What High Employment Rates Mean for Your Recruitment Strategy
With the lowest unemployment figures seen for 45 years competition is fierce for businesses, so how does Recruitive help you attract the talent you need?
The headlines in many of the newspapers in the UK have been quite scary over the past three years with stories about “Cliff Edge Brexit”, economic catastrophe and recession haunting us. This is it, we are doomed; Brexit-preppers are filling their shelters with food and water ready for the coming apocalypse. It has been called Project Fear, it’s aptly named. What is unclear and remains unexplained is why the rates of unemployment are the lowest they have been since 1974 and wages are on the rise – has nobody told employers the end is nigh?
The jobs market, like the economic market, goes up and down. When there is high unemployment employers have their pick as there is plenty of talent to go around and, accordingly, wages will be lower as prospective employees will be willing to take less in exchange for their labour to make themselves more attractive to prospective employers.
Obviously, if the scenarios are reversed and there are high rates of employment, with vacancies plentiful, the tables are turned in the candidates favour. It will now be their market and the competition for the best talent hots up the scarcer they become. With more competition for talent, wages will rise as the employers will need to offer better incentives to the jobseeker in order to attract them.
What is the answer? How do you ensure your company stands out to candidates in the face of such stiff competition?
You change your recruitment strategy to meet the challenge!
You need to become more proactive in the jobs market. You need to get out there and make yourself known. Your competitors may all be advertising with the same small pool of employment agencies which means if you do the same you could get lost in the crowd. Take matters into your own hands, step away from the crowd and drop the agency: form your own recruitment team and get your own bespoke recruitment website designed and built to your specification, with the very latest in cutting-edge recruitment software from Recruitive.
Embed a recruitment video on your site and spread it across all of your social media platforms. Let them know what exciting opportunities await them when they join your organisation.
Create a benefits package to go along with the salary. Perks like performance related bonuses, opportunities for advancement, medical insurance, a car allowance and a profit sharing scheme will help you stand out.
Get yourself down to university recruitment fairs and let the best future talent know that their career path starts at your door. Don’t wait for them to graduate and hope they find you once they have; go out and get them now!
Try targeting those who are passively looking for a new challenge, putting advertisements in the industry related forums and journals that they are reading, engaging with them on the social media sites they use and letting them know they would be better off working with you than continuing with the job they are currently in. There’s no reason you can’t go headhunting for talent from rivals, targeting those who weren’t even considering a change in employment but are wowed by the chances for improvement your vacancy will offer them.
In a candidates market the candidates have their pick of employers, it is up to you to ensure you stand out. The recruitment process is their first impression of your company and it is what the candidate will judge you on, so make their first impression a special one.
Recruitive is the most trusted name in the recruitment industry for a reason. Our fast, secure, easily managed and responsive bespoke recruitment website, designed and built specifically for your requirements, matched with our industry leading Applicant Tracking Software seamlessly integrating with an unbeatable Onboarding System means you will have all the tools at your disposal to stand out from the crowd and bring the most talented and most qualified candidates knocking at your door, no matter what kind of employment market conditions prevail.
Contact us for a detailed discussion of your current recruitment processes and see how we can help you out.