New research from European HR & payroll services provider SD Worx, has shown an intensifying tug-of-war for talent as British companies rally to deliver on hardened employee expectations and land new team members.
Based on a survey of 4371 companies in the UK and across Europe, the findings highlight a red-hot recruitment battle and a new power shift in the job market, with the balance tipping firmly in favour of employees.
When it comes to attracting candidates, 59 per cent of European employers are facing difficulty. That figure is significantly higher in Belgium (65 per cent), the UK (59.1 per cent), the Netherlands (54 per cent) and Ireland (53 per cent). Countries such as Sweden (32 per cent), Italy (32 per cent), Norway (31 per cent) and Spain (29 per cent) seem to have a slightly less difficult time attracting employees. In fact, over half of UK employers (51.8 per cent) say it’s never been more difficult to attract talent.
The picture is similar across Europe, underlining the new state of play in a job market where the war for talent is now employers’ most urgent challenge. The research also sheds light on how current employers are arming themselves in the battle to attract new employees, with over two-thirds (68.7 per cent) of European companies surveyed indicating that they have never had such a hard time positioning themselves as attractive employers.
Overall, six in ten European employers indicate that filling vacancies is currently taking longer.
Colette Philp, UK HR Country Lead at SD Worx, comments: “Recruitment issues are now running at record highs with companies facing a raft of major challenges to overcome at speed to keep apace in the heat of an intense war for talent.
“With an unprecedented lack of availability in the workforce, our research confirms that employers will have to be more inventive and investment orientated to ensure business growth and survival. This means thinking strategically to open up new pools of talent in the existing workforce through investing in training and development as well as instituting the new, yet hardened, employee expectations of flexible working hours and arrangements to land essential talent.”
European employers find it particularly difficult to find candidates with the right skills. For 56 per cent of the companies surveyed in Europe, this is the biggest challenge in the war for talent. The figure is even higher among Belgian (70 per cent), Italian (63 per cent) and German (61 per cent) employers.
New business models and digitisation are increasing the demand for new profiles. This new search points to a changing economy shaped by low employee availability and brings to light a new hardened business imperative to secure the right talent with the right skillset.
Looking toward the future of the jobs market, European employers cited five core areas that will determine companies’ ability to attract top talent:
– 35 per cent of employers put working hours and flexible working arrangements as a major priority
– 34 per cent of employers said job security and financial stability are in the top five
– 34 per cent said employees value the work atmosphere and social environment
– 32 per cent identified meaningful, interesting and challenging work as key
– 27 per cent of respondents said training and development opportunities are important
