Inflation is the next biggest challenge for employers looking to recruit. Following The Great Resignation and the newfound power that candidates have over employers, many are now looking to remuneration as both incentive and demand which for many sectors is a setback with unforeseen consequences.
Why is inflation rising and what does it mean for us?
There is no single reason why it’s increasing. However, post-covid, when economies began to open up following the lifting of restrictions, both people and businesses began to buy goods and services in higher volumes and a quantity they had pre-covid. The sudden spike in demand caused blocks in supply chains which lead to a price increase of goods and services.
The unexpected events…
The UK’s goods production that relied on Oil & Gas was significantly impacted by these supply blocks. This, in turn, has had a direct impact on the UK’s Cost of Living causing its cost to rise exponentially.
What does this mean for Candidates, Employees and Potential Talent?
The cost of living combined with the new Work from Home model has naturally given fuel to the fire of Employee & Candidate desire to seek higher compensation.
Candidates will naturally pursue the best possible pay and the most rewarding work and as such, recruiters should look to change their hiring practices.
What does this mean for The Small Business Community and Recruiters?
It has never been more critical to find someone who can commit long-term to a new role. If you can’t afford to drop thousands extra a year on a new employee, you need to find someone who’ll grow into the role you’ve given them which takes talent and needs to be found not bought.
Basing your recruitment parameters around soft skills and behaviour will yield higher results in the long term for less money. A behaviour led approach towards recruitment will be both cheaper and more likely to be successful.
Analyzing soft skills and behaviour types to best match company work culture dramatically improves your chances of finding and more importantly retaining talent in spite of remuneration rates.
However, the difficult part is actually profiling your candidate’s personality. It takes skilful interview questioning and often people don’t understand how to translate the candidate’s responses. This is why as part of our Free-Recruitment Guide, we’ve included an entire section focused on questions that break down the psychology of interviewees. It also includes information on the most cost-effective recruitment methods as well as how to win the talent war.
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