Julie Mott

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    How to Recruit Successfully in a Stagnant Market

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    It has been a challenging few years for the recruitment sector, and it looks like things might get worse before they start getting better.
    Although employment rates have largely returned to pre-pandemic levels this year, the outlook for next year looks bleaker. Rising food and energy costs have exacerbated the cost-of-living crisis, and recent government budget U-turns have steepened inflation and sent the UK headfirst into another recession.
    As a result, sourcing and retaining talent is becoming increasingly complex. Recent reports suggest that the job market is experiencing a period of stagnation, with many companies forced to freeze hiring as they struggle to keep up with salary expectations.
    So, how can business leaders overcome economic uncertainty and achieve growth in this landscape? The solution lies in analyzing market trends and planning ahead to ensure every skills gap is covered as we enter the new year.
    Understanding job market stagnation
    In recruitment, market stagnation refers to a situation where job growth slows, output plateaus, and wage increases flatten, leaving candidates demanding more than employers can offer.
    Stagnation often follows a period of stunted economic growth, which we have experienced since the first coronavirus lockdown in 2020. The economy showed signs of recovery after the government eased restrictions. However, hiring activity is declining as rising costs and competition for staff cause employers to become more cautious about their hiring plans.
    The most recent KPMG and REC ‘UK Report on Jobs’ survey indicated that starting salary growth slipped to an 18-month low, permanent hiring has fallen for the first time in almost two years, and temporary billings have stagnated. Hiring intentions have increased, but recent reports suggest that business confidence in the UK’s economy has turned negative due to worries over labor shortages, political disruption, and inflation.
    Consequently, recruiting and retaining staff in the current economic climate is becoming more challenging. People are less likely to change jobs for the same or less than they are currently earning, with candidates that are going to market upping their salaries by as much as 30%.
    Equally, in today’s turbulent market, workers may stay put rather than move in anticipation of further economic instability. So, unless hiring managers include adequate long-term budgets for staff increases at the start of the financial year, they will likely feel the sting of stagnation as we head into a new year.
    As a result, employers must assess their hiring needs sooner rather than later to avoid facing a scenario where they are desperate to fill a role but lack the funding and resources to present their top candidate with an enticing job offer.
    Taking a proactive recruitment approach
    It is easy to grow complacent when things seem to go smoothly in the short term. But if we have learned anything from recent disruptions, it is just how quickly things can change.
    Candidates still drive the job market, so companies have their work cut out to attract and retain workers. Business moves fast in the modern world, and employers must always stay one step ahead of their staffing needs.
    To successfully overcome existing and upcoming recruitment challenges, hiring managers must focus on improving the most critical areas of the recruitment process.
    Review benefits packages
    Before embarking on a hiring drive, which can often prove expensive and time-consuming, companies must assess market trends to ensure they can make a competitive offer and fulfill regular pay rises in line with industry expectations.
    The same goes for existing employees. By investing in reward schemes, training, and bonuses, hiring managers can fill skills gaps from the inside and boost retention, reducing the pressure to keep recruiting more staff.
    Focus on diversity and inclusion
    Diversity and inclusion policies (or lack thereof) hold great sway over today’s workforce, playing an integral role in progressive employee value propositions — the way that employers attract and engage desirable employees.
    Highlighting issues and opportunities within this business area is a vital part of social responsibility for modern organizations. Plus, nurturing an inclusive, culture-focused workplace will invite interest from a wider pool of candidates, increasing the likelihood of hiring success and retention.
    Enlist professional support
    Meeting candidate expectations for salary, bonuses, and benefits has always been important. It is now non-negotiable, as market stagnation threatens to impact companies’ bottom lines.
    Enlisting the support of a third-party recruitment team ensures someone is continuously monitoring the job market, conducting accurate budget assessments, and overseeing the entire recruitment process. With these tasks taken care of, business leaders can turn their focus from merely staying afloat to generating long-term growth amidst economic uncertainty.
    By Julie Mott, managing director of Howett Thorpe.
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      Is Your Employer Brand Helping or Hindering Your Hiring Objectives?

