The UK labour market is struggling to get back on its’ feet. We’re all feeling it and recent ONS data is showing it. So, what story is the data telling us?
⬆️ Record number of people leaving the labour market.
⬆️ More people are unable to ‘look for’ work because of long-term illness.
⬆️ Record high vacancies in healthcare and public sector.
⬇️ Unemployment at a record low.
⬇️ In real terms, pay has decreased (when factoring in inflation). ⬇️ The number of redundancies businesses plan on making over the coming months.
What does that mean?
There are fewer people ‘looking’ for work.
More people are being squeezed out of employment. (Usually women, single parents, disabled people, and ethnic minorities.)
The need for comprehensive health and wellbeing support for people - both entering and already - in the workplace is ever-growing.
Purpose is not enough to attract and retain talent.
Yes, there are so many things at the top of the business agenda right now. But, if this isn’t a sign for businesses to really look hard at their employer brand, then I don’t know what is.
The fact is, there are fewer people looking for work. Without giving talent a compelling reason to choose you as an employer - they simply won’t. Without giving your current employees a good enough reason to stay (engaging the head and heart) - they’ll move on. Without articulating who you are as an employer and what that means for employees, you will find yourself on the recruitment treadmill, time and time again. An expense that can be avoided.
Times are hard. Dig into your employer brand and let it do the heavy-lifting for you.
Need some help? Drop me a message on Jessica@jrcomms.co.uk.
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