What’s happening in UK job market 2016/17, and, how to adapt your recruiting strategy to effectively compete in the current job market.
In a job market that is continuously shifting and reacting to the current economic climate, employers can’t afford not to regularly review and adapt their recruitment processes. The UK employment rate is changing, job seekers’ expectations are changing and the salaries on offer are changing. Employers who do not react to these changes will be left behind in the battle to attract and hire the best talent for their businesses.
We have transitioned into a job market where much of the power has shifted from the employer to the candidate. Today’s candidates have more choice and will often have a number of interviews lined up. They also have high expectations of employers and armed with the power of Google, they can learn more than ever about your business, company culture, financial information and employees.
Read on to discover what’s happening in today’s UK job market, the effect it is having on job seekers and how you can tailor your recruitment strategy in order to attract and win the best talent in your industry.
The Candidate Power Shift
Falling unemployment rates and rising vacancy numbers are causing a power shift in the UK job market. Candidates have more choice and less competition which puts employers in a position where they need to work harder and do more to attract and impress new talent.
What does this mean for employers?
A falling unemployment rate is both good and bad news for employers. More people in employment should mean there are fewer job seekers. However, a falling unemployment rate reflects a growing economy and in this climate, people are much more open to changing jobs. To persuade top talent to move elsewhere, employers are increasingly working with recruitment consultancies with specialist search and selection strategies. Naturally, the falling unemployment rate correlates to a rise in the number of available vacancies in the UK. This is where recruiting starts to get more difficult.
Let’s take a look at what’s happening with UK vacancies…
What does this mean for employers?
Are you looking to recruit? So are a lot of other employers. With so many opportunities on the market, candidates are spoilt for choice which means they can afford to have higher expectations and be more picky with the roles they choose. More jobs means there’s less competition for candidates and more competition for employers. Let’s get down to the nitty-gritty.
The Competition for Jobs
The competition for jobs varies quite significantly across the UK. Job seekers in Northern Ireland face fierce competition with an average of 8.39 job seekers per every vacancy advertised. Wales and Scotland follow as the next most competitive areas. Source: Adzuna Job Market Report September 2016 In contrast, job seekers in the South East have plenty of more opportunities to choose from with little competition. With only 0.25 job seekers per vacancy, finding a new, well-paid opportunity (the average salary is second only to London) is a relatively easy task for job seekers.
Employers need to adapt
These findings show that employers need to adapt their recruiting strategy not just to the UK job market as a whole, but to the particular region they are recruiting in. Finding candidates in the South East and South West is much more challenging, so when recruiting in these areas, it may take a higher salary and better benefits to attract talent. Currently, the number of job seekers per vacancy is particularly low in almost every region in the UK. Because of this, we have seen a rise in the number of roles that employers outsource to recruiters, with greater expertise and various search and selection strategies being necessary in finding new hires.
Source The Career Expert