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      Most employers agree that great employees are at the heart of every business. To secure the best candidates, hiring managers typically put significant efforts into two key facets of the hiring process: producing an attractive job advert and properly screening the applicant’s CVs.
      The interviews and onboarding that follow must be conducted with the utmost care, managed by members of staff with the knowledge and time to ensure they do not miss out on the opportunity to secure the right candidates.
      However, with 72% of recruiting leaders worldwide agreeing that employer brand significantly impacts hiring, the key to enticing top talent could lie within how attractive your business seems to potential employees.
      So, if you want to meet your recruitment objectives, it might be time to think about the meaning of business branding and how you can use it to gain a competitive edge in the market…
      The ins and outs of company brands
      In short, business branding is a way of identifying your business. It encapsulates what sets it apart, what makes its offering different, and, perhaps most importantly, reflects the company’s values.
      A company develops a positive (or negative) impression of its brand through the quality and competitiveness of what it can offer its employees, including its salary and benefits, management style, culture, and commitments. As such, branding and recruitment go hand in hand — particularly in the digital world, where so much business and hiring activity happens online.
      Organizations around the world are working on nailing their branding — but why? What benefits are employees looking for, and why is it vital to get it right?
      Firstly, it generates cost savings. According to LinkedIn, companies with positive employer brands or favorable reputations within the market can get up to 50% more applications than companies with negative brands. And that is not all; successful employer branding has multiple proven benefits for hiring businesses, including:

      Conversely, companies that fail to focus on branding stand to lose out significantly — financially and reputationally. One study revealed that 82% of prospective employees consider brand and reputation before applying for a job, which could prove disastrous for business growth and bottom lines in organizations that fail to meet expectations.
      So, can you afford to fall short of the mark in the current recruitment landscape?
      Establishing a brand for your business
      A strong employer brand is crucial for securing skilled, engaged, and leadership-bound workers.
      When done well, a branding strategy can deliver multiple functions simultaneously — from defining products and services to showcasing a unique approach to company culture. Consistent, first-rate employer branding should speak for itself, helping to communicate all a candidate needs to know through every interaction with your company.
      Though defining and developing your business brand is a long-term commitment, there are a few key areas you can focus on to improve how your business appears to prospective candidates…
      Refining your employer value proposition
      Branding works alongside employer value propositions (EVPs): an employer’s marketing message and promise to its employees regarding its core values.
      Every company’s EVP is different. It is the sum of everything you offer as an employer — an employee-centric approach that tells the story of your business and why someone should consider joining your team.
      An EVP can be conveyed through consistent corporate messaging and recruitment marketing that helps communicate key messages to the employees you are trying to reach. However, whilst talking a good game is great, you must also walk the walk to ensure your branding comes across as genuine — a key facet to succeeding in your goals.
      Bringing your online reputation up to scratch
      One of the trickiest parts of navigating the job hunt for candidates is working out which companies they would enjoy working for. So, ensuring your business’ reputation reflects well across the board is crucial — from online reviews and staff testimonials to official accreditations.
      Many employers throw out attractive perks and salary offers, but a growing number of workers look for something more. According to research by CareerBuilder, 83% of candidates are willing to accept a lower salary from an employer with an excellent reputation. So, building and maintaining your brand as a business can lead to lower salary responsibilities and attract more interest from serious job seekers.
      In today’s world, social media plays a starring role in business branding, with many candidates basing their employment decisions on the quality of a company’s online presence. Monitoring and updating social media pages and websites are critical to ensuring you put your best foot forward.
      Optimizing your onboarding process
      Candidates often gain their first impression of your business brand during recruitment. As a result, every onboarding stage should be carefully considered to ensure talent is not dissuaded from pursuing an opportunity within your company.
      For employers, this means issuing timely, thorough feedback, remaining organized, and staying up to date with the latest trends — from virtual recruitment and remote working to HR management.
      Of course, this can quickly become an overwhelming task — especially in the current candidate-driven market. So, experts recommend enlisting the support of a specialist recruitment agency to support a successful business branding strategy.
      After all, if you are going to invest time and money in your business brand, you want to do it right.
      By Julie Mott, Managing Director, Howett Thorpe.
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      in Talent Acquisition

      What Does Your Recruitment Process Say About You?

