Recruitment times are extending. Recent research has shown that the average time to hire for Q2 2022 was 6.76 weeks. Almost a one week increase since Q1 (6.04 weeks). This highlights the gap between businesses wanting to hire, but not getting the people they need for the roles at the right time.
At Ten2Two, we’re seeing this reflected in the vacancies we’re working on for our clients and it’s easy to see why.
Shortage of Candidates
Strong candidates are getting harder to find and they know they are in demand. Consequently, we’re seeing more confidence from candidates when deciding on their next move and sticking with their demands for salary and flexibility.
The pandemic is still very fresh in candidates’ minds so many are hesitant about a job move unless it’s ticking all their boxes.
A Tight Grip
Current employers recognise the signs and are seeking to hold onto their valuable staff. So, we’re seeing firms increasing benefits or making counter-offers once a job offer is made.
Increasing Notice Periods
As part of locking employees in, employers are also increasing notice periods. Due to this it’s not unusual to see a 3 month notice period now on a lower-level management role when previously this would have been 4 weeks. This has a knock-on effect, leading to recruitment times extending.
In the current market, candidates are seeking a culture and set-up that matches their ideal scenario and we’re seeing and hearing of candidates walking away from job offers if the right flexibility and package isn’t available.
Unfortunately, there’s not a lot that can be done by businesses to address the shortage of candidates. However, there are some things you can do to secure your perfect match:
Start your recruitment process as soon as possible. If you’re thinking you need new recruits for the Autumn, you should be starting your processes now.
Consider Role Design
Check the design of your role is fit for purpose. Does the salary match the responsibilities? Are the skills required realistic? Our webinar here describes some pitfalls to avoid.
Flexibility is Key
Think about the flexibility you’re offering – the more the better! Can the job have more remote working? Could the role be part-time, expanding your talent pool and reducing your costs? Interestingly, recent research found that 15% of UK workers expect their employer to offer ‘work from anywhere’ benefits – which 10% of businesses have already introduced.
Salary & Benefits
Check the salary you’re offering is in line with the current market. Salaries are on the rise so make sure what you’re offering is in the right ballpark. And if budget is an issue, think about increasing other benefits like holiday or flexibility.
We’re seeing increased notice periods with 3 months becoming much more common. Make sure you build this into your planning so as not to restrict your recruitment talent pool.
Deborah O’Sullivan, MD at Ten2Two said “We’re continuing to see a hugely competitive recruitment landscape, with skills shortages and staff retention as the number one challenges. This looks set to continue as candidates are expecting a greater degree of flexibility and a culture that fits with their ideals.”
If you’d like to kick off your recruitment process today, book an initial call with Jane who can guide you through the process.