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.
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.
I felt Ita really understood my skills and experience and the service I received was great. I felt that Ita was invested in my future career and did everything she could to help me land my new role.
I’d have no problem recommending Ita and the Sitka team to anyone entering the job market. They made the whole process much easier for me.
The experience of working with Sitka was really enjoyable. It was like talking to a friend who knew all the answers to my future career.
Sometimes in recruitment it is a case of being able to look behind the written CV and Karen was able to pull out experience that I had overlooked so that we were able to recruit the right person for us.
I thoroughly enjoyed communicating with Karen and having her represent me. Karen was very hands on and made me feel very informed. Therefore I was able to relaxed and feel at ease during my interviews.
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.