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      With the easing of lockdown kickstarting the economy and more employers seeking new staff, candidates have become far more selective about the jobs they decide to take. And where does a candidate gain their first impression of your business? During the recruitment process.
      If you still think your ideal recruit will jump through hoops for the chance of an interview, think again. Candidates have far greater expectations when it comes to recruitment in 2022, and there are around 36% fewer applicants across industries in the first place. So, you cannot afford to let the ideal candidate slip through your fingers.
      Where businesses go wrong with recruitment
      Two key reasons why candidates decline a position include:

      However, 52% of job seekers place lack of response from employers (or recruiters!) as the number one frustration during the job search — which explains why 89% of potential candidates drop out of the hiring process due to a drawn-out timeline.
      During this new age of remote and hybrid working, company culture is also more important than ever. Failure to display a progressive attitude to work-life balance could be the ultimate turn-off for a potential candidate. According to Glassdoor, 77% of people consider company culture before applying for a job — and even believe it is more important than salary when it comes to job satisfaction.
      What’s more, since the pandemic necessitated the widespread adoption of remote working, many people are reluctant to accept roles involving a long commute. Only one in seven workers expect to commute into their place of work five days a week — so, if your business cannot offer a flexible approach to work, your top candidates will likely seek it elsewhere.
      How to improve the recruitment process
      A candidate will gain their first impression of your business by checking it out online before even thinking about applying. So, if your online presence is inconsistent, incomplete, or out of date, people are unlikely to view your organization as a suitable match.
      Ensuring everything — from your website and social channels to the job ad itself — is well written, accurate, and demonstrates a positive company culture will go a long way to reassuring a potential employee that your business is a legitimate and appealing prospect.
      A business’ reputation also speaks volumes about its culture and values. Quality online reviews and feedback from current or past employees are crucial, so it is essential to build a positive working environment and reputation to prove how great your business is to work for.
      Clear communication and timeliness from the start are also critical elements of the recruitment process. It takes a lot of time and resources for HR departments to keep up with multiple ongoing applications; by embracing technology and integrating digital processes, you can automate responses and streamline applications.
      Once you have refined your software and remote onboarding processes, your pool of available candidates will expand significantly — especially since 43% of graduates have had to turn down interviews due to the cost of getting there. Plus, as the average cost of replacing an employee is 150% of their salary, it is well worth investing in the correct processes to get recruitment right the first time.
      By Julie Mott, Managing Director, Howett Thorpe.
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      Revisiting ‘Passive’ Candidate Recruitment Strategies

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      Earlier this year, it was clear to see how the shift from a client-driven market to a candidate-driven market had impacted the way businesses recruited new talent.
      The so-called ‘Great Resignation’ of 2021 saw a record number of people leaving their jobs and reconsidering their career paths in the wake of COVID-19 — with the number of job vacancies hitting a record high between July and September 2021 due to post-pandemic reopening and Brexit-related labor shortages.
      As a result, successfully targeting and onboarding ‘passive’ candidates — people already in employment who are not actively searching for a new job but may be persuaded to change roles — will continue to play a significant part in recruitment strategies for 2022.
      The benefits of hiring passive candidates
      A recent survey revealed that 69% of workers are ready to move jobs, with 24% planning to do so in the next few months. This reshuffle will impact almost every industry and cost businesses large sums in lost productivity and onboarding processes. For example, if just a sixth of the UK’s 275,000 accountants chose to leave their companies, it would cost firms upwards of a billion pounds in lost productivity alone.
      Passive candidates make up 70% of the global workforce. As a result, having an effective strategy for targeting such candidates is crucial for businesses hoping to fill skills gaps and stand out in the increasingly competitive job market. Being approached directly by employers makes passive candidates feel respected and valued, increasing their enthusiasm for a role. They are also more likely to take their time deciding whether or not to join a new company and are, therefore, more likely to stay — boosting retention and company reputation and making it easier to attract more talent.
      Since they already possess a proven set of skills before starting a new job, passive candidates are typically 17% less likely to require skills development. So, less time and resources are needed to train them, offering a faster return on investment for the employer and an easier transition for the employee. Plus, research has found that passive candidates are 120% more likely to want to make an impact in their new position, bringing with them the contacts and knowledge that will help to upskill existing teams and springboard businesses into the next stage of growth.
      Five top tips for targeting passive candidates
      1. Keep doing your research
      To find out what it would take for a top candidate to leave the comfort of their position to join your company, you will have to take the time to get to know them.
      Taking a personal approach is vital, as the top candidates are likely to have multiple other companies vying for their attention. As such, researching candidates to learn their work history, experience and motivations will be vital in conveying your professionalism, attention to detail, and position in the industry, as well as developing the candidate’s interest in your company.
      2. Revisit previous candidates and contacts
      Have you ever considered that your perfect candidate may be lurking in your existing databases? Somebody who was not quite experienced enough to secure a role in your team a few years ago may now be the perfect fit.
      Plus, they will already be familiar with your company as they were once attracted to a position within your organization, making it even easier to minimize the competition from other interested parties.
      3. Build a referral program
      There is more to a competitive job offer than an attractive salary. Company culture, flexibility, and benefits are other contributing factors, and who better to provide a trustworthy recommendation than an existing employee?
      One survey concluded that 78% of recruiters find their best-quality candidates through referrals. So, leveraging professional networks and incentivizing staff to bring in new talent with a referral program can help to expedite the recruitment process.
      4. Work on your online presence
      As digitization continues to sweep the globe, it is becoming increasingly important to establish a virtual brand — or risk planting doubts in the minds of prospective candidates about the legitimacy of your business.
      Boosting your online presence could involve starting a company blog, upgrading your website, or developing a social media strategy. By sharing industry insights, company news, and promoting relevant events and campaigns online, you can cultivate a following, gain visibility, showcase company culture and, ultimately, attract passive candidates who may not otherwise be exposed to your organization.
      5. Refine hybrid working policies
      In the post-COVID era, it appears that hybrid working is here to stay. In fact, more than half of workers questioned in the EY 2021 Work Reimagined Employee Survey said they would consider leaving their job in favor of one that offers flexible working after the pandemic.
      But it is not enough to make a vague reference to flexibility in a job offer. Now that businesses are no longer in crisis mode, setting expectations for working hours and availability is key to the success of a hybrid working model and significantly increases the probability of high levels of engagement and wellbeing — boosting employee satisfaction and retention as a result.
      By Julie Mott, Managing Director, Howett Thorpe.
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      in Talent Acquisition

