The impact of rising wages on IT Recruitment in London
It has been widely reported wages are rising for UK workers (Link). It is safe to say London is matching, if not out-pacing the rest of the nation. There are several reasons for this, but the key result is that it is costing more to secure good candidates. Whether this is good or bad depends on your perspective.
Good candidates are in demand
A decrease in supply means higher desired salaries for good candidates. As a result, good candidates will have more options. They can pick the best opportunities. This means employers have increased competition and will need to stand out more. Some employers will offer what they see as “cool” perks. As a candidate, I considered perks; however, the deciding factor was always the overall package. Offering gourmet coffee is nice but would not win me over unless everything else was equal (never happened). Most candidates now are no different than I was. Above all, the overall compensation must be better.
Employers will work harder to retain their best
All employers should do this, but we all know some that don’t. Nothing wakes up businesses like their bottom-line. These conditions will provide employers with extra incentives to focus on staff retention. Good processes and a genuine desire to create a great working environment will benefit everyone. We spend so much of our lives working that anything that makes work better (more interesting, comfortable, flexible, etc) will improve London as a whole.
Some Recruiters will offer average as stellar
There are always those recruiters that spoil things for everyone else. They may accidentally (or not) push an average candidate as a star candidate. In the current market, the very real possibility of not filling a position can influence hiring decisions. This is where you need a trusted IT Recruiter. They will be able to tell the difference between average and stellar (not as common as you’d expect). They will also have the honesty not to inflate salaries (and as a result, their fees).
Reflection is needed on both sides
Candidates will have to reflect on what is important for them. With increasing attempts to recruit them, comes increasing chances of being drawn into an organisation or career path that isn’t a good fit. Employers will have to reflect. You will need to really think about what you need in an employee. You shouldn’t just make a long list and go for the person who ticks the most boxes. If half of your requirements are actually nice-to-haves, do you really need all of them? Have you made an effort to differentiate between needs and wants? If you can’t answer either question, find someone who can. This may be a member of you IT team, or a specialist IT recruiter actual experience. A reasonable list (job specification) may allow you to find a great candidate without paying a premium for unneeded skills.
Those who follow good practices (employers and IT Recruiters) will continue to succeed. Those who do not, will find it harder. With careful consideration and experience, we can adapt to the current environment and thrive.
If you would like to discuss this further or have questions related to IT Recruitment in London contact us on firstname.lastname@example.org. You can also call 020 7566 1199 or visit our site and arrange a call-back www.sapientrecruitment.co.uk/contact