Economic and political uncertainty has delayed investment decisions so far this year, and a continued drive for greater efficiency and cost saving has been the primary driver for many businesses seeking to maintain or grow profitability.
Despite moderate increases in candidate availability and reduced demand, UK unemployment remains relatively low and with the prospect of inflation continuing to drop and a likely decrease in interest rates, businesses are beginning to plan ahead.
With the key drivers for many occupations in engineering, manufacturing, science and technology being succession planning due to age demographics in the workforce, and open jobs continuing to outweigh qualified and skilled people, the recent economic slowdown has done little to impact demand in these areas and this will only intensify when the economy show signs of optimism.
Having spoken with a number of employers, the main points to keep in mind include:
Don’t treat recruitment as a one off event, continuously look for talented people to join your business.
If you are unable to hire at present, make an offer to contact them when a suitable opportunity arises and to stay in contact.
Recent graduates without jobs to walk into are currently more abundant than two years ago, recruit graduates who can be trained and developed in preparation for an upturn.
Demonstrate your vision, values and security as an employer, the latter to attract those candidates feeling vulnerable with their current employer.
Continue sharing your job opportunities and career prospects on LinkedIn and social media to demonstrate your growth plans.
Remember, great talent is still moving quickly, if you find good people, follow a robust process but do so with velocity.
Salaries continue to remain high, so offers need to reflect the upward pay pressure seen in the last twelve months but of significance also consider, home working, flexible working, personal development, investment in technology and wellbeing support as part of your attraction strategy.
Plan four to five months to recruit for senior and technical roles, which remain in high demand, with limited available choice of candidates.
With skills shortages once again likely to constrain growth there hasn’t been a better time since 2022 to start resource planning and recruitment.