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Recruitment Roundup #12
In recent news, the Chancellor has reduced the National Insurance rate for both employees and the self-employed by 2 percentage points. To cover the cost of this reduction, a mix of increased taxes in other areas, higher government borrowing, and better projections for borrowing have been employed.
The Chancellor emphasises that this move is part of a broader plan for ‘Budget for long-term growth.’ The plans for the budget will be geared towards promoting increased investment, more job opportunities, improved public services, and reduced taxes.
In presenting the budget, the Chancellor focused on fostering long-term economic growth. The aim is to achieve this through measures such as the reduction in National Insurance rates. By prioritising more investment, job creation, enhanced public services, and lower taxes, the Chancellor envisions a positive impact on the overall economic landscape. For more information regarding the latest click here to view our blog covering the announcement.
As hiring activity in some industries slows down after a period of rapid growth, employers are now more careful about their hiring decisions. According to recent data from LinkedIn, improving the quality of hires is a significant challenge for recruiters in 2024. The top concern for talent acquisition experts in the next five years is the "quality of hire" (54%), followed by employer branding (49%), candidate experience (47%), flexible work arrangements (44%), and upskilling/reskilling employees (40%). This shift in focus means that traditional metrics like time-to-fill and acceptance rates are becoming less important, as hiring managers prioritise finding high-quality candidates who can make a meaningful impact on the organisation.
Meanwhile, the concept of a 'quality hire' is changing with the disruption brought about by new technologies and the emergence of new essential skills in the hiring process. In the current landscape, what does it entail to be considered a quality hire, and how can companies identify and attract this talent?
What are some signs of a quality hire?
Defining what makes a quality hire can vary between organisations, but there are common factors that can be applied to all. Firstly, make sure you have your ‘Open to Work’ Linkedin badge showing as there are many positives that can appear from this. According to LinkedIn, talent acquisition leaders use five key metrics to assess an individual's suitability. These metrics include 1.) Job performance, 2.) Team fit, 3.) Culture contribution, 4.) Productivity, and 5.) Retention. Recognising that these areas are interconnected and complement each other is crucial. For instance, someone who performs their job adequately but has conflicts with team members may not qualify as a quality hire. Similarly, a person who shows outstanding productivity for a short period but abruptly leaves is also not considered a quality hire. To meet the criteria of a quality hire, an employee must excel or meet all five metrics.
Sourcing quality hires
A notable trend in LinkedIn data is internal mobility as a strategy for retaining employees. Aligning a company's business needs with the career goals and skills of existing staff benefits everyone involved. However, promoting internal mobility is a new challenge for recruiters. LinkedIn aims to ease this transition by integrating its learning and hiring tools. This integration enables employees to explore open positions within their organisation more easily, providing internal recruiters with a streamlined approach to identify employees interested in moving within the company.
Becoming a quality hire
To become the standout candidate you will need to possess a range of professional skills. According to a LinkedIn recent study, six of the top ten skills currently sought by employers are professional skills such as communication, leadership, and analytical abilities.
If you are interested in working in Recruitment, we recently published a blog covering the top three skills that can help kickstart your career in Recruitment. Communication, teamwork and adaptability in the workplace were the three mentioned skills - click here to read more.
Quality hiring works both ways. Candidates need to show essential skills for today's workplace, and organisations must also be seen as 'quality employers.' Organisations looking for excellent candidates should consider what value they offer. Quality hires prefer companies where they can build their careers, not just spend their time.
Are you applying for jobs and focusing on your interview techniques for the next step? Check our blog on job interviews as we list our Top 10 Interview Tips.