Job vacancies rose to a new record between December 2021 and February 2022, with 1,318,000 vacant positions in the UK. With such a wealth of roles available, competition in the talent marketplace is fierce, which can make attracting and retaining the right candidates challenging. Here, MM Search shares how a recruitment partner can elevate a business’s hiring strategy and source candidates who will help further the company’s evolution and growth.
The current climate
From a recruitment perspective, the current landscape is undeniably tough with a higher rate of staff turnover and a surfeit of vacancies across the sectors. To quantify the situation, business advisory company Grant Thornton, recently conducted surveys with 50 mid-size businesses (£50m and £500m in annual turnover) in Scotland. The surveys found that 54% of businesses are experiencing unusually high employee churn rates with 56% struggling to replace this lost talent. In addition, 56% of the companies surveyed also noted that they were finding it difficult to recruit for new roles to support their growth.
In an effort to resolve this gap between recruitment needs and the availability of talent, 62% of the companies surveyed stated that they were opting to offer higher salaries for vacant roles. Meanwhile, 40% confirmed that they have offered pay rises to retain employees. These financial incentives are being combined with flexible working opportunities and enhanced benefits packages in a bid to develop the most attractive opportunities for potential candidates.
How a recruiter can help
“While increased salaries and generous benefits packages may pique the interest of some candidates, the current recruitment issue lies in finding the best people for your business,” explains MM Search’s Rory Cleat, Business Delivery Manager. “However, with the right recruitment partner, it’s possible to navigate these challenges and uncover previously untapped sources of talent.”
One of the key benefits of appointing a recruitment professional to support the search for new candidates is the level of industry knowledge you will gain instant access to. “Recruitment specialists like MM Search will have an unrivalled understanding of your business’s talent needs,” says Rory. “This industry knowledge combined with an incredible network of contacts opens up a whole world of possibilities in terms of headhunting.”
In contrast to sharing job details and waiting for interested parties to get in touch, a recruiter can actively source talent that aligns with the needs of the business and reach out directly. By leveraging their industry contacts, a recruitment partner can identify passive candidates who are in possession of the required skills and qualities. This then gives the company access to talent which may otherwise have been out of reach, allowing them to fill roles with the best possible people.
In addition to contacts, experience and industry knowledge, recruitment firms will also work with data and analytics to boost the search process. “Technology has an invaluable role to play in the recruitment journey,” says Rory. “At MM Search we work with cutting-edge data analytics tools which enable us to pinpoint the best way to find and recruit the kind of talent each of our clients need. We can then take this information and reproduce the results time and time again, even at points when candidates are more difficult to find.”
Let’s discuss your search needs
With the current climate presenting significant challenges, now is the time to begin a relationship with a recruiter who can transform your search process. The MM Search team understand the importance of finding candidates who are the best fit for both our clients’ business needs and their overall company culture. To find out more about our unique people-first approach to executive search, contact us today.