With the news that the UK unemployment hit a 50 year low over the period of June-August '22, it hammers home the logical explanation for why the most accurate and agile Recruitment Partners are proving to be 'worth their salt' due to their skill and experience of being able to identify the very best talent that are not raising their head above the 'available for work' parapet for all to see.
The Office for National Statistics confirmed unemployment stood at 3.5 per cent — 0.3 percentage points down on the quarter and the lowest since 1974 — due to a fresh rise in economic inactivity.
The estimated number of vacancies in the three months to September fell by 46,000 to 1,246,000. The ONS said this was the largest fall since mid-2020 during the Covid pandemic, although the level of vacancies remains close to all-time highs.
However, the figures also confirmed recent survey evidence that the job market is starting to cool indicating that workers are worried about the effects of sky-high inflation and rising borrowing costs. This in turn limits the chances of the right candidates taking the risk of leaving a 'secure' role during such unprecedented times.
Candidate flow for permanent vacancies across the region has slowed since 2020, a number of factors contributed, however a major reason was the sheer volume of roles that have since become available across a multitude of industries, giving the candidate market so much choice.
It is an easy option to simply look in the 'who's immediately available' candidate pool, however if you are serious about impacting your business positively then you need to ensure you are seeing the very best candidates in the market. So whilst they may not be made available to you, choosing to partner with a dedicated, trusted and experienced Recruitment firm will certainly offer you that advantage over your competitors.
By acting as an extension of your business, Recruitment partners are able to reach deep into a database of specific candidates, tap into the passive market, as well as using their time to navigate their way to the profiles of those 'ideal future employees' that you would never be able to access.
Has recruitment become more challenging? Absolutely, but that's the beauty of our industry. Recruitment is an artform, to deliver the best results it will take plenty of research, strategy and patience - Which all equates to generous time, I suspect our clients can ill afford to give up. However by demonstrating our interest in a business and becoming familiar with the organisation's culture, we can act on their behalf tapping into a much wider job seeker market and delivering a shortlist of accurate candidates, which will in turn give you satisfaction you are seeing the best available individuals.
So whilst the news this morning looks bleak, actually, when you dig down, it's quite exciting for our industry which will certainly prove beneficial to your organisation.
To discuss this blog or more about the latest news or recruitment in general, feel free to get in touch.
Thanks for reading,
LM