The UK’s candidate shortage continues, says the latest ‘Report on Jobs’. Yet, at the same time, employers are concerned that more staff will leave. What does the latest jobs news mean for you? Advice included!
We often report on the IHS Markit & REC Report on Jobs – a monthly national snapshot of what’s happening in staff placements.
Candidate shortage concerns…
The latest report shows that not only is the candidate shortage continuing, it’s actually worsened over the past month. In fact, Recruiter reports that candidate availability is now at its ‘weakest rate for a year’.
Interestingly, new job placement numbers continue to rise; both across permanent and temporary openings. This fact applies across the whole nation, with the South leading some of the growth on the temp side.
As Tom Hadley (REC Director of Policy) explains, ‘while more people are entering employment, it is not compensating for the shortfall of candidates for many roles’.
Employers fear workers are on the move!
At the same time (and as discussed by OnRec), 61% of businesses are also experiencing greater staff turnover, with more than half expecting this to worsen over the next few years.
Approximately 1 in 7 employees are now ‘likely to seek a new job’.
Returning to Tom Hadley’s comments, it appears many businesses are increasing new starter pay in an attempt to lure candidates from their current roles. Temporary pay rates are said to have seen the greatest rise.
Hadley suggests that candidates who decide to make a job move are more likely to experience a growth in pay than if they ‘stay put’, noting the disparity between increases in new starter rates and in-role pay rises.
What does this mean for you?
The advice shared in our piece on the UK Skills Shortage very much still applies – both for employers and job-seekers.
- Managers and business owners reading this news are encouraged to review their staff retention rates. This article explains why – and includes some key resources. Of course, steps to improve staff attraction also remain essential. Perhaps it’s time to review the top benefits that appeal to today’s workers.
- Job hunting candidates may be at an advantage for now. However, this advantage can soon be lost if you’re not making yourself known in the right way. Refine your approach with these tips.
All parties are encouraged to seek the advice of an REC-accredited recruitment agency with plenty of experience in their field. Expert insights can really help guide you through your recruitment challenges.