It’s no secret that your talented and hard-working employees are what drives the growth of your business. But, this also means when there is no talent available, your growth prospects will be negatively impacted.
While UK business confidence is at a four-year high as businesses in the services sector such as restaurants and hotels have seen a return in customers post-lockdowns, many businesses are rightly concerned with staff shortages. According to Reuters, British employers face the most severe shortages of job candidates on record due to Brexit-related immigration policies and the pandemic.
According to the Office for National Statistics, job vacancies in the UK reached a record high of 953,000 in May to July, 168,000 higher than before the pandemic. Some data suggests that number now exceeds a million for the first time. Plus, these staff shortages are not limited to one sector, with a lack of talent impacting various industries, including hospitality, transport, agriculture, construction, and care homes. In the case of the shortage of lorry drivers, for example, this is causing substantial issues around supply chains.
We are in a War for Talent. If you are hiring, this means your business needs to go above and beyond to attract top candidates to your organisation to ensure your growth prospects are not impacted. According to Lloyds Bank, businesses expect to push up pay by at least 2% over the next 12 months. About 17% of firms say they are expecting wages to grow by more than 3% over this period. But this is proving to still not be enough when it comes to attracting workers.
For your organisation to attract top talent you also need to provide desirable benefits such as the flexibility to work from home part of all of the time, flexible hours, extra paid vacation days, growth opportunities, and importantly a good company culture which includes effective diversity, equity, and inclusion.
With candidates, particularly millennials and Gen Z, now considering an organisation’s values as more important than ever, you may also wish to consider how you are positioning yourself in this regard. If you do any charity work or are working on reducing your carbon emissions, highlight this front and centre on your website and in job postings.
Part of this attraction comes down to the recruitment experience itself, which is why in today’s tough talent market you should partner with a reputable recruitment agency. Candidates expect a seamless, flexible recruitment experience, for example, through the use of video interviewing. Plus, recruitment experts can tap into deeper and more diverse talent pools that you otherwise would not have access to.
Tackle Your Staffing Issues with Plus One
If you are struggling to find the talent you need for open vacancies in your business, don’t hesitate to get in touch with Plus One. We are one of Oxfordshire and Warwickshire’s leading recruitment agencies, bringing together employers and job seekers across five specialist job sectors. Get in touch here.