I don't know about you but these last couple of weeks have been great, getting to spend time face to face with family, friends and colleagues.....even clients!
Plus, we're seeing lots of large vacancy numbers. My clients are all active or coming back, my colleagues’ clients are the same. After the pandemic, the furloughs, redundancies, and everything else this is a positive sign that we are bouncing back.
But are we swapping the pandemic challenge for another one?
As organisations release more vacancies and the gears of recruitment and selection start turning another challenge is fast approaching. We are seeing the start of squeeze on talent. Especially at a specialist level, be IT, Legal, Finance etc. We can see that Brexit is driving this reduction in Talent.
The initial wave of applicants seems to have slowed as those who needed jobs in these specialist areas have been able to find work. Therefore, organisations are all trying to hunt for the same candidate who are in role and feeling very secure and as such will only move for the right position, and dare I say it money.
The previous rich pool of Talent from the EU is now unavailable and as yet a new pool has not been found to replace it. We know that there are Trade deals coming, and these may well bring the opportunity of some sort of free movement.
Until then we are entering a candidate driven market where, for certain roles, the salary is going to go up and up. Candidates will have their choice of role and employer and organisations will be battling one another for the limited available talent. Those who can pay more will do, whereas those that cannot need to be on their 'A' game when it comes to candidate engagement and communication.
Add in the new norm of being able to work from home more and you start to get a complex landscape and, to coin an old phrase, war for talent. This then drives retention to be of even more importance which again adds to the complex picture we are facing.
This article goes into more detail and brings to life the challenges that we are about to meet in the UK. It also talks about the solutions that are needed, some of which are mid to long term. It is likely to be a bumpy road all round.
Demand for workers increased at the fastest rate for over 23 years with permanent appointments rising at a record pace. Temp billings growth was also at unprecedented levels. However the supply of workers has fallen markedly, with overall candidate availability declining at the quickest rate since May 2017 and the rise in vacancies the most rapid since 1998.