The UK is pretty much back to normal. After Boris Johnson laid out his roadmap for lifting COVID restrictions last year, lockdowns were stopped, wedding plans pushed through, and everything from schools to shops and offices reopened their doors.
Today, UK firms report that the growth of the labour market has finally returned to pre-pandemic levels. Your own business may find this news welcome in light of the ever-persistent presence of the Great Resignation. However, it’s important to note that given that same phenomenon, the job market is now candidate — and not employer — led.
But how does a business navigate the modern labour market and take advantage of its new highs? We discuss a few strategies below.
Boost compensation and benefits
Some hallmarks of the Great Resignation include employee wishes for better compensation and benefits. They are no longer willing to work for less, especially amid our reports that UK inflation recently hit 7% — its highest level since 1982. Researching the average pay for a specific role in your industry can help you make better job offers that are more likely to be accepted.
Look at your benefits package, as well. Aside from offering paid leaves and retirement support, consider providing opportunities for career growth, giving employees more flexibility over their work schedules, the option to work remotely, and mental health coverage. These benefits are designed to improve employee work-life balance, draw in top talent, and foster employee development. You’re also likely to get more productive employees, making offering such benefits a win-win situation in the current business climate.
Refine company reputation
Candidates look at a company’s reputation to determine which jobs are worth applying for. First, they research how well-established you are in the industry, how sustainable your practices are, and how your values align with their own. Then, they look at online reviews to learn more about your recruitment process — and talk to former or current employees to hear what it’s like to work with you.
To refine your reputation, all the content on your website and online profiles should reflect company values. In addition, use negative online reviews of your recruitment process to improve it. Finally, talent acquisition experts LHH recommend fostering a conducive work environment with diversity and inclusion strategies. By training employees and upholding inclusion and empathy at all levels of your organisation, you’re 70% more likely to capture new markets, generate 38% more in revenue, and attract and retain the best talent.
Fast-track the recruitment process
Speed is arguably what you’ll need the most when taking advantage of the fast-growing labour market. You’ll be up against your competitors when looking to hire the best talent — and if you don’t guide your applicants through your recruitment process fast enough, they may feel inclined to expend their efforts on another employer instead. In fact, more than 75% of job seekers have admitted to “ghosting” potential employers in the past year.
That being said, you may want to consider employing a variety of tools that can help streamline recruitment. For example, many automated platforms can field, screen, and keep up communications with candidates for you. It might also help to always put forward job offers within 24 hours of the final job interview. If your candidate is juggling multiple potential employers, doing so will prevent them from accepting other offers as they wait for yours.
The current business climate is proving to be uniquely dynamic. With these tips, you can take advantage of the labour market’s peak before it subsides — and hire the best talent it has to offer.