The Latest Changes in The Job Market and What These Mean for Recruitment Teams
It’s no surprise that the job market continues to experience significant changes. These changes
can sometimes be subtle with slight shifts in trends or more noticeable impacts on economic stability. One thing remains the same: changes in the job market can have a big impact on recruitment teams. It is how we respond to change and use it to our advantage that counts.
Here are some of the key aspects of the job market that have seen major changes.
Increased Remote Work
One of the most significant changes is that remote work is now more prevalent than ever before. Global events have made remote work a common practice, and many companies are offering remote work options, or certainly more flexible working options, as a long-term solution. Remote work practices open up a wider pool of talent who may be more willing to travel a little further to the office when required. This does however open up competition for those wider pools of talent since many companies are offering the same perks.
Recruitment teams should have the right systems and tools in place ready to hire and onboard employees without the need for physical presence. Whilst this has reduced somewhat from the
height of the pandemic, it still applies and will continue to do so.
This related blog on Employer Brand and EVP becomes all the more important with any kind of remote hiring.
Employee Benefits Will Change
Job seekers’ top line items on their list have always been salary and benefits. The latest changes have emphasised the importance of strong benefits packages. Employees now seek benefits such as mental health resources, paid family leave, working from home, and student loan and childcare assistance, to name a few. It is important for recruitment teams to offer benefits specific to their target audience. The benefits package can become a decisive factor when job seekers have multiple job offers.
The CIPD Good Work Index 2023 shared that many workers were moving jobs because they were seeking better pay and benefits (34%), meaning employers should consider more flexible and attractive job design to retain workers and address labour supply challenges. Download the report here:
More Importance on Soft Skills
Job descriptions detailing candidate requirements almost certainly include hard skills, like proficiency in a particular software program or specific degree. The latest job market changes show that an increasing emphasis is placed on soft skills. With remote work becoming prevalent, employees must have effective communication skills and self-management abilities. Recruitment teams should focus on hiring staff that have the necessary skills required but be more open to looking at soft skills. Exploring soft skills comes into play at interview stage when recruitment teams and hiring managers can home in on a candidate's interpersonal skills.
Diversity and Inclusion
The customers or the people served by an organisation usually drive diversity and inclusion initiatives. Customers want to be assured that they are genuinely represented in the business, which is why
companies with diverse leadership typically benefit from increased levels of innovation and productivity. The FIRM Annual Report 2024 shared the top 3 recruiting priorities for 2024 are:
• Candidate experience
• ED&I
• EVP and Employer Brand
Recruitment teams play a vital role in ensuring diversity and inclusion in their hiring strategies. The key to achieving a diverse workplace is to recognise an inclusive organisation's goals and priorities. Activities to consider include having gender-neutral adverts/checking, using diversity job boards, name-blind screening and having diversity shortlist and hiring targets.
In summary
It is essential to adapt to market changes and look for a more efficient recruitment process and ways to engage with a wider pool of candidates. Recruitment teams should have a clear understanding of their company's goals, establish a remote work policy, and create a fit for purpose benefits package for potential hires. Looking at a candidate's soft skills and promoting diversity and inclusion as part of an EVP will open up opportunities for attracting and retaining great talent.
Contact Eploy for Applicant Tracking Systems (ATS) Expertise
At Eploy, we offer a highly configurable Applicant Tracking System designed to help you attract, hire, and speed up the process of recruitment. Get in touch with our specialist team at Eploy to find out how we can help you meet your recruitment goals or schedule a personalised demo. No hard sell, no strings attached. Just some winning ideas to help you with your recruitment strategy.