One of the most noticeable indicators of the UK skills shortage is the number (and size) of counteroffers being made by employers to retain key employees.
Unfortunately, the most frustrating aspect of a counteroffer being accepted, sometimes only hours before your new employee is due to start, is that your recruitment process is set back not only by the time to hire, but also the period of waiting for them to complete their notice period, which can set recruitment plans back by up to a year.
On top of this, any candidates who are entering the market due to redundancy (of which there is a slight increase due to a softening UK economy), are being snapped up by healthy companies, with every candidate entering the market having an average of three offers within the first 3 weeks of becoming available.
To combat this and stay ahead of the competition for talent we suggest:
Be prepared to negotiate a counteroffer for your chosen candidate and expect them to be offered anywhere around 35% more than their current earnings to stay put.
Move fast, be available for interviewing, out of hours if necessary and use Teams or Zoom call interviews to get the ball rolling in your direction.
Stay in close contact with your offered candidate, and continuously test their reasons for leaving their former employer and joining you.
Don’t treat recruitment as a one-off event, continuously look for people who you might need and maintain contact with them for future opportunities.
If you work with a recruiter to support your recruitment, give them early notice of any hiring plans.
If you haven’t found a reliable recruitment partner, look for one who can provide useful insights and takes the time to understand your business (especially your culture and values).
What makes Euro Projects different?
Being a genuine consultancy, with a background in engineering and management consulting, means:
Understanding of your business
We provide a specialist search and selection process for hard to fill mid-level roles.
Investment in the latest AI technology helps us find you unique candidates quickly.
27 years in the recruitment of technical, engineering and manufacturing professionals gives us a unique perspective of your market.
81% of the people we place are still in post or have been promoted 12 months later.
To find out more, call us on 01530 833825, or email email@example.com