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

More than £100m in Levelling Up funds heading to Lancashire King Georges Hall

More than £100m in Levelling Up funds heading to Lancashire

05 Mar 2024

2

Private equity fund buys into school uniform firm Trutex Deal

Private equity fund buys into school uniform firm

04 Mar 2024

3

How a legal professional can help businesses with debt recovery Business-debt-recovery-1280x600.jpeg.jpg

How a legal professional can help businesses with debt recovery

05 Mar 2024

4

Shake-up at Elite Group sees new brand launched Elite Group CEO Adam Turton

Shake-up at Elite Group sees new brand launched

05 Mar 2024

5

Ribbon is cut to open SPAR Netherfield Road in Nelson SPAR Netherfield Road 1.jpg.jpg

Ribbon is cut to open SPAR Netherfield Road in Nelson

05 Mar 2024

Background image for hub sign up block

LBV Hub

Reach 50,000 members of the Lancashire business community

Post your news
Post your events
Post your offers
Company profile
Social reach
Magazine coverage
Sign-up
Events
LBV115 Magazine Launch Event
DSC9389
Networking
20 Mar 2024

LBV115 Magazine Launch Event

Delta Hotels by Preston Marriott, Garstang Road, Broughton, PR3 5JB

16:00 - 18:00

Techy Tuesday Meet-Up at Society1
Techy Tuesdays.jpg.jpg
LBV Hub Networking
05 Mar 2024

Techy Tuesday Meet-Up at Society1

Society1, Preston, PR1 3LT

12:00 - 13:00

Business Networking in Chorley - BNI Endeavour
EVENT LISTING SIZING Endeavour.png.png
LBV Hub Networking
05 Mar 2024

Business Networking in Chorley - BNI Endeavour

Oak Royal, Bury Lane, Chorley, PR6 8SW

06:30 - 08:30

Business Networking in Blackburn - BNI Vista
EVENT LISTING SIZING Vista.png.png
LBV Hub Networking
05 Mar 2024

Business Networking in Blackburn - BNI Vista

Hampton by Hilton, 2 Frontier Ave, Blackburn, BB1 3AL

06:45 - 08:30

Business Networking in Preston - BNI Diamond
LBV Hub Networking
06 Mar 2024

Business Networking in Preston - BNI Diamond

The Marriot Hotel, Garstang Road, Broughton, PR3 5JB

07:15 - 09:00

Business Networking in Lancaster - Eden Business Network
EVENT LISTING Eden Business Network.png.png
LBV Hub Networking
06 Mar 2024

Business Networking in Lancaster - Eden Business Network

The Borough, 3 Dalton Square, Lancaster, LA1 1PP

18:30 - 20:30

Business Networking in Accrington - BNI Zeus
EVENT LISTING SIZING Zeus.png.png
LBV Hub Networking
06 Mar 2024

Business Networking in Accrington - BNI Zeus

The Mill House, Corn Mill Yard, Accrington, BB5 5HX

06:45 - 08:30

Business Networking in Burnley - BNI Kudos
EVENT LISTING BNI Kudos.png.png
LBV Hub Networking
07 Mar 2024

Business Networking in Burnley - BNI Kudos

Prairie Sports Village, Windemere Avenue, Burnley, BB10 2FU

06:45 - 08:30

The PM+M Spring Budget seminar - East Lancashire
Spring budget East Lancs.jpg.png
LBV Hub Seminars
07 Mar 2024

The PM+M Spring Budget seminar - East Lancashire

Lakeside Suite, Crow Wood Hotel, Holme Road, , Burnley, BB12 0RT

08:00 - 10:30

The PM+M Spring Budget seminar
Spring Budget Bury.png.png
LBV Hub Seminars
07 Mar 2024

The PM+M Spring Budget seminar

Red Hall Hotel, Manchester Road , Walmersley , BL9 5NA

12:45 - 15:15

Business Networking in Lancaster - BNI Castle
EVENT LISTING BNI Castle.png.png
LBV Hub Networking
07 Mar 2024

Business Networking in Lancaster - BNI Castle

Vale of Lune RUFC, Powder House Lane, Lancaster, LA1 2TT

06:45 - 08:30

Amber River True Bearing Investment Seminar
AR_MASTER_LOGO_TRUE_BEARING LIGHT 2000pxSQUARE VERSION.jpg.jpg
LBV Hub Seminars
07 Mar 2024

Amber River True Bearing Investment Seminar

Mercure Blackburn Dunkenhalgh Hotel & Spa, Blackburn, BB5 5JP

16:00 - 18:00

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 Lbv114 Online Graphic
Subscribe now

Weekly news bulletin