TALENT MARKET OVERVIEW
Post pandemic, we saw a resurgence in business across all sectors, driving a rapidly rising recruitment market, the like of which we had never seen before. Organisations looking to grow in response to post-COVID opening up and increased business adjusted all manner of approaches and offerings, from sign on bonuses, flexible and agile working, to salary and benefits boosts.
And the challenge was compounded in many cases by increased attrition, or ‘The Great Resignation’. Competitors for the same talent adopting the same tactics to lure your staff away, further fuelled by ‘turnover contagion’ the strong psychological effect to colleagues departing.
But the employment market has cooled recently with job vacancies dropping back below 1 million and some well-publicised redundancy announcements from some big household names. And active candidates had an embarrassment of riches to search through but are now more cautious when considering the risk and reward of a career move.
So there has never been a more critical time for organisations to review and improve every aspect of their talent attraction, engagement, hiring and retention. Ask yourself a few questions:
- What is your employer brand and how does it differentiate you from the competition for the same talent?
- What channels to you deploy to attract candidates and how do you measure channel success?
- There are 23 million people in employment who aren’t actively seeking a job. Do you know how to reach the right ones, who may be persuaded to move?
- How quick and engaging is your candidate selection process?
- Have you ever lost great candidates before offer stage or even before start date?
- How many employees leave you within the first 100 days?