees, we are seeing longer notice periods to delay people moving on. Holding an employee who wants to leave to a long notice period has its own considerations. However, lengthy notice periods increase the time to hire and the danger that a candidate accepts your offer, only to find something better while they’re working out their notice. It’s useful to know a candidate’s notice period at the early recruiting stage, so ask. And if you have made an offer of employment, focus on keeping your new employee excited and enthusiastic about joining you while they are working out their notice period.
Focus on retention
Employee attrition is such a huge concern it has been referred to as the “Great Resignation.” HR software company, Employment Hero has reported that 48% of workers are planning to change jobs in the next year. Recruiting to replace existing team members is costly and postpones growth. Retention must be top of mind from considering the benefits you offer to your company culture and how you reward loyalty. Make sure you are talking to your Team before they decide to move on.
Contact us if you would like help or to discuss your recruitment situation. We are not recruitment agents, but we do help our clients manage this difficult season with skill and good practice
