As every employer knows, in the last budget, Philip Hammond announced a higher than expected increase to the National Living Wage (NLW) – the statutory national minimum wage for those aged 25 and over.
NLW will go up by 4.9% from 1st April 2019, rising from £7.83 to £8.21. This is equivalent to a pay rise of around £690 for a full time worker currently on the National Living Wage.
This increase sits against the backdrop of rising employment levels and a significant drop in the number of applications across all job roles – factors which are all likely to fuel rises in pay levels in 2019.
In this increasingly challenging candidate market, companies are doing all they can to retain their skilled workforce, and we have seen a marked increase in counter-offers this year.
The search for suitable candidates is certainly taking longer and, with a marked reduction in the number of applications per job, more time is needed to attract passive candidates.
However, if you want to secure the best people, you do need to be quick off the mark with prompt and efficient interviews and feedback.
If you want to attract people who may not be actively looking, you need to think about what you could offer to attract someone out of their current role. It’s not only about salary: candidates are looking at factors such as their daily commute, working environment, benefits, progression opportunities and – increasingly – whether there is a degree of flexibility on working hours.
Many of our clients are reviewing their current benefits and taking steps such as increasing their holiday allowance to attract the very best talent.
It’s also the ‘softer’, non-tangible things that are important – a positive working environment, extra incentives, training and feeling valued all help candidates to decide who they want to work for.
Here at Priority Appointments, we look at more than just CVs: we also provide advice on salary benchmarking and creating attractive benefits packages. Do give us a call on 01256 334575 – we’d love to help your business get off to a flying start for 2019.