It’s no secret that the new year, ‘fresh start’ effect is a catalyst for self-reflection and personal resolutions, but what if we told you a similar phenomenon is happening in the job market?
From “The Great Resignation” to “quiet quitting”, the priorities of employees and job seekers have undeniably changed since the start of the pandemic in 2020, with a heightened interest in work-life balance and more competitive benefits. But with the added complexity of a cost of living crisis, employers are facing even more pressure when attracting and retaining talent.
With economic uncertainty comes a bigger concern for financial stability, with almost three in four people in the UK worried about their financial situation. For instance, many employees will be expecting salaries to match up to inflation, as well as increased transparency and fairness in remuneration.
According to Sarah Marrs, Director of Qualtrics “Pay has always been a key hygiene factor for employees, and, unsurprisingly, we’re seeing them place even more importance on it this year. Businesses will need to find ways to address this importance, particularly for their high performers. With constrained budgets (…) getting really clear about the fairness of pay and performance evaluation will be beneficial”.
This economic instability also comes with a recession-fuelled hesitancy to change jobs, which could temporarily play in favour of employers – but only as long as they make active efforts towards developing and offering a solid benefits package.
Despite remuneration remaining the first detail people will look for in a job advert, it’s important to remember that salaries and bonuses are not the only ways to attract or retain talent. Indeed, the days of a bare-minimum-25-day-leave-and-3%-pension-contribution deal are over.
If there is one thing we’ve witnessed when speaking with candidates in the past couple of years, it’s the higher turnover and general staff disengagement linked to poor work-life balance that concerns them. Even if you’re scaling down your hiring plans or shrinking your recruitment budget ahead of a potential recession, we cannot emphasise enough the importance of a supportive benefit package, including things such as:
While we’ve considered the above benefits to be employer “green flags”, it’s worth mentioning that some others might now be considered obsolete from a candidate perspective. Some of these “check the box” benefits may include:
If you’re unsure about where your recruitment strategy is heading in 2023, make sure to kickstart the year by speaking to one of our specialists at Sitka Recruitment. Simply email us at email@example.com, call us at 029 2048 4520 or get in touch with us by clicking the button below.
Having now worked with Sitka for a number of years, they have a real understanding of the type of people we employ and that the ‘fit’ is as important as having the right skills for the role.
Sitka provide an excellent service and make you feel you are their only customer. They are quite unique and such a pleasure to work with.
The process was thorough and very individual – time was spent finding out about the culture and style of the organisation and the exec team. Sitka worked with the candidates well to find the best fit for both employer and candidate. There was a sense of strong relationship building to ensure that this happened.
The experience of working with Sitka has been fantastic. They provide an excellent service with a professional and friendly approach. Karen kept me informed every step of the way, even sending through interview technique tips.
Sitka was honest all the way through and went above and beyond to make me feel prepared and ready for the interview. Everything went really smoothly and I had regular communication from Ita who made sure I knew everything I needed to along the way. I felt equally as important to the agency as the client and knew I could trust Sitka to represent me as a candidate.
I just want to say a big thank you to Ita for believing in me and being so supportive from the first LinkedIn message until I started my first week!
I was recommended Sitka by a mutual contact who thought Karen and Ita would understand our requirements and our organisation. I met with them and I definitely felt they were the right agency for us. The recruitment process was seamless, they made it very easy for me.
The recruitment process was thorough and straight forward, and the quality of candidate provided was very good to say the least. The best thing about the recruitment process was, apart from explaining the job role and what we were looking for, I had little to do but to interview!