Market Overview

Remuneration, Reward and Retention remain as the key buzz words employers have taken into consideration when reviewing their team’s growth plans for 2023 and 2024.

While the cost of living crisis continues, results of our candidate survey show that 41% of people are seeking a salary/bonus increase when considering a new job opportunity, compared to 22% who consider career progression to be the main driver.

Understandably employees are feeling the pinch and are craving job security and financial stability. Similarly, employers are losing valued members of staff who are looking to jump ship in the search for better pay and benefits that they are unable to offer.

75% of workers currently believe their employment is secure. Despite the volatile environment at present, 50% of respondents are looking to move jobs, with 28% looking to remain at their current place of work and 22% unsure of their movements going into the new year.

Hybrid working continues to be the norm, with over half of the workforce population engaging in it, but more should be done by employers to ensure it is done correctly.

 

 

Candidate Short Market
As a result of increasing hourly rates and annual salary expectations due to the cost of living crisis, we find ourselves in a market which is very candidate driven and presents employers with the challenge of meeting these rising expectations if they want to secure the right person. With immediately available candidates at the right level becoming a rarity in today’s market, the focus turns to headhunting individuals that are doing well in organisations and are looking for the next step or challenge in their career; but it seems salaries are the driving factor currently behind candidates making a move, and it is those companies willing to pay slightly more that stand the best chance of securing their services.

Dedicated Recruitment Plans
In keeping with a candidate short market, it is essential to agree on a recruitment plan with your chosen talent partner(s). Securing provisional dates for presentation of shortlists, 1st, and 2nd (if applicable) interview dates/times and when a decision will be made, will help to manage the expectations of all parties involved in the process. This minimises the risk of losing out on a chosen candidate and it goes without saying, the faster the turnaround, the less time a candidate has to be presented with other competitive opportunities.

 

 

Hybrid/Remote Working Models
The vast majority of businesses surveyed this year confirmed that hybrid or a return to the office full time was their companies adopted working model, with fully remote opportunities seeming to decrease in the London market. In fact, only 4% of businesses who took the survey advised they were still working from home full time, while most companies now have adopted core working days of Tuesday to Thursday in the office. The trust still remains between hiring managers and their team members that work will still be completed from home, however the benefits of a physical presence being in the office to build and develop relationships with team members and other departments now seems to be far superior compared to having video calls.  Fully remote positions do of course still have their benefits and positively broaden the talent pool to people outside of London, with candidates happy to travel into the office every so often when required. Overall, it now seems that hybrid models or a full return to the office are preferred by employers and employees in order to interact with colleagues on a regular basis whilst still allowing a good work-life balance.

Top 3 employment trends in 2023

Enhanced Benefits

Staff Retention

Diverse & Inclusive Hiring