Has the candidate shortage affected your hiring strategy?
If you have recruitment responsibilities, you’re probably aware of the current candidate shortage. With over 500,000 new jobs made last year, and the lowest unemployment rate since 2005 it’s no surprise it’s now becoming more difficult to find suitable candidates in the same amount of time it was possible before, especially when it comes to finding Tech talent.
As the pool of active skilled candidates has decreased, employee attraction and retention is the biggest issue affecting small SME’s. In a survey of 1000 Executives, 43% of board level leaders stated that talent acquisition had the biggest impact when it comes to running their businesses.
A large part of the issue is the mismatch between available roles and the skills which the population actually possesses. An example of this is in the Tech sector where the number of vacancies created every day is higher than the number of available UK based candidates with the relevant skills.
In order for companies to cope with skills and candidate shortages, outsourcing non-core business activities has become a popular. As telecommunications continue to become more efficient and a cost-saving alternative to travel, finding overseas partners is now a realistic opportunity for many more companies who hadn’t considered outsourcing as an option. Also accepting overseas applications, especially if the candidate is able to work within the EU can also alleviate some of the difficulty of finding a candidate with very specific and rare skills.
Although the current employment situation highlights some of challenges facing effective recruitment, only 23% of workers surveyed stated that they were satisfied in their current position which could be an indication that companies are focussing more energy on growth rather than retention.
Aside from the basics of salary and benefit, today’s valued employees seek higher work fulfillment through career progression, recognition, work life balance, opportunities for personal development and training and more. If these needs aren’t met then the desire to pursue a new opportunity, combined with the increase in vacancies, becomes much higher.
In terms of new opportunities, prospects in 2016 seem to be exciting, with continued growth particularly in Technology jobs, Cambridge and Reading are firmly established as two of the top paying cities in the UK for in demand Technology jobs such as C#, C++, Java, Full Stack and UI Developers.
Kyna Associates has a track record of sourcing and placing international candidates with our distinguished clients. If you considered looking further afield to fill your current opportunities and need some advice on how to hire the best talent, then let us know.
At Kyna Associates we specialise in Executive Appointments, IT and Business Change roles. If you’re a Board Level Director, a Marketing Executive or a Software Manager interested in what kind of opportunities would be available to you with one of fantastic clients including ComparetheMarket, BGL Group, MasterCard, Travelex, Capita, The Open University, Wesleyan, Royal Shakespeare Company and many more, then let us know by calling or clicking below and a member of the Kyna Team will be in touch.