How to waste your recruitment budgets in 2024

Let’s have a real chat, because I think we need to address something that’s becoming a bit of an elephant in the room.??

Actually, more like a mammoth. You see, I’ve been in the recruitment game for over 10 years, and if there’s one thing that never fails to amaze me, it’s how companies expect to attract top talent in 2024 while still offering salaries straight out of 2013.?

I get it. Budgets are tight, and you’ve got KPIs and margins to hit, but let’s not kid ourselves. The cost of living has skyrocketed—housing, food, energy. Everything is more expensive than it was even three years ago, let alone 10. Meanwhile, some companies are still paying the same for roles as they did back when we were all raving to Avicii and Vine was a thing.?

Would YOU do the job at hand for the salary being offered???

Don’t just take my word for it, though—let’s look at the numbers. According to data from the UK Office for National Statistics, inflation has shot up by over 25% in the last decade. Meanwhile, salary increases in food manufacturing and FMCG haven’t even come close. Some companies are still offering ￡28k for production management roles that, frankly, should be pushing ￡35-40k by now.?

And let’s not forget that we’re now in the era of flexible working, mental health initiatives, and hybrid setups. Candidates aren’t just shopping around for pay; they’re also looking at work-life balance, career development, and, dare I say, a sense of purpose. If you’re still leaning on the ‘competitive salary’ line from a decade ago, you’re going to get left behind. Or worse, you’ll end up hiring someone who has one eye on the door before they even sit down at their new desk.?

If you want the best people, you need to pay for the best people. Period. We can talk all day about culture and perks, but at the end of the month, if someone can’t pay their mortgage or afford their weekly shop, those things quickly lose their shine.?

So, my advice? Let’s stop offering 2013 wages for 2024 talent. Because it's quite frankly embarrassing, and it's going to waste your recruitment budgets.?

Fix up, look sharp,??

Lukas.