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Why a rising economy has a negative impact on recruitment

On the 8th July 2015 The Recruitment and Employment Confederation alongside KPMG published their monthly report on the job market.

One of the key points was that of candidate shortages: “Recruitment consultants reported that a key factor weighing on growth of staff appointments was shortages of qualified candidates”.

REC Director of Policy, Ton Hadley commented:
“Businesses are really struggling to find the people they need. Vacancies continue to rise, candidate availability has fallen steeply and we’re seeing this affect the amount of placements being made each month. Starting salaries are being pushed up as demand exceeds supply, but the concern is that business growth is being constrained.

Bernard Brown of KPMG went on to say:
“The number of skilled workers looking for new roles fell considerably in June, stifling hiring activity and leaving the job market feeling somewhat lethargic.
“This growing skills shortage is cross sector and cross discipline. The lack of qualified candidates is also driving up salaries, with the right individual able to command a significant premium from businesses anxious to secure their skills and experience”.

The in-house legal recruitment team at BCL Legal has seen businesses go to huge length to keep on to their staff. When the market was not so good and there were more lawyers looking for roles clients did not seem to try and ‘buy-back’ leavers at the same rate as they are doing so now. Often a month or so into trying to re-recruit they are realising how hard it is to find good calibre people and hence the buy-back process goes into full swing!

So what can clients do to make sure they do fill their open vacancies? Be flexible as to who you decide to interview and run a fast and efficient recruitment process. Regarding being flexible, I do not suggest recruiting a ‘below par’ candidate just because they exist. What I mean is that if someone has, for instance, the right personality but lacks directly relevant experience or as much experience as you may have liked, that you still give them a chance to impress at interview. A lot can be learnt in 6 months whilst you sit there waiting for the perfect CV to interview!!

If you do keep an open mind when reviewing CVs and run a great process you will give yourself a fighting chance of filling an open vacancy.

Oh, and keep in contact with your chosen individual over the notice period… to counteract that buy back when it comes!!

For more information please contact Mark Levine or visit our website BCL Legal.

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