UK Labour Market: has COVID Really Ended the War for Talent?
There are plenty of recently unemployed workers on the market, but does that mean you can easily find that special candidate?
Would you be surprised to learn that it might actually be harder than last year? Here’s why.
The real state of the labour market
According to a recent Bank of England report, redundancies have hit specific sectors hardest, such as airlines and travel agencies. So while those sectors may be flooded with unemployed talent, others are still short of candidates. In fact, in July 2020 unemployment among 25-64-year-olds actually fell.
That means candidates with special skills and talents are, if anything, more likely to be in employment, and less likely to be looking for a change in the current uncertain climate.
Is there enough skilled labour?
According to a Hays survey, employers are particularly keen right now to find employees with leadership and managerial skills, strong interpersonal and communication skills, and the ability to adapt to change.
Worryingly, 53% say they only have access to some of the skills they need, with another 13% facing moderate skills shortages. 2% of employers face extreme skills shortages.
What’s more, recruitment is up 43% of employers actively recruiting. That means that even if you can find that special candidate, there’ll be competition for them.
How can you secure the talent you need?
The job market is likely to see more big changes as we continue to adapt. Look ahead and work out what skills you need to achieve your short-term and long-term business goals. Use this info to set up a talent pipeline, focusing particularly on areas where there’s stiff competition for talent, and you’ll be able to snap up the best candidates ahead of your competition.