The recruitment sector has faced tough times in recent years and may continue to do so in the future. Despite employment rates recovering to pre-pandemic levels, rising costs of living and another recession have made it difficult for companies to keep up with salary expectations and retain talent. To overcome this, business leaders need to analyze market trends and plan ahead for skills gaps.

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Market Stagnation

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Market stagnation refers to slow job growth, flat output, and stagnant wage increases, which are due to a period of economic growth being stunted. The current economic climate has made recruiting and retaining staff more challenging, as candidates demand more than employers can offer and are reluctant to move due to instability. This highlights the need for employers to assess their hiring needs and budget for staff increases at the start of the financial year.

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Proactive Recruitment Approach

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Candidates drive the job market, so companies must attract and retain them. Hiring managers should focus on improving critical areas of the recruitment process, including reviewing benefits packages, prioritizing diversity and inclusion, and enlisting professional support. A competitive offer and regular pay rises, reward schemes, and a culture-focused workplace can boost retention and reduce the need for constant recruitment.

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Review Benefits Packages

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Companies must assess market trends to make a competitive offer and fulfill regular pay rises. Investing in reward schemes, training, and bonuses for existing employees can also fill skills gaps and boost retention.

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Focus on Diversity and Inclusion

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Diversity and inclusion policies play a critical role in employee value propositions and attract a wider pool of candidates. Nurturing a culture-focused workplace invites interest and increases the likelihood of hiring success and retention.

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Enlist Professional Support

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Enlisting the support of a hiring software like Candidly can ensure the job market is monitored, budgets are accurate, and the recruitment process is overseen. This frees business leaders to focus on long-term growth amidst economic uncertainty.

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