We’ve got a round up of the jobs market this week with ways in which the cost of recruitment can be lowered as a result of the findings.
The most recent Report on Jobs showed that candidate shortages are increasing in a trend that has been the case for an astounding 53 months! These shortages are occurring over both permanent and temporary positions too, with the South of England experiencing the highest lessening of candidate supply for permanent roles and the Midlands experiencing the highest for temporary roles.
Recruitment Impact: With fewer candidates available, demand for skills is is high. To combat this employers may choose to onboard multiple recruitment agencies which can increase cost per hire dramatically. Lower cost recruitment options such as online agencies can help balance this out and increase reach without having a negative impact on cost.
Despite a shortage of candidates, permanent hires have risen in the last quarter. Expansion also increased in the economy as a whole. However available placements are still rising faster than the number of available candidates to fill them. Billings from temporary workers also increased in the last quarter, indicating that demand for these types of workers is high too.
Recruitment Impact: Although there is decreasing availability to combat on the candidate front, an increase in permanent hires shows that the recruitment market is strong. Employers are hiring and candidates are seeking out new positions. Maximising this economic opportunity is key and lowering recruitment costs through use of a better candidate journey and cost-effective online portals can better bottom line profits for this final quarter of the year.
Some stories have emerged as cited in the CIPD around life in the gig economy as shared by a collection of individuals that work within it. The autonomous nature of work in this environment is one of the qualities that workers enjoy most and individuals are willing to forfeit better wages and a more structured work environment for the freedom and flexibility this work offers. The gig economy is significant and savvy employers can take lessons from what workers are looking for by studying it.
Recruitment Impact: With regard to reducing the cost of recruitment, offering perks similar to those experienced in the gig economy can be of benefit. With autonomy and flexibility so desired by workers, employed positions that include these to some degree can help attract talent and reduce cost per hire.
The current jobs market presents ample opportunity for employers and recruiters to reduce cost per hire. We pride ourselves on our low cost solutions, keeping costs down and sourcing capability high. You can find out more about our service here.