Recruitment trends continued their upward curve at the close of 2014 and this upturn looks to continue as a large proportion of employers state their intent to recruit in 2015. Whilst this is good news for the job market, where is this building confidence coming from?
The Markit Household Finance Index recently published data showing UK consumer confidence is officially at a six year high. The CBI stated recently that there has been ‘robust’ retail sales growth in January and expects strong sales growth in the first quarter of this year. Further, a HMRC report stated the effects of low fuel prices unsurprisingly pointed to a major boost to both household and UK company finances.
Full time employment growth is also up by more than half a million in the past year, according to the BOE interest rates will only rise by half a percentage point, if at all, GDP growth is close to pre-banking crisis levels with over 60% coming from consumer spending and the PM is now calling for Britain to be given a pay rise.
Historically, where consumer confidence is high, so is confidence in the job market. Many organisations are seizing the positive mood as an opportunity to grow. Those in growth mode must hire new talent to maximise their potential whilst also preventing their greatest human assets from being targeted by competitors.
Career progression and maximising earning potential is taking the place of employment survival and job security and the best staff are now reigniting their ambitions.
A competitive labour market creates opportunities for employees to move for higher wages and more challenging or rewarding positions. Employers need to consider that increasingly, employees are now looking for roles where productivity is rewarded over presenteeism and that job satisfaction is now higher than ever on their agenda.
Are you confident you have the right staff retention and talent acquisition strategy to attract and retain the best people?
If not, please contact us for a confidential discussion on how Investigo can work with you to ensure your hiring success.