The recruitment landscape in 2023 is characterised by a tight job market, low unemployment rates, and a candidate-led market.
There is significant wage increase, however pay is falling in real terms due to inflation. The UK economy will avoid recession but the tight labour market and recruitment challenges aren’t set to go away any time soon.
On the global stage, the battle for talent is evident in a global talent shortage that reaches a 17-year high, with four in five employers globally reporting difficulty finding skilled talent they need.
This is particularly prevalent in the Energy market with the top five technical skills including: IT & Data (27%), Engineering (22%), Sales & Marketing (20%).April does show some positivity with the availability of staff rising for the first time since February 2021. This outlook makes it hopeful for firms recruiting, for this to get easier over upcoming months.
Across March 2023, Engineering came in a close 2nd for the steepest increase of permanent vacancies in the UK. We saw similar rates across temporary employment, with employers turning to short-term workers to bridge skill gaps. The most in demand skills for engineering included: Design Engineers, Electrical Engineers, Mechanical Engineers and Hardware Engineers.
To address these recruitment challenges, companies can adopt various solutions.
Firstly, companies should implement a quick recruitment process. This includes CV feedback, interview process and offer management.
Hand in hand with this is providing an excellence candidate journey. It is essential to prioritise candidate experience, treat every candidate with respect, and ensure a smooth, efficient, and transparent recruitment process. A positive candidate experience can go a long way in building an employer brand and attracting top talent.
Thirdly, a strong employer brand that showcases a unique culture, values, and mission can set the company apart from other companies and attract top talent. Ensuring all members of staff embrace social media and networking by connecting with potential candidates will go a long way.
It is also beneficial to implement a diversity and inclusion strategy to cast a wider net and be open to candidates from different backgrounds, experiences, and cultures.
Fourthly, companies can use data-driven decision-making by analysing metrics such as time-to-hire, cost-per-hire, and quality-of-hire to track progress and optimise recruitment processes.