04 Aug ‘The Great Renegotiation’ report highlights the issues faced by recruiters
‘The Great Renegotiation’* report highlights the need for application, interview and follow-up processes to be refined to enable organisations to win the fierce competition over talent.
In a recently commissioned survey of over 1,000 employees by Talos360, it was revealed that around 40% of job applicants will lose interest in a vacancy if you as an organisation have not replied to them within 48 hours of them applying. The data shows that recruitment teams no longer have the opportunity to be complacent with their recruitment process, and if they hope to attract and secure the best talent, they must sharpen up their recruitment plans to counter-act the ongoing skills shortage affecting all sectors.
The report of over 1,000 employees actively looking for a work placement within the past 12 months looked at what candidate expectations are around the application experience and found that many have little patience for drawn-out processes and are dismissive of employers who are slow to respond.
A few highlights from the report:
- 40% of job applicants will lose interest if they don’t hear back from employers within 48 hours of applying. Three out of 10 applicants were only willing to wait up to 7 days before losing interest and 98% of job applicants say they lose interest if they don’t hear back from employers within 2 weeks of applying.
- Almost one-quarter (23%) say they’d be put off applying to a boring job advert. Adverts must convey the right messages as simply and succinctly as possible and there is no room to be coy about money – Over half of those surveyed (55%) would be put off applying if no salary is stated upfront.
- A shocking 41% of job seekers apply for jobs while they’re supposed to be working in their current role. This is trend is most common among Millennials, with almost half (49%) of 25-34 year-olds saying they have applied for a job when they are meant to be working.
- Three-quarters of job seekers say they are happy to complete one-click applications and more than one-third, (34%) say they are put off by a long application form.
- Flexible working and working from home are a standard expectations now. With people wanting to work from home to save money and manage their work-life balance.
Janette Martin, CEO of Talos360 says: “Organisations offering roles with purpose, job satisfaction and flexible working practices together with a strong D&I and reward culture were more attractive.
These higher employee expectations are now driving the Great Renegotiation as job seekers and employers are navigating the benefits and working parameters that are more focused on the individual, while still allowing organisations to achieve their business goals”
We covered in a recent blog how starting salaries are currently at record high, while candidate availability at record low, and how we believe upskilling and reskilling your current team members is going to play a big role as part of the solution.
Competition for skilled people is fierce so you can no longer look solely to recruitment to solve all your skills shortages. It’s critical that as an employer you have the flexible funding, support, and quality training provision to tackle this problem head-on.
If you would like to talk to our team about how we can help your organisation deal with your skills shortages through apprenticeships, please get in touch today by calling 0800 783 2545