Mastering recruitment and retention: Strategic insights for 2024

By RfM Transform

15 Jan 2024

pexels-linda-ellershein-3127883.jpg.jpg

As we forge ahead with 2024, the recruitment landscape for SMEs presents both challenges and opportunities that are vital for businesses to understand and adapt to. Here’s a breakdown of the current trends and how director-led HR services from RfM Transform can address these issues for your business.

Tight UK Labour Market and High Demand for Talent

The UK labour market remains tight, with unfilled vacancies at historically high levels. This means that top talent is hard to come by across multiple sectors and businesses need to think of new ways to help them attract new and retain high-caliber staff.

Rising Wage Expectations:

With the cost-of-living crisis, there's been an adjustment in remuneration packages and salaries have increased at the fastest rate in over two decades, with average private sector regular pay growth at around 7 per cent.

Diverse Motivations for Job Change:

Approximately 47 per cent of people are expected to look for new jobs this year, with many motivated by incentives other than just money. Simply increasing their salaries isn’t enough, today's jobseekers want more. They want to know what their development opportunities are, what training opportunities are available to them (CPD), as well as the benefit packages and wellbeing strategies that companies are offering. Company Culture is enormously important and we're seeing more employees demanding to see a company's environmental credentials before making their decision. Having a good People Strategy in place to attract and retain key talent therefore is hugely important to businesses in 2024.

Hiring Conditions:

There's a slowdown in permanent hiring and a slight increase in temporary hiring, with regional and sectoral variations. London, for instance, has seen a significant reduction in permanent placements compared to areas like the Midlands and the North of England. This variability suggests that recruitment strategies need to be tailored to your specific regional and sectoral needs​​.

Increased Candidate Availability:

There's been an upturn in the availability of workers, with the supply of permanent staff exceeding that of temporary candidates. This increase in candidate numbers is the sharpest since December 2020​​.

The Role of Director-Led HR services in addressing these challenges:

Director-led HR services from RfM Transform can provide SMEs with the strategic guidance they need to navigate this complex recruitment landscape. We can offer:

  • Customised Recruitment Strategies: A tailored approach that considers regional and sector-specific trends, focusing on not just attracting new talent to your business but also aligning with its long-term goals.
  • Competitive Compensation Packages: Assistance in developing comprehensive compensation packages that go beyond salary, including benefits, work-life balance, and career development opportunities.
  • Adaptation to Market Dynamics: Keeping pace with the rapidly changing job market, leveraging insights and data to inform recruitment and retention strategies.
  • Legal and Compliance Expertise: Ensuring that recruitment practices are compliant with current employment laws, reducing the risk of legal complications.

Businesses need to have a dynamic and well-informed approach to their recruitment and HR management. Let us help your business understand and adapt ensuring you attract and retain the talent necessary for your growth and success.

Boost your people power with expert Director-led HR advice and our powerful cloud-based platform, StaffCentral. Get support for compliance, training and policies - anytime, anywhere.

Latest news

1

Call to recognise the ‘Now Generation’ of Lancashire leaders Sub36 event

Call to recognise the ‘Now Generation’ of Lancashire leaders

15 Jul 2025

2

Maya Ellis MP hails A582 upgrade funding as major step forward in tackling transport chaos Maya Ellis MP photo

Maya Ellis MP hails A582 upgrade funding as major step forward in tackling transport chaos

15 Jul 2025

3

TSS announce leadership appointments to drive continued growth James Austin, Alistair Bradley and Michael Collum

TSS announce leadership appointments to drive continued growth

15 Jul 2025

4

Date revealed for opening of entries for Red Rose Awards 2026 Red Rose Awards 2025

Date revealed for opening of entries for Red Rose Awards 2026

14 Jul 2025

5

Northcote celebrates marketing award for the 25th anniversary of Culinary Festival Obsession Northcotes winning awards

Northcote celebrates marketing award for the 25th anniversary of Culinary Festival Obsession

14 Jul 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV123 July/August Launch Event
Lancashire Business View magazine launch
Networking
16 Jul 2025

LBV123 July/August Launch Event

Burnley College University Courses Building, Burnley, BB12 0AN

08:30 - 10:30

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

Shaping Preston's future by remembering its past
1750160034867.png.png
LBV Hub Networking
16 Jul 2025 - 16 Jul 2025

Shaping Preston's future by remembering its past

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 20:30

The Business Network Central & East Lancashire
LBV Hub Networking
17 Jul 2025 - 17 Jul 2025

The Business Network Central & East Lancashire

Mytton Fold, Langho, BB6 8AB

11:30 - 14:15

Chamber Summer BBQ
LBV Hub Social
17 Jul 2025 - 17 Jul 2025

Chamber Summer BBQ

The Borough, Dalton Square, Lancaster, LA1 1PP

17:30 - 20:00

BNI presents Lancashire Speed Networking
1.png.png
LBV Hub Networking
17 Jul 2025 - 17 Jul 2025

BNI presents Lancashire Speed Networking

Chorley Football Club, Chorley, PR7 3DU

16:00 - 19:00

Preston Tech Connection: Web3 is Dead. Or is It?
July Longer Banner.jpg.jpg
LBV Hub Networking
29 Jul 2025 - 29 Jul 2025

Preston Tech Connection: Web3 is Dead. Or is It?

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:30

Preston Freelancer Meet-Up: July
Longer July Banner.jpg.jpg
LBV Hub Networking
31 Jul 2025 - 31 Jul 2025

Preston Freelancer Meet-Up: July

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Advantage: AI – A Workshop for Business Leaders – August 14th
Navy--Event Tile.png.png
LBV Hub Seminars
14 Aug 2025 - 14 Aug 2025

Advantage: AI – A Workshop for Business Leaders – August 14th

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

09:00 - 12:00

The Business Network Central & East Lancashire
LBV Header (24).png.png
LBV Hub Networking
21 Aug 2025 - 21 Aug 2025

The Business Network Central & East Lancashire

Mytton Fold, Langho, BB6 8AB

11:30 - 14:15

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV122 Online Graphic
Subscribe now

Weekly news bulletin