Since entering our first national lockdown back in March last year, the UK job market has seen a fundamental shift in power. The COVID-19 pandemic has turned the job market on its head almost overnight and the recruitment industry is now operating in an employer-led market.
The start of this year, when compared to last, looks very different. When 2020 began, candidates had plenty of choice and employers and recruiters were having to compete fiercely to win the best talent. For employers, this made recruitment a big challenge. Job offers needed to be competitive with high salaries and a strong employer brand. While these areas are still important for your recruitment strategy, recruiting in an employer-led market offers some benefits.
Let’s take a look at why and how you can make the most of the current situation.
The pandemic has touched businesses in every industry and presented plenty of challenges. If you’re in the fortunate position of being able to bring new talent into your business at this time, then you’ve got a good chance of securing some excellent candidates.
With increasing unemployment, redundancies, the furlough scheme and an uncertain future plaguing many companies, there are more people actively searching for new roles. However, there are also fewer vacancies available which means companies shouldn’t be losing good candidates to their competitors as often.
It’s important to keep in mind though that lots of candidates doesn’t mean businesses don’t have to offer as much. While the current market may afford you the opportunity to be more selective than before, the best talent will always be in demand within their industry and you could still miss out on securing them if you drag out the recruitment process and don’t offer an attractive package.
Ultimately, you have a good opportunity now to find the right person for your team who fits in with your company culture, will add value and stick around for the long-term. To win their commitment you will still need to deliver a great candidate experience and onboarding process.
At a time when candidates are plentiful, how can you ensure that you are hiring the best people for your business? We recommend that you start by defining exactly what it is you are looking for. List your essential requirements, desirable requirements and anything you can’t-haves. Initially, you can afford to be very selective in what you’re looking for (but ensure you’re still realistic).
You can then brief your recruitment partner and ensure that they have a clear understanding of what you’re looking for. The job description should reflect this to ensure you don’t attract an influx of CVs that aren’t the right fit.
Make sure you’re prepared to use technology as part of your recruitment process. With the current social distancing restrictions, you may need to consider video interviewing and virtual onboarding. It’s clear that businesses are having to adapt to a digitally-driven working environment, and this starts with the recruitment process.
With the current market, it can be tempting to consider recruiting more in-house in an effort to save money on recruitment costs. However, many businesses are realising that this can be counterproductive. A good recruitment partner will save you time, effort and ultimately money while being able to offer expertise and guidance.
In an employer-led market, going it alone can be particularly time-consuming as you are likely to receive a lot more applications than usual to sift through. Another benefit of using a specialist recruiter is that they will already have good industry connections and a pool of strong candidates to choose from. This enables them to present great talent that you wouldn’t find otherwise.
If you’re going to make the most of the current employer-led market, you’ll want an experienced recruitment partner on your side. If you need any help with planning your recruitment strategy for 2021 or are looking for a recruitment partner who understands your business and can deliver high-quality talent, get in touch with us today!