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Spring into action… recruiting and retaining the best in 2015

2015 looks to be the year that we wave goodbye to a rather stagnant job market and say hello to Britain’s highest employment rate since 1971. According to the ONS, this figure is higher than the pre-crisis peak of 73% in early 2008. We’re already seeing the effects - data from KPMG shows that 2015 has seen vacancies rise at their fastest pace since May 1998. So, on your marks – the race is on for the top talent to fill them…

Prepare for battle

LinkedIn’s report on 2015’s Global Recruiting Trends has found that competition is the number one obstacle businesses in the UK face when attracting top talent. This increase in vacancies will only fuel the competition as both potential (and existing!) members of staff will be presented with a growing number of options and offers.

To add even more fuel to the fire, it’s becoming easier than ever for top talent to find their next job thanks to the ever-increasing number of channels in which you can do so. For example, in 2014 LinkedIn launched ‘LinkedIn Job Search’, their first standalone app dedicated solely to allowing people to search and apply for jobs. So for the Tinder generation we’re nearing almost a ‘swipe for your next job’ market.

Our tips for coming out on top…

More vacancies + increasing competition for new and existing talent = time for a rethink of recruiting strategies in 2015. Here are our top tips for recruiting and retaining the best…

  • To find the skills you need, search in more places. 78% of CEOs told PWC that their businesses always use multiple channels to find talent, including online platforms and social networks.
  • Have a really clear recruitment process that reflects what it’s like to work at your company. It’s really important that your candidates are comfortable and know where they stand by providing clear timelines and feedback to applicants. Whether you're going to offer the candidate a role or not, it's really important to treat people well throughout the process, especially in this age of social media! LinkedIn’s most recent report on recruitment trends highlights the importance of businesses considering their ‘Talent Brand’ - what talent thinks, feels, and shares about their company throughout the recruitment process as well as what it’s like as a place to work.
  • It speaks volumes when talent is at the top of a CEO’s agenda. At FreshMinds we've found more and more CEOs are increasingly getting involved with recruitment processes. In fact, PWC’s 18th Annual CEO Survey found that that 81% of CEOs say their organisations are now looking for a much broader range of skills than in the past. Barclays will soon have one of its most senior bankers – Sam Dean (Chairman of the bank’s global finance and risk solutions) - devoting half his time to managing talent.
  • Have ongoing honest conversations about careers – it’s not only a good leadership model to check in with your employees about their careers, but also means that you have realistic expectations around retaining top talent. It’s really important to have awareness that people may leave as it means that when people move on you’ll have plans in place to deal with this.
  • Make the business a great place to work – sounds simple, but companies with a great culture attract those top candidates. It’s important to understand what value looks like – increasingly banks are offering new initiatives to retain talent with a focus on that all-important work/life balance as well as non-pay initiatives.

Hopefully this will help you when developing your strategy to address the challenge of keeping your best people, as well as finding the new superstar members of your team!

If you’re looking to secure the top analytical talent and stay ahead in this competitive market, we’ve got a pool of Minds with the consulting skill set at the ready. Drop us a line or give us a call on 020 7692 4300…