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

PM+M welcomes ten new apprentices for 2025 intake Lucy Field, Kate Walsh, Ellie Fisher, Zainab Aswat, Reece Jones, Aisha Bibi Patel, Finley Vila, Uzair Zariwala, Richard Prest, and Charlie Harrison

PM+M welcomes ten new apprentices for 2025 intake

11 Sep 2025

2

ROCCIA strengthens commercial division with senior appointment Andrew Grove

ROCCIA strengthens commercial division with senior appointment

11 Sep 2025

3

Final call for investors: Rossendale community solar project must hit target by November Gary McEwan managing director of Interfloor

Final call for investors: Rossendale community solar project must hit target by November

10 Sep 2025

4

Lancashire Combined County Authority unveil plan to Get Lancashire Working Lancashire Combined Authority

Lancashire Combined County Authority unveil plan to Get Lancashire Working

10 Sep 2025

5

Lockheed Martin Skunk Works and BAE Systems’ FalconWorks announce strategic collaboration Collaboration between BAE Systems FalconWorks and Lockheed Martin Skunk Works

Lockheed Martin Skunk Works and BAE Systems’ FalconWorks announce strategic collaboration

09 Sep 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
Sub36 Networking - Follow the signs
Sub36 Deaf Village Social1200
Networking
17 Sep 2025

Sub36 Networking - Follow the signs

The Deaf Village, Blackburn, BB2 5EN

10:00 - 12:00

LBV124 September/October Launch Event
MBP Arc Cinema Preston Opening 205
Networking
18 Sep 2025

LBV124 September/October Launch Event

The Arc Cinema, Preston, PR1 2BL

08:30 - 10:30

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

Longridge Soap Box Derby
Screenshot 2025-06-10 090035.png.png
LBV Hub Fundraisers
14 Sep 2025 - 14 Sep 2025

Longridge Soap Box Derby

Berry Lane, Longridge, PR3 3WH

10:00 - 16:30

Preston Tech Connection - The Ultimate Tech Quiz!
Preston Tech Connection Sept 25.png.png
LBV Hub Networking
16 Sep 2025 - 16 Sep 2025

Preston Tech Connection - The Ultimate Tech Quiz!

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:00

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

The Business Network Central & East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

Your Business, Your Region: Making sense of devolution and Local Government Reorganisation
Chorley Council breakfast event new
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Your Business, Your Region: Making sense of devolution and Local Government Reorganisation

Worden Hall, Leyland, PR25 3DH

08:00 - 11:00

Preston Freelancer Meet-Up: September
Sept Freelancer (1).png.png
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Preston Freelancer Meet-Up: September

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Speed Networking with BNI
2.png.png
LBV Hub Networking
24 Sep 2025 - 24 Sep 2025

Speed Networking with BNI

Chorley Football Club, Chorley, PR7 3DU

16:00 - 19:00

The Marketing Meetup IRL: Lancashire - September
TMM Lancashire
LBV Hub Networking
25 Sep 2025 - 25 Sep 2025

The Marketing Meetup IRL: Lancashire - September

Chorley, PR7 2SL

18:00 - 20:00

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 LBV 123 Online Graphic
Subscribe now

Weekly news bulletin