Harsh reality challenges the perception
Steve Simmance
Founder & Managing Director, The Simmance Partnership Limited. Consultants in Executive Selection.
The news today continues with the ever-worsening cost-of-living crisis. Escalating food prices are now in the limelight of government concern. Rishi Sunak will meet food leaders at No. 10 today to understand the impact on us all.
As for the peripheral effects, recently I have noticed, in my capacity as a recruiter, there is something going on that differs from the statement below that I have read this week.
“83% of adults saw an increase in their cost-of-living last year….. workers will need an increase of 8% in their wages to keep up.” Source: Recruitics
There’s been much in the press on the subject these past 12 months and last week the Bank of England declared a further rise in interest rates. At the same time, Sainsbury’s cut costs of food staples in response to fiercely contested falling food prices; such changes represent the times we face. Yet at The Simmance Partnership, specialists in Executive Recruitment for the FMCG Industry, we are also noticing unusual candidate behaviours in our activities.
Earning less, or more of the same, in exchange for a respectable employer organisation, that offers security and improved working conditions, appears to be the focus right now. It is evident that our nation is facing a cost-of-living crisis and while workers may wish to increase their salary packages to help alleviate the impact, there are less obvious factors in FMCG recruitment that are influencing choices and decisions. Firstly, we have noticed so far this year a slowdown in demand for talent. Secondly, we have also seen the relationship between candidate and employer changing. The desire for a secure and permanent place of work is becoming a priority over salary. As a result, employers are benefiting from buying more experience for less than pre-2020 salary levels.
The obvious message to those businesses involved with recruitment is to take advantage of market forces and behaviours of candidates today, despite the sensational cost-of-living news and its impact on wages. If, as an employer right now, your fear of having to pay more for external talent fuels the slowdown, you may find the reality is different.
Friendly advice for candidates: the market will certainly improve in demand, take your time, choose carefully, and never stop asking questions about ‘the company within the company’. Seek out employers’ actual reputations, garner opinions far and wide, infiltrate from current and ex-employees, and look beyond the ‘best to work for’ fee subscription-based nominations to reveal the integrity of your next place of work.
Could this be the right time to review and invest in external talent when the supply of experience is at an all-time high compared to demand?
Comments and views are welcome.
Client Operations l Market & Consumer Insight l Business Growth I Pragmatic approach to delivering results
1 年I think the emphasis on improved working conditions is a really positive shift and one that as a job seeker I have been putting at the top of my check list. Finding the right cultural fit leads to a longer tenure, as people choose to grown and develop internally rather than externally. A win win situation.