2023 looks like a more stable labour market with the country still at full employment levels (3.8% unemployed) and companies not hiring at the previous rate, post-covid.
Most under-resourced operations have already been hired to a relevant level and hiring now seems to be for considered growth areas and in a more targeted fashion.
With the cost of living having sky-rocketed in the last 12 months thanks to stubbornly high inflation, employers will need to be mindful of using the full arsenal of benefits at their disposal to attract the best talent.
Not only are salaries back to the top of the list of jobseekers’ criteria but close behind are the other available benefits including bonus potential, healthcare, pension scheme, travel subsistence and hybrid/WFH options to cut commuting. Candidates will calculate how much they will take home each month and potentially how much they can save in terms of company benefits replacing current outgoings.
This, of course, is nothing new. The difference now is that candidates are up front about the entirety of their expectations and are interrogating all the detail before deciding. Employers need to be aware of their benefits offerings – what they offer and why and be ready to “sell” these at interview, alongside breadth of exposure to interesting work, positive working culture, and career opportunities. It is still a battle for talent and with candidates watching the pennies more than ever, it may just be the most competitive talent market in recent memory.
