As we arrive and pass the middle of June, we continue to see a rise in new job listings from employers, further increasing the challenges of attracting candidates and progressing them through the hiring process.
Employers have recognised the current recruitment competitiveness, and there are signs within the job advertisements and from recent surveys of their responses:
- Job listings offering a four-day work week are up 90%
- Hybrid and fully remote roles remain popular, with 63% of candidates reporting higher job satisfaction and 62% expect employers to offer flexibility with some remote work
- 10% of workers would work for a lower salary if the company was committed to sustainability and reducing pollution and waste
- 68% of the workforce is looking for a more fulfilling role
Survey sources: PWC | OnRec | Fast Company
According to ONS (Office for National Statistics), unfilled positions have risen by 2.7%, and the UK workforce has shrunk by 400,000 workers since the beginning of the pandemic. The shrinking workforce has been attributed to more young people choosing continued full-time study, an exodus of older workers, and high numbers of people leaving due to long-term sickness. At the end of Q1, job vacancies hit 1.295 million, a record high for the UK.
An independent survey from Barnett Waddingham backs this data up with only 15% of C-Suite and senior decision-makers feeling unaffected by the Great Resignation and 85% of businesses feeling the effects.
A third of businesses say they are struggling to find and hire new employees, and a third are also struggling to retain their current staff. With these two factors in play, 32% said that employee well-being had been affected, with 20% saying their staff are handling unreasonable workloads and 31% saying their teams are experiencing burnout.
What Is Fuelling The Great Resignation?
Employers need to focus on getting their hybrid working model right if they are to win the battle for talent. The data shows that more than 8 out of 10 businesses have introduced some form of hybrid working. However, 6 out of 10 workers say dissatisfaction with their company’s flexible working policy was the reason behind their resignation, clearly making it the number one reason to quit in 2022.
The cost-of-living crisis is accelerating, which may fuel dissatisfaction, with hybrid workers still picking up the costs and time of the commute and childcare on the days they need to attend the office. For roles that pay average or below-average salaries, full-time work from home may be the benefit that attracts new talent.
The Race For Talent
It is evident that perks such as a games room or free coffee no longer hit the right notes with employees. Recruitment and retention have undergone rapid change, and employers must adapt their procurement and retention strategies and flexible working policies. Hybrid working is no longer a bare minimum but an expected one. Therefore, companies need to assess their working model and find a balance that caters to candidate expectations for freedom and flexibility with the employer’s need for training and team cohesion.