As an employer, it can be frustrating when an open role is not garnering enough interest from potential candidates, and subsequently not being filled as quickly as the business requires. Targeting the passive job market could be the solution.
The current economic turmoil and the cost of living crisis have made people increasingly cautious about moving job roles. It is estimated that around half of UK employees are currently classed as passive job seekers, meaning they are not actively searching for a new job but would consider a new opportunity if one presented itself.
There are several ways businesses can combat this trend. A report by the CIPD found the top reasons for employees quitting their jobs in the UK include a lack of career progression opportunities and poor pay. This highlights the importance of offering competitive salaries and benefits, including health insurance, paid leave and flexible working, to attract and retain new staff.
Since the disruption the Covid-19 crisis caused to businesses, there has been an increased focus by individuals on culture and how it aligns with them as candidates. A positive workplace culture can lead to increased job satisfaction, lower turnover rates and higher levels of employee engagement.
This falls hand in hand with ensuring your business has a positive brand identity and reputation in order to attract new talent. In today’s fast-paced world, where technology has made it easier for employees to research potential employers, the power of a company’s brand has become more important than ever.
This should be reflected in the company’s values, mission statement and day-today operations. A company that values its employees, treats them with respect and offers a supportive work environment will naturally attract candidates’ who share these values.
Another important aspect of a positive brand is a commitment to transparency and honesty. A company that has a history of innovation, growth and financial stability will naturally attract employees who are looking for steadiness and opportunity for advancement.
Finally, partnerships and collaborations with educational institutions, non-profit organisations, as well as other companies can also help to attract new talent. Consumers, employees and investors increasingly care about a company’s social and environmental impact and demand that businesses make a positive contribution to the world. In a highly competitive job market, firms that can demonstrate their commitment to social and environmental responsibility can gain a significant advantage in attracting and retaining top talent. Studies have shown that job seekers are more likely to choose companies that align with their values, especially when it comes to social and environmental issues.
A company’s involvement in social and environmental issues can also enhance its reputation, building trust and loyalty among its stakeholders. This, in turn, can result in increased brand recognition, which can lead to more business opportunities, and can ultimately contribute to the financial success of the firm.
There is no denying that for businesses looking to recruit top talent, the market is tough. They need to address factors, such as company benefits, positive workplace culture and partnerships and collaborations, to attract new talent and maintain a competitive edge in a challenging job market.