There are currently over 31m people employed in the UK with unemployment levels at 1.7m – the lowest since pre-recession in 2007. Combine this with an estimated 14% surge in the number of professional job vacancies, and there is little doubt that the job market is at the feet of the candidate.
To combat the candidate-centric market and attract and retain the top talent, businesses have pledged wage increases and raised advertised salaries, with UK workers set to benefit from average real wage growth of 2.3% next year. But is this what candidates look for from a new job role? With 70% of workers in the UK currently open to the prospect of a new opportunity, we look at what will be the deciding factors for jobseekers in 2016:
1. The new role must excite
Contrary to popular belief, salary is the second most important factor taken into account when a candidate considers applying for a job. Because of this, it is important that throughout the recruitment and onboarding process the role and its responsibilities are clearly defined. Expectations must also be honestly outlined to ensure that only the most suitable and motivated candidates need apply. Even better, the job role should be unique and exciting, as 16% of candidates cited this as an important decision-driver.
2. Perks, perks perks
It’s been hard to escape the well-publicised insights into what it might be like to work for a company like Google, or Netflix or Virgin, with unlimited holidays, on-site gyms, childcare and subsidised food just some of the added benefits on offer. Because of this, 2016 is the year of the professional perk, with added benefits becoming a deal driving factor when it comes to choosing a new role.
3. Work-life balance
Flexible working has become increasingly desireable to candidates as the traditional 9-5 job becomes a thing of the past in many industries. In fact, 33% of jobseekers cite lack of balance as the reason they are leaving their role.
4. A steep career ladder
Progression has become increasingly important to candidates, with 28% of candidates searching for a role that will have more advancement opportunities and growth potential.
By embracing some of the other driving factors for jobseekers, employers are giving themselves the best possible chance to secure the very best of the talent out there. After all, research by the Harvard Business Review shows that the association between salary and job satisfaction is very weak. The reported correlation (r = .14) indicates that there is less than 2% overlap between pay and job satisfaction levels. Furthermore, the correlation between pay and pay satisfaction was only marginally higher (r = .22 or 4.8% overlap), indicating that people’s satisfaction with their salary is mostly independent of their actual salary.
To find out how Meridian Business Support can help you find the perfect role this new year, contact our team today.