If you can’t fill vacancies at your company right now, don’t take it too personally! As the job market is reopening post-pandemic, 69% of employers are planning to recruit in the three months to September 2021 meaning competition is fierce. As a result, the UK is currently struggling through its worst labour shortage since 1997.
Some sectors are more impacted than others, with transport and logistics, hospitality, manufacturing, and construction notably experiencing hiring challenges. But recruiters are also facing difficulties in staffing their clients in high-paid sectors such as finance, IT, accounting, and engineering.
On top of this, the candidate market has also shrunk as the result of Brexit. The UK’s exit from the European Union means there is a lack of overseas workers from the bloc. An estimated 1.3 million non-UK workers left the country during the pandemic. On top of this, fewer new workers are travelling into the UK from the EU as the result of post-Brexit immigration rules and COVID-19 border controls.
A shortage of candidates has also resulted in the sharpest salary inflation rate in 24 years, according to a recent jobs survey by KPMG. This is good news for job seekers who should take advantage of this rise in salaries, and it may also motivate professionals to be on the lookout for new opportunities. But this in turn could fuel inflation as companies increase their prices to cover their rising employee costs.
Another dimension is the continued demand for flexible working arrangements. According to data by global job site Indeed, job searches for remote work have increased a whopping 500% since February 2020. A survey by PwC also showed that 55% of employees want to work remotely at least three days a week, even when the pandemic is over. If you aren’t offering new employees the ability to work from home part if not all the time, you may be overlooked by top candidates.
So, what can you do to beat out your competition for top talent? You need to give workers what they are asking for — higher salaries and improved work-life balance through flexible working options. You also need to consider other factors such as clear career pathways, skills-building opportunities, and job security.
The UK’s furlough scheme is coming to an end on September 30th with the percentage of employers looking to make redundancies expected to be around 13%. As a result, you could try and snap up these available workers by offering them reskilling opportunities to help them translate their current skills and experience into a role within your organisation.
Partner with Plus One to find the staff you need
Let Plus One help you with one of the most difficult challenges facing most companies today — recruiting the staff you need to ensure your business is successful. Sourcing talent is difficult, but our highly experienced recruiters can introduce you to candidates that would otherwise be unavailable to you. Find out how we can help you to recruit here.