Recruiter Masterclass :: How to attract the best candidates in times of economic slowdown

05/06/2008

In the current economic climate, where uncertainty abounds as to which sectors will next be impacted by the credit crunch, many people are sitting tight in their job roles.  Salary security is more important than ever, particularly considering the tighter lending criteria being introduced by banks and the increased difficulty of obtaining a mortgage.

This is having a real impact on the recruitment market, and, since more businesses are recruiting from within, recruitment agencies have a real challenge on their hands to attract candidates.  The best people are moving up through their current companies and there is often little incentive for them to leave.

So where can recruitment consultancies find the right candidates for themselves and their clients and bring them on board successfully?

Look beyond UK citizens

The growing number of eastern European workers entering the UK means that there is a corresponding increase in opportunities to recruit trained foreign employees entering the market. Such workers often bring valuable skills that British citizens may not be familiar with, so recruitment companies should take advantage of this influx for themselves and their clients.

Flexibility is your friend

Offering flexible working is another excellent way to attract talent, and recruitment consultants should encourage their clients to do so.  Flexibility is becoming more and more desirable and employment legislation now gives certain workers the right to request it.  However, employers that open this benefit to the whole workforce are likely to see increased interest in vacancies as more people look to achieve the optimum work-life balance.

Related to this is the amount of holiday allowance offered. For most positions, recruitment agencies can encourage their clients to think about offering significantly above the minimum level to attract the right people. Most businesses can, and do, go above and beyond this and they’re likely to reap the recruitment benefits.

Long-term benefits

Given the widespread publicity about the meagre state pension and the ageing population, a good company pension scheme is more important than ever in attracting and retaining the best people.  Private healthcare is another desirable benefit in these days of six-month NHS waiting lists – there are a number of good offers out there for corporate schemes and you should be able to point your clients in the right direction.

Financial benefits

An attractive salary is an obvious financial benefit, but it isn’t the only one.  Share save schemes are an often-neglected benefit, but for public companies can be an excellent way to attract and retain talent. In such schemes, the employee saves a certain amount of money per month for three, five or seven years to buy shares at a fixed price in the future. If the share price has risen in that period, the worker gets a substantial tax-free bonus – if not, they are guaranteed to get their money back.

Offering equity in the business in this or any other way can be a great motivator for people to join your client’s company. It gives employees a real sense of ownership and can have a significant effective when it comes to increasing staff loyalty.

Softer benefits

For smaller companies, softer benefits can be a cost-effective way of bringing in new recruits. Finishing early on a Friday for team drinks or negotiating reduced gym membership rates for members of staff will give your client the edge on its competitors – some companies have even brought in yoga instructors and a number of businesses now organise team trips abroad.

Tell people about it!

Having an attractive benefits package is all well and good, but if nobody knows about what’s on offer, there is no reason for them to choose your client’s company over its rival.  Recruitment businesses can help by encouraging their clients to shout about everything they’re doing for their employees, whether it’s in recruitment advertising and interviews to attract people or in newsletters or team meetings to keep them.

Top tips

• Don’t be parochial when it comes to recruitment – look outside the country for the best talent
• Encourage flexible working schemes in your clients’ office cultures
• Pensions and private healthcare schemes are a good way for your clients to keep staff over the longer term
• Promote the benefits of share save schemes
• Don’t let your client neglect the softer benefits
• Communicate all benefits to current and potential employees