The UK unemployment rate has decreased to the lowest it’s been for the past 10 years. According to the Office for National Statistics the last time the country experienced this type of unemployment was back in December 2005. Most British citizens find this to be a godsend. With such a high rate of the public being employed on a full time or part time basis, things are looking rosy. However, this does pose an interesting conundrum for recruiters in the UK.
On the surface it seems that recruiters will surely suffer. If unemployment is on the decline, doesn’t that mean there are less candidates to place? Well the simple answer is yes, there are fewer candidates in the overall market. However, there are also other factors to consider and any recruiter worth their salt will tell you, that the candidate pool never really runs dry. So in times of low unemployment what can a recruiter do to keep bringing home the bacon?
1. Focus on niche or specialised markets
The UK is still experiencing a skills shortage according to Global Recruiter. In contrast, this actually presents a fruitful opportunity for recruiters and agencies. Sectors like IT and engineering are always in need of skilled technical expertise though of course going down this path will require substantial research and industry knowledge on the recruiters’ part. With that being said, niche and specialised placements also offer very lucrative pay-outs.
2. Passive recruiting
Yes, as a recruiter you already know about this. But maybe with the current candidate market it’s time to reconsider. It’s important to note that you could combine the above tactic with passive recruiting. If an employee has specialised skills, they could be a perfect candidate for passive recruiting. To make your job as a recruiter even easier, most employers would be willing to offer better packages with better perks if they know they are investing in a candidate with the niche skills they require.
3. Implement incentives
This tactic correlates with the previous point and requires a bit of finesse and a good relationship with your clients. Then again, it can also yield some excellent results. You will have to approach the client to ask if they are willing to offer additional perks such as the covering of relocation costs if a candidate is ‘on the fence’. Once again, most companies would be willing to incur the additional costs if the candidate is worth it.
4. Utilising existing candidates
You may be doing this on some level already however, there are opportunities here. The key is to approach candidates you have already placed, and enquire through a phone call rather than email, if they have any friends, family or colleagues who would be open to knowing about new employment opportunities. You can offer an incentive for recommendations however, sometimes just being genuine and asking as a “friend” seems much more sincere.
With a diminishing unemployment rate, and the number of new jobs being created also decreasing, the above options are certainly worth considering. Recruiters can attract top level talent in a market with a reducing supply by reassessing their approach. As a recruitment outsourcing service firm, we provide analysis and skill mapping, in addition to sourcing and screening suitable candidates to streamline the recruitment process.
If you are considering outsourcing, please call us on +44 845 838 2462 or email us: firstname.lastname@example.org for a confidential and no cost discussion.