Well, 2021 has undoubtedly been another hugely challenging year, and it has also been another game-changing year in recruitment as the fallout from Covid rumbles on with the many changes it has caused.
By all accounts, there are record numbers of job openings in the market, but with acute labour shortages across many industries, including in our markets of Finance, Banking and Financial Services, competition for talent is fierce – and our candidates are only too aware of this.
The latest statistics say that c 50% of job seekers are more selective in the roles they apply for and at least a third are much more aware of their employability and value in the market. c 75% of candidates are more willing to boldly negotiate better terms with prospective employers.
It is certain that this newfound candidate led market will continue into 2022. What can your business do to win the talent it needs and tap into the new candidate values driving their decision-making and also how can you then hold onto – these people your organisation needs to succeed.
There are no simple answers; however, you can do certain things to retain or gain a competitive advantage over your competition for the talent you seek.
Consider hiring candidates from similar industries to yours with transferable and closely aligned skills and invest in training and upskilling those staff.
70% of people are now considering switching industries as a result of Covid-19. Consider those markets and roles that could be moulded to suit yours. Statistics tell us that over 50% of people who change jobs will move into a whole new industry.
You must compare your salary packages against the UK and industry averages to put together winning offers that candidates will accept. Benchmark your offers against your competitors. Apart from salary, candidates will now place much more value on holidays, health and insurance benefits, flexible - home working, and your organisation's culture.
Discover what your workforce values
89% of people expect their jobs to be partly remote after the Covid-19 pandemic, according to the Global Talent Survey of over 208,000 workers. They also valued the following things above all others.
A good relationship with colleagues
A good relationship with superior
Good work-life balance
Financial compensation
Financial stability of the employer
Appreciation for work
Job security
Learning and skills training
Career development
Interesting job content
Prioritise wellbeing to get the best from staff
On average, one in four people in the UK will experience a mental health-related illness at some point in their life. One of the leading causes can be stress in the workplace.
Mental health has rightly become less of a taboo subject and is now a hot topic as more of us start to consider our own wellbeing. Those organisations making those steps to improve mental health in their workplace will inevitably enjoy longer-term benefits of happier and more motivated staff with greater productivity and less sickness.
Ensure that you have a mental health in the workplace policy as employer’s have a legal duty of care. This means you must do all that you reasonably can to support employees’ health, safety and wellbeing. This is another area that candidates will be looking at more closely, and those employers who offer help and support will be considered to be more attractive.
Those organisations that can successfully combine the above elements will inevitably be more successful in attracting hard-to-find candidates to their roles in 2022. We work closely with our clients to advise and guide you towards the best talent. We look forward to working with you in 2022.
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