BPM Tech: UK Report on Recruitment 2023

BPM: Because People Matter

UK recruitment and labour market report:

Insights and analysis for candidates and IT companies wanting to scale!

BPM Tech: SUMMARY 2023: UK Report on Recruitment

CONTROL THE CONTROLLABLES

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Helping clients CONTROL THEIR RECRUITMENT CONTROLLABLES

Yes, 2023 has been a challenge! Each month, BPM Tech provide insight and analysis on the UK recruitment and labour market report.

One thing that never changes in the world of recruitment…

The biggest cost of recruitment… The cost of a bad hire!

That’s why BPM Tech offer clients and hiring manager a company specific way to define what excellent looks life for you when recruiting.

Here are BPM’s key takeaways for 2023.

Regardless of what 2023 threw at you, Merry Christmas to you and yours from BPM Tech!

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?The Tech hiring Shake up

In March 2023, CW Jobs conducted a survey (2000 tech workers) providing the following recruitment insights:

57% of candidates changed jobs over the past 12 months

73% plan to change jobs in the next 12 months

42% changed jobs by choice

15% were made redundant

75% of workers who were made redundant found a new role

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What candidates want and clients need to consider:

With the level of movement across the industry, retention strategy and company proposition is vital!

Factors to consider when attracting the best talent:

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EVP- Employee Value Proposition is key to engaging and retaining employees!

A.????? Candidate journey and experience

Ghosting…Communication is key! Recruitment is a two-way journey!

Partner with the right providers to manage your recruitment message and drive a strong employer brand and increase equality, diversity and inclusion! ?

Questions:

Do you have a transparent and fair recruitment process?

Do you know what excellent looks like when hiring? (Key to mitigating the risk of a bad hire)

Onboarding new recruits… Do you have a plan and process?

How do your recruitment partners represent your brand and drive a balanced shortlist of candidates? ?

Trust the wrong partners and you run the risk of damaging your reputation and increasing time and cost of hiring.

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B.????? Pay – (High salary- Priority number 1 for 46% of candidates)

The Office for National Statistics (ONS) reported employee earnings have grown in 2023 (October 2023) at one of the quickest records on rate, averaging 7.2%. ?

This is compared to growth of 5.2% in 2022 and 5.9% in 2021, which were also historically high, with only 2001 and 2007 breaking 5% since the turn of the century.

But what about external, macroeconomic factors?

Granted, there are still major market factors, ongoing conflict, stagflation, and other considerations, however, regarding inflation, only today, it was announced inflation has fallen to 3.9%, the lowest rate for two years.

With employee earnings increasing at an annual rate of 7.7% between July and September, finally surpassed inflation rates over the same period, surely good signs for 2024?

?C.????? Benefits/Conditions (Priority number 2: 41% of candidates)

The Great Return… Office, remote, hybrid working. (Location: 3rd most important factor)

CW Jobs reported 31% of tech workers like to have fixed days to come into the office, and 50% would be put off if a job was fully office-based. What’s more, 76% would be more likely to apply for a job if it provided a 4-day working week.

Questions:

As an employer how are you redefining flexibility?? Breaking the traditional working hours/5-day week, benefits, and conditions to engage and retain employees?

Hiring Contractors?

IR35: Still using CEST, or worse imposing blanket decisions regarding Employment Status/Status Determinations? Please no, there is another way.?

How about a flexible Associate Partner Approach to hiring?

????Demand for 2024?

For only the second time since February 2021, ONS reported total vacancies fell year on year over three months to October 2023 to 957,000, (lowest recorded since Q2 2021), however, still up post pandemic (826,000), February 2020.

Reed reported 167,307 jobs were posted in November 2023, of which 16,444 were IT focused and 6932 London based. For comparison in June 2023, total jobs advertised were 201,999, 21,837 IT focused with 8882 London based.

Published in October 2023, Totaljobs’ Hiring Trends Index for Q3 2023 found:

• 80% of businesses recruited in Q3 2023, consistent with the previous quarter (81%).
• 36% of businesses increased recruitment in the third quarter of 2023, Q2 2023 (34%).
• 59% of businesses are confident they will recruit the people they need in Q4 2023 – which is higher than Q2 2023 (57%) and up from 53% reported in Q4 2022.

Conclusion:

Cautious optimism for 2024?!?

BPM Tech are here to assist you in controlling your recruitment controllables and driving optimal outcomes for candidates and clients.

??·???????? Are you controlling your recruitment controllables?

·???????? Do you know what excellent looks and subsequently mitigating the biggest risk when recruiting? The cost of a bad hire

·???????? Are your current recruitment partners aligned to your business values and representing your brand in a professional manner?

·???????? How are your partners providing you with a best in class balanced shortlist of candidates?

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Helping clients control your recruitment controllables:

About BPM Tech:

Utilising CORE powered by BPM, BPM Tech mitigate the risk of a bad hire and consult with clients across key areas of workforce planning, driving balanced shortlists, best in class talent pooling and helping clients attract, engage and retain key staff.

BPM Tech are a Carbon Offset Recruitment Talent Partner specialising in IT, Change and SaaS Sales, offering best in class candidates and client experience, utilising BPM’s award winning talent dashboard and platform, CORE powered by BPM

To arrange a CORE demonstration, discuss how BPM offset your carbon footprint, add value to your job search or position you as an employer of choice, please visit www.bpmtech.co.uk or follow the links in the comments

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V22, Summary Dec 2023