      How to Secure the ‘Passive’ Candidate

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      Thanks to the sudden shift from a client-driven market to a candidate-driven market, recruiters and employers across all industries, including accountancy and finance, are having to change tact to source and secure top talent.
      With many of the most desirable candidates having already been snapped up by the competition, knowing how to target the ‘passive’ candidate is more important than ever. Passive candidates are not on job boards or #OpenToWork on LinkedIn. Basically, they are not actively looking for new employment. But that does not mean they are not interested…
      What is in it for them?
      Passive recruiting is all about showing suitable candidates why a position within your company is the best possible fit for them.
      But how do you convince them to leave the comfort of their current role to join your team? Simple (sort of) — give them an offer they cannot refuse. When recruiting passive candidates, you are trying to convince them that the grass really is greener on the other side.
      So, what are the primary things you should focus on as an employer to impress your ideal candidate and sway them towards your business? There are several ways for companies to stand out against the competition and secure the best fit for the job when actively seeking passive candidates…
      Do your research

      How long have they been in their current position?
      What could you offer them that their current employer cannot?
      What is their experience, and why does it make them a perfect fit for this role?

      To make extra sure you are right to invest your time and energy into attempting to recruit a person not actively looking for a new job, it is essential to establish what it is about them that makes them ideally suited to this opportunity. This will make your communications with them more personalized and targeted from the first contact.
      Offer a competitive salary
      Unfortunately, it is not enough to slap a high salary on the offer and expect it to do all the talking. But although it is by no means the sole deciding factor for job seekers these days, salary will always remain an important draw for candidates. With both starting salaries and temp pay expanding at a sharp rate, it is imperative that the salary you are offering is attractive when reaching out to prospective candidates — and in line with industry benchmarks.
      Consider flexible working
      A recent survey found that 34% of UK workers said they would resign from their current position if their employer failed to offer flexible working options. In the new age of hybrid working, this will continue to be an important factor for candidates to consider. Employers must seamlessly incorporate and facilitate the new style of working if they want to secure — and retain — new talent, from early recruitment and onboarding procedures to long-term, flexible working policies.
      Demonstrate company culture and values
      Ensuring your company’s brand and values are consistently represented across all channels and communications is integral to making you stand out in the industry. Many candidates are growing increasingly aware of company values and how they are being implemented — both in policy and the workplace. This could refer to diversity and inclusion programs, gender equality initiatives, emphasis on work-life balance, or any other aspects of your company’s culture that make it a desirable place to work.
      Build a good reputation with existing staff
      Your current employees could become one of your greatest assets in the hunt for passive candidates. A positive review can make all the difference to a candidate weighing up whether or not to take up an offer. If past and existing staff speak highly of a company, it will create a positive overall impression and provide all the evidence needed to reinforce any claims about why a candidate should leave their role for a different one.
      By Julie Mott, Managing Director at Howett Thorpe. Julie is a highly respected and well-connected recruitment individual with over 20 years of experience working in the ever-changing industry.
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      A Renewed Focus on Candidates in the Ever-Changing Market 

