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Client News & Insights

14/10/2022

With the recent price hike in the cost of living and a pandemic behind us, the recession is one extra punch. What impact will these events have on the recruitment industry? As far as we know, there are still some excellent candidates out there and there are still jobs to be had.

Businesses are facing a combination of challenges in Q4 2022 and beyond, including: 

  • Two-thirds of businesses (65%) face the most significant threat of rising energy costs, inflation, and the cost of living crisis in the next six months.
  • Over the same period, one in five mid-sized businesses say recruitment and retention are their biggest threats.
  • In a fierce competition for talent, over a quarter (28%) are raising their pay in line with or above inflation.

What can employers do to help?

One thing that can really make an impact is educating staff and offering financial well-being benefits to your team. We’ve recently partnered with Octopus Money Coach so everyone gets some professional help and reach their goals faster while still turning the heating on this winter.

What is the impact on job seekers?

The number of people leaving their jobs to find better opportunities and salaries elsewhere is on the rise. Recent research shows that most people haven’t had a pay raise in the last year or so, which may make candidates ask for more. People can also start working more jobs or pursuing hobbies near their full-time jobs to build multiple streams of income.

What is the impact on employers? 

The current candidate-driven market and increased salary expectations are causing budget changes for lots of companies who will need to increase salaries to manage expectations and hire great talent.

Now might be the perfect chance to review and revise your strategies. This will help streamline your process and make the whole hiring process quicker, easier and cheaper.

Whatever the economic climate, we’ll take the lead so you can stay on top of the competition and develop your human capital.

To find out more about how we can help with your business, get in touch.