Between February and March this year, the unemployment rate fell to 3.7%, the lowest it has been in 50 years. Job vacancies have remained well over the million mark, reaching 1.3 million in the first quarter of this year. While these figures were exciting news for the country’s economic rebound in a post-pandemic world, employers were seeing the figures as an obstacle. The rising vacancy rate meant that companies were enduring greater competition to secure top-tier talent, as job-seekers have far more opportunities.
But with recent developments across this summer in the socio/political and financial situations in the UK is there still a “War for Talent”?
Earlier this year the issue wasn’t only evident among specialised, senior, C-suite vacancies — it extended to entry-level jobs as well. Companies and their internal talent teams needed to headhunt to fill vacancies, a process that can often become a time consuming battle. Recruitment agency and search consultancy were inundated with requirements… but is this still the case?
In short, yes…
In our sector however, businesses in real estate, construction, and “proptech” could appreciate the industry’s 3.2% vacancy rate back in May 22, 80 base points less than the country’s average 4% vacancy rate.
Although the industry’s figures provided a glimmer of hope that the “war” won’t be as cutthroat, there was another obstacle in the way, compensation rises!
In the real estate industry, when the search for talent commences, expertise and experience are still being prioritised, as perhaps they should. However, with a diminishing pool of talent, traditional employers only have a handful of perks to attract their ideal candidate or future leader – so compensation and is still taking centre stage.
Across all industries, compensation increased by 4.2% between February and March this year. Despite the rise, this figure isn’t enough to outpace the skyrocketing cost of living, meaning, in real terms, pay dropped by 1.2% in the first quarter and with figures yet to be released this drop could be significantly more in the last two quarters…..
These concerns aside, it’s not all doom and gloom as we reach the end of September. Companies in the built environment can still hire the right candidate without lowering expectations and forking over tenfold what you were anticipating.
Instead, in this war for talent, you can attract your ideal candidate by highlighting some of the other benefits of working for your company – but what are they and have you reviewed this since the pandemic ended?
A lot of firms in our sector haven’t grasped the opportunity that the pandemic presented. A lot haven’t modernised, moved with the times and thought about how they could attract and retain talent over and above compensation and an interesting job role. People in our sector are wanting more in this post pandemic world and if they don’t get it, lots are exiting our fantastic industry and going elsewhere!! But there is still time to act now and those that do, will be able to attract and engage key talent and the future leaders of the industry.
Some benefits or other reasons why top talent will engage with your firm include:
– time off
– the work environment
– hybrid working
– increased flexibility
– working hours
plus a range of other company benefits and much more.
Do you want you, your business and your vacancies to stand out from the crowd? If so, as we teeter on the edge of a potential recession, our team can help you discover some of the benefits of working for your company, making your vacancy a magnet for the best talent.
Sidestep the “war for talent” and fight your way out of whatever downturn we go through by making your opportunities and company something that people just can’t ignore.
29th September 2022
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