According to CV-Library’s latest research, 91.1% of employers in the UK feel confident about their hiring efforts. In fact, a further 74% are so confident that they intend to increase their hiring efforts over the next six months, which is certainly positive news for the nation’s job hunters.
Indeed, the amount of jobs on offer has risen over the past few months; but we cannot ignore the fact that employment is at a record high and a number of influences are affecting companies’ hiring plans.
Our data found there to be a range of reasons why employers aren’t making hires right now. From low budgets and a rocky economy to a lack of resource and time. Below, we’ll explore each of the areas in more detail; providing solutions that can help you to push forward with your recruitment efforts.
According to our data, four in 10 (39%) businesses aren’t hiring right now because they simply don’t have the budget to do so. And this isn’t surprising. If not managed correctly, the recruitment process can be expensive. From finding candidates in the first place to replacing them if they don’t end up working out.
The good news is there is a range of cost-effective hiring solutions out there. On some job boards, you can advertise your vacancy for as little as £79; and you can even push this further by promoting it on your social media channels or careers pages.
In addition to this, we know that recruiters are having to be a lot more proactive when it comes to hiring. As such, the amount of businesses investing in CV Database access has certainly risen. Again, this is a great tool if you want to save money, as you can use it as much or as little as you want, depending on your hiring needs.
The current economy
It’s no secret that there’s a lot of uncertainty in the current economy. And that’s why 26.5% of employers aren’t hiring right now. As it currently stands, the government is no closer to agreeing on an exit plan from the EU, and this means the nation is in a state of limbo; businesses are nervous about hiring, and candidates are unsure about changing jobs.
This is confirmed by the monthly findings from the Office of National Statistics, which reveal that the national employment rate is at a record high. More individuals are in work, which is certainly positive news for the economy. But it also means there are fewer people proactively looking for new jobs.
In addition to this, we know that pay is a huge pull-factor for candidates. In the current economic climate, many businesses are struggling to offer the sky-high salaries that individuals are after. In fact, our survey found that 57.1% of Brits won’t apply for a new job right now because the salaries are too low.
Understandably, there’s very little that companies can do about this right now; though it’s important to consider other areas that may influence a person’s decision to join your organisation, such as your company culture or perks.
Uncertainty around Brexit
Our survey also found that 23.3% of companies won’t hire right now because of uncertainty around Brexit. Indeed, nearly half (49.6%) of UK organisations do think it’s much harder to hire right now because of this.
Our own job market data compliments these findings: in the first two months of the year we noticed that applications were down; however, after our failure to leave the EU at the end of March, applications immediately picked back up.
At the same time, when asked whether they think there’s enough talent in the UK to fill their vacancies, only 51.9% said there was. This figure dropped significantly in key industries which are heavily reliant on EU talent. In fact, 87.5% of agriculture employers believe there isn’t enough talent in the UK to fill their roles, followed by 71.4% in legal, 70% in automotive and 60% in medical.
The sad truth for many companies is that we’re all having to sit tight until we have more clarity on the UK’s future in the EU.
Lack of time and resource
Interestingly 22.9% of organisations aren’t hiring because they don’t have enough resource to help. At the same time, we found that 21.5% of businesses simply don’t have the time to hire right now.
We know that recruiters are busy people; whether they’re working at an agency or in-house. But if your company has roles to fill, a lack of time and resource shouldn’t hold you back.
As mentioned earlier, there is a range of solutions to help with your hiring needs; and these don’t need to break the bank. Consider what your hiring goals are and what tools you can use to reach them.
Are you planning to hire right now?
If you’re keen to push forward with your recruitment plans, then now is actually a great time to do so. Our data tells us that more people are applying for jobs than last year; so if you’re struggling with any of the above areas, it might be time to address them.
As Managing Director of the UK’s largest job board, and CEO of one of America’s fastest growing job sites, I’m currently focused on expanding the businesses and continuing to drive innovation in the recruitment industry.