Research from the British Chambers of Commerce and Indeed published today shows that over half of UK businesses say it is taking longer to recruit than 5 years ago. 21% of the 1,100 businesses surveyed say it takes almost 6 months to recruit for some skilled roles
Evolution of technology in the recruitment industry means that it should be easier to recruit talent promptly;
- Online jobs boards and CV databases facilitate quick applications
- LinkedIn reduces the time period for a number of search exercises
- The range of video interviewing resources available (like Skype, facetime and Zoo) mean that it is easier to arrange first interviews
- Online behavioural and skills testing can be as rigorous as assessment days without the time delays.
…so why is it taking so long for UK businesses to recruit talent;
- BCC point to a lack of longevity in training programs and general awareness from employers. Apprenticeship courses that are not fit for business needs and ignorance about T levels & other training options
- Indeed analysed the results and highlighted the current high levels of employment (According to the most recent ONS data the unemployment figure is 3.8% – the lowest since December 1974)
- The Recruitment & Employment Confederation produces a monthly report with KPMG that shows there are 837,000 live vacancies across the UK. A figure that is up 11,000 from this time last year.
… but what are we seeing in the finance sector in Yorkshire;
- The largest imbalance in supply and demand of part & newly qualified accountants and middle management finance staff in 20 years.
- Wage inflation that is taking some newly-qualified opportunities paying £45,000 pa
- Specialist roles such as tax, treasury and internal audit staying vacant for weeks and some relocating to the South East.
… so what is our advice to our clients;
Good employers are still attracting top talent. Compromises on expectations may need to be made, but quality is one thing that should never be compromised;
- Work with a consultancy who specialises in the discipline that you are recruiting for. They should have an existing network of passive job seekers
- Spend more time to prepare & communicate your proposition. Work with your consultant to identify your differentiators and how to use them to hook the best candidates
- People attract people – It is important to communicate the strength of your current team as advocates of your business and as themselves. ** Visit the campaigns section of our website to see how we do this through video microsite campaigns with our clients **
There are plenty of challenges in recruiting for finance talent in our region at present. Every stage of the Pratap Partnership recruitment service is undertaken by one of our partners – this gives our clients all of the network, skill and energy to find the very best result.
Please email us for more information – firstname.lastname@example.org