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      Change is afoot in the world of work. We are in the midst of a concentrated shift from a client-driven job market to a candidate-driven one, meaning recruiters and HR teams need to adopt a new stance when it comes to sourcing talent.
      The enormous upheaval of the coronavirus pandemic means candidates are in high demand. However, many companies are struggling to find the right people as the pool of suitable candidates is scarce. To add to the challenge, prospective employees also have a refreshed set of expectations around a more hybrid approach to working in this ultra-digital age.
      As such, striking a balance between recruiting the best talent for the job while quickly fulfilling businesses’ urgent need for staff is becoming a challenge, particularly when looking to maintain desirable levels of staff retention. Perhaps recruitment strategies need a rethink as the world changes?
      A striking set of statistics
      The latest figures from Reed and the ‘UK Report on Jobs’ survey by KPMG and REC lay out how the most recent lockdown developments and further reopening of the UK economy have impacted recruitment:

      Permanent placements have hit record growth
      An upturn in temp billings is the fastest it has been for six years
      May 2021 was Reed’s best month for job postings since before the 2008 financial crash
      The demand for workers has increased at the fastest rate for over 23 years
      The supply of permanent and temporary staff fell at the quickest rates on record.

      However, although these results may be good news for job seekers, they present new challenges to recruiters looking to help businesses hire, as the spike in demand brings the labor and skills shortages that already existed in the UK into sharper focus.
      With overall candidate availability declining at the quickest rate since May 2017, recruiters and HR teams must now pick out top talent from a rapidly shrinking pool. Plus, both starting salaries and temp pay are expanding at a sharp rate. Coupled with a growing desire for flexibility and a more hybrid approach to working, companies are under more pressure than ever to match up to candidates’ increasing expectations if they want to attract and retain the best staff.
      Leveraging the opportunity
      The shift from a client-driven market to a candidate-driven market means recruiters must adapt their approach to finding new talent by targeting passive candidates. When the demand outstrips supply, speed is of the essence, and consultants must move quickly if they want to snap up the best candidates for their clients.
      As a recruiter, top talent will rarely fall into your lap — particularly in a highly competitive job market. Plus, just because someone is not actively looking for a new role does not mean they are not open to discussing and learning more about new opportunities. So, it is essential to proactively search for candidates already in employment and reach out to them to capture their interest in vacant positions.
      Sourcing passive candidates, rather than waiting for them to come to you, has consistently garnered highly effective hiring success rates, with candidates sourced in this way proving to be more than twice as efficient as independent applicants.
      For this strategy to be effective, recruiters and HR teams must make the best use of the digital resources at their disposal — as well as their professional network. For example, there are a wealth of finance and accounting candidates on social media, and platforms like LinkedIn are ideal for ‘headhunting’ skilled and high-level talent.
      Step into the digital era
      Recruitment is more competitive than ever before. And now that the market has become increasingly driven by candidates and their desires, it is the employer (and, in turn, their recruitment specialist) that needs to stand out and impress.
      Candidates have come to expect more from prospective employers, and not just in terms of substantial pay packets and training programs — although these are also important to consider. After over a year of home working, many have come to enjoy a more flexible way of working and expect companies to offer it as a benefit. In fact, a recent survey by Barnett Waddingham found 34% of UK workers said they would resign from their current position if their employer failed to offer flexible working options.
      In a climate where unsatisfied staff may be approached for — or seek out — alternative employment, employee retention is also more crucial than ever. Benefits such as flexible working can greatly improve productivity and job satisfaction, meaning staff is more likely to stay at a company.
      Retaining new hires starts with the hiring process. The process must be tailored to employees’ new drive for a more remote and digitized experience while ensuring clear and consistent communication. To do this, recruiters need to make the most of the abundance of digital platforms available, using them in conjunction with more conventional hiring practices to provide the smoothest recruitment and onboarding experience possible.
      By Julie Mott, Managing Director at Howett Thorpe. Julie is a highly respected and well-connected recruitment individual with over 20 years of experience working in the ever-changing industry.
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