The job market in the UK has been chronically tight for a while now. Many people left their jobs during the “Great Resignation” that followed the COVID-19 epidemic as a result of refocusing their priorities, creating a large number of employment openings. Employers still have difficulties due to high inflation and skills shortfalls, even if job postings decreased in 2023, suggesting a weakening of the market. As a result, companies this year will probably still have trouble finding and keeping outstanding workers. Employers may plan ahead and prepare their recruiting and engagement strategies by reading this article, which explores trends in attraction and retention to monitor in 2024.
Skills-based Hiring
In 2024, organisations will struggle to recruit employees with the right skills. According to ManpowerGroup’s 2024 UK Staff Shortage Survey, 80% of UK companies face this issue. Finding talent in administration, engineering, IT, and data is especially tough. Thus, many companies are shifting their hiring focus from degrees or experience to specific skills. Skills-based hiring can help find qualified candidates. Employers can benefit by valuing learning ability, offering strong growth programmes, and focusing on cultural fit.
Gen Z
Glassdoor’s Workplace Trends research predicts that in 2024, Gen Z workers will outnumber baby boomers in the workforce. Born between 1997 and 2012, Gen Z has different job expectations than previous generations. Employers may need to adapt to attract and retain this talented group. Gen Z is socially conscious and values social interaction, company culture, job flexibility, and growth opportunities.
Pay Transparency
Pay transparency gained focus in 2023 and will continue to grow in 2024. Savvy businesses use transparency as a recruiting tool. Recruitment company Reed found that 78% of job applicants are discouraged from applying if the wage isn’t disclosed. Pay transparency is popular with younger generations and can enhance an employer’s reputation by showing a commitment to fair pay.
Mental Health
Mental health and well-being remain vital concerns for employers. A recent Gympass survey showed that 77% of workers might quit if their well-being isn’t prioritised. Employees will leave if employers don’t meet their expectations for integrating well-being into workplace culture. Therefore, having a clear well-being strategy will be crucial for employee retention in 2024.
Keeping Up with Pay
The recent rapid increase in inflation has outpaced many employees’ wages, affecting attraction and retention. The Chartered Institute of Personnel and Development’s Labour Market Outlook predicts many companies will raise wages in 2024, with an average increase of 5%. This is not surprising given the current economic climate.
Furthermore, in an effort to enhance attraction and retention, firms are increasingly providing alluring benefits. According to data gathered by LinkedIn, 46% of businesses plan to improve their pay packages in 2024 by include benefits, such as remote working.
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