Directors and clients of Engage Executive Jobs and its sister company, Jobshop UK, gathered at an exclusive event to hear the CEO of the Recruitment and Employment Confederation (REC) Kevin Green, discuss why retaining talent is now critical in order to future-proof success in business.
Addressing the fifty guests at the Italian Villa, Compton Acres, Mr Green highlighted some positive statistics in today’s employment market, including the fact that 31.2 million people were currently employed – a rate of 73.6% of the population; unemployment has fallen from 6.2% to 5.4% in the last year; starting salaries are rising and wage growth is picking up, and productivity is now on the move. However, the skills and talent shortage continues to worsen, with engineering being affected particularly badly with fifty thousand engineers retiring every year, and just half of the thirty thousand engineers who graduate from university each year choosing to stay in the engineering industry.
With an ageing population where more people over the age of sixty are now choosing to return to work, and more people choosing to become self-employed, due to the flexibility and financial benefits of doing so, work is no longer considered a ‘place’ but now a ‘task to do’ and thanks to the internet enabling people to stay in touch and work whilst they travel, many people consider their office as wherever they happen to be.
Mr Green stressed to guests that in order to future proof their businesses, they must focus on not only hiring the best talent, but to find ways of continually engaging that talent in order to retain those employees with the best skills and stop them moving to a competitor. The days of the passive job seeker are over, with seven out of ten workers searching for new opportunities on a routine basis. 74% are actively searching for a new job or are open to new opportunities; 30% say job searching is a weekly activity; 69% say searching for new opportunities is a ‘regular thing’ and a staggering 35% are preparing for their next job within weeks of starting a new job.
When discussing how recruiters and companies can make the candidate experience a more positive one, Mr Green said: “There is a huge mismatch between candidates and employers wants and needs with eighty percent of candidates saying they are not asked for feedback on their experience. The most important thing for jobseekers was feedback for unsuccessful candidates, yet just 3% of employers said they considered this an important part of the candidate experience.
“A positive candidate experience is incredibly important as 51% of candidates will talk about their experience with friends and family. 38% of people who had a bad experience will talk to people within their professional network, with 24% choosing not to buy or use the product or service in the future. Crucially, 37% decide not to apply for another position within that company again, and that is all down to one bad experience.”
Engage’s Executive Recruitment director, Sally Bennett, said: “Kevin’s presentation was thought provoking and initiated much discussion from our guests. Following the success of this year’s Director’s lunches we will be announcing speakers and dates for 2016 shortly.”
Employers can improve the candidate experience by simply adhering to key points outlined in the REC’s ‘Good Recruitment Campaign’ which is available for all employers to download from www.rec-uk.com