The job market has seen some major changes over the last few years. Remember the “Great Resignation”? It seemed like everyone was on the move, looking for new opportunities. But now, we’re in what some call the “Great Retention”—people stay in their roles longer. While that’s great for job stability, it can present real challenges for companies who want to hire new talent.
So, what’s really going on?
The economy has played a significant role in this shift. During the pandemic, many companies struggled to retain their employees and offered higher salaries and additional perks to prevent them from leaving. Now, with an uncertain economic future, many workers are opting to stay in their current jobs instead of taking the risk of moving to a new job, even if better compensation packages are being offered.
Research from the Chartered Institute of Personnel and Development shows that the number of employees with less than a year in their job has dropped to 16%—down from 18% post-COVID. While that may not seem like a big drop at first glance, it has a significant impact, especially in industries like professional services where job hopping is more common.
How does this affect recruitment?
For companies looking to hire, this trend can complicate things. With fewer people willing to switch jobs, the pool of available candidates gets smaller. On one hand, stability can be a good thing for businesses, but it also means companies run the risk of stagnation if there isn’t fresh talent bringing in new ideas and perspectives.
As your recruitment partner, our goal is to help you overcome this challenge. We understand that simply filling vacancies isn’t sufficient in today’s market. That’s why we focus on building a strategy to attract top-tier talent, even when fewer people are actively searching for new roles.
We work closely with businesses like yours to highlight what makes you unique and position your company as appealing to candidates who might not be actively looking but are open to the right opportunity. By targeting passive candidates, we ensure that you’re always in the running to hire the best talent available, no matter how competitive the market becomes.
Why employer branding matters more than ever
In a tight job market, standing out is crucial. Candidates are being more selective, and the best talent isn’t just looking for a job—they’re looking for a company they can believe in. That’s why employer branding is key.
This means showcasing your values, culture, and what makes your company a great place to work. For us as recruiters, it’s about helping you tell that story to potential candidates. The stronger your brand, the more likely you are to attract top-tier talent, even when people are hesitant to make a move.
Employee retention: What’s working?
With employees sticking around longer, companies are doubling down on retention strategies. We’re seeing more focus on work-life balance, career development, and creating a positive workplace culture. At Devonshire, we make it our business to know what keeps employees happy and engaged – because we know that’s exactly what today’s job seekers are looking for.
Using technology to your advantage
Technology is changing the way we recruit, and we’re embracing it. Tools like AI and data analytics allow us to find passive candidates who might not be actively searching for a job but could be open to the right offer. These tools also help us make better matches between candidates and companies, even when the market is more competitive.
What’s next for recruitment?
As we look to the future, predicting the direction of the job market is tricky. Will the current trend of employees staying put continue, or could another wave of job movement emerge as economic conditions evolve? Factors like inflation, interest rates, and global events could push the market in either direction. What’s clear is that recruitment agencies, including us, need to remain adaptable and ready to respond to whatever comes next.
We’re keeping a close eye on trends like the rise of remote work, which has opened up talent pools beyond geographic borders, and the growing popularity of gig economy roles, where flexibility and project-based work appeal to many. Additionally, as Gen Z continues to enter the workforce, their preferences for workplace culture, values, and digital integration are shaping how companies attract and retain talent.
Whatever shifts lie ahead, we’re here to guide your business through these changes. Whether it’s sourcing remote talent, understanding the needs of a new generation, or navigating the complexities of a gig-based workforce, our goal is to ensure your company is ready to embrace new opportunities and stay ahead of the curve. Flexibility and foresight are key, and we’re committed to helping you stay competitive in a constantly evolving landscape.
For more information on how we can support you through this current trend (and any future ones), or if you’re looking to expand your team and need expert recruitment support, reach out to us today at [email protected] and see how we can help!
