Taking advantage of the high attrition across the labour force

Written by Josh Musominari

As with most recessions and periods of economic uncertainty, most organisations quickly look to implement cost-saving measures and hiring is often one of the first casualties.

The pandemic was no different and across the UK the drop off in labour market activity and hiring was staggering. However, as time has passed, a more optimistic economic outlook and the general sense of stability is gradually returning and the effects this is having on the recruitment landscape is remarkably interesting.

“Last in, First Out” is a well-known concept and moving companies during trying times is often seen as a risky proposition. As a result, in the last year, voluntary attrition has reduced as a whole and while this is not uniform across all geographies and sectors, organisations will have been able to keep talent with more ease while the situation was not clear.

Fast forward to Q3 of 2021 and the situation has changed dramatically. During the pandemic, it was incredibly easy to keep talent and there was a premium on opportunities, with organisations able to make key acquisitions with relative ease. In the present day, the situation has reversed, and we can see that companies are having to work hard to make acquisitions.

There are definite opportunities to make great additions to your team and here are a few factors that will aid in this process.

1) Retooling your recruitment function

In a candidate-driven market, exposure and the ability to connect across the market is highly important. The current situation requires broad outreach so finding ways to expand your visibility is essential. You can do this by ensuring your employer brand and the teams that support your recruitment have the facilities and technology needed to do this.

2) Talent Mapping

Early planning and identification of gaps within your organisation and implementing strategies, whether that be internal promotion and training, or external hires is crucial. Being able to be in the market as early as possible with a clear vision will allow you to access as many potential candidates as possible.

3) Promotions

When there are supply shortages in different fields and markets, candidates will be being proactively approached by many organisations and teams, which will inflate their market rates. Where possible it may be worth looking at ways to promote from within and backfill those posts. This could for one reduce potential voluntary attrition and allow for a more structured transition for these posts.

If you need support combatting voluntary attrition or to discuss your recruitment strategy for the remainder of this year, please feel free to get in touch with us via hello@pertemps.co.uk

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