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Founders Monthly Newsletter – Confidence drops but the need for people remains high

10th November 2022

Hiring challenges remain, it is important to keep the market buoyant to prevent employer and candidate confidence from dropping. On the same token, if we want to drive higher economic growth we know that addressing staff shortages is critical. All businesses are under pressure and still need to hire, which means there is no margin to get anything wrong. We have to drive recruitment correctly and most efficiently to get it right straight away. That’s why working with recruitment professionals is more important than ever. Confidence in the economy drops fast!

In the third quarter of 2022, confidence in both UK economic outlook and the ability to invest in business declined massively. Despite this drop, the immediate outlook for hiring remains relatively positive. Neil Carberry, Chief Executive of the REC, said:

- There were 154,000 new job postings in the week of 17-23 October – 3.9% lower than a month earlier
- But there were over 217,000 in the previous week (10-17 October), suggesting demand remains high overall
- The number of active postings has remained relatively stable, with between 1.4 to 1.5 million active job adverts since mid-August
- Notable increases in adverts for jobs in the education and childcare sectors, such as school secretaries and childminders
- Three out of the UK’s top ten hiring hotspots in the week of 17-23 October were in the North West
- Seven out of the UK’s bottom ten hiring hotspots were in Northern Ireland.

The number of active job adverts across the UK has been stable since mid-August. In the week of 17-23 October, there were 1.4 million active job adverts, according to the Recruitment & Employment Confederation. There has however been a fall in the number of new postings in the week of 17-23 October, with 154,000 new job adverts posted – 3.4% lower than a month earlier. The previous week saw strong demand with 217,000 new postings, suggesting that demand, while volatile, remains at a high level overall. (REC) There are some signs of volatility driven by economic and political uncertainty, it will be interesting to see the Chancellor’s plans and how he plans for growth to fill the £40 billion hole it currently has. In my opinion, we need to underpin business investment by improving productivity, improving skill sets and employment support. As we head into a period of uncertainty I do believe we can create our own confidence and therefore business growth. It is however time to consider the experts when it comes to finding the right people for your sales team. Whether you are recruiting to grow or recruiting to replace, you must ensure you have the correct plan, understand the right recruitment processes for your business needs, and more importantly be a brand that people want to work for.

In a candidate-driven market, the number of interview stages, speed of the recruitment process and information provided to the candidate before the interview shows you are serious about recruiting the right salespeople. Employers often miss out on great candidates by not providing a comprehensive job specification that fully informs the applicants about how attractive the sales vacancy could be for them. Culture, brand, and reputation are paramount to attracting top talent in this type of market. Candidates don’t make their decisions of who to work for based solely on earning potential, although in a sales role it is paramount. The full package is considered, and the decision-making process begins from the minute the candidate starts the process with the employer or the recruiter.

75% OF CANDIDATES RESEARCH AN EMPLOYER BEFORE APPLYING FOR A JOB 83% OF EMPLOYERS WITH A STRONG BRAND SAY IT SUPPORTS THE ABILITY TO HIRE 69% OF CANDIDATES WOULD NOT WORK IN A COMPANY WITH A POOR BRAND

Hiring managers are no longer the “buyers” in the recruitment process but the “sellers.” You must change your mindsets and get up to speed in your new revised role as an interviewer.

Those who know, understand that the recruitment process has always been about sales. A soft sales approach had always worked well in the past, but it no longer works. The interview has become pitch time. I invite you to download a report I have written highlighting the 7 recruitment trends you should be aware of recruiting sales talent in this market. To Your Success