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Market insights: Empowering your talent strategy.

Despite many companies striving to cut costs and proceed cautiously, the underlying business needs for top talent remain. The contract recruitment market has seen a boom, and that will continue in 2024.

 

of hiring managers plan to recruit over the next 6 months.

 

of professionals in the UK plan on actively looking for a new job in the next 6 months - 5% down from last year.

 

of employers have lost out on hiring new talent in the last 6 months as they can’t compete on salary and benefits.

While the economic downturn weighs on the minds of employers, there remains a resounding belief that the right talent - that can drive progress and improvement - will remain hotly in demand.

- David LeitheadChief Operations Officer, Morgan McKinley UK

This is your opportunity to Go Beyond all expectations.

How can you be successful in the evolving talent landscape?

The top 5 hiring challenges companies will face in 2024.

 

of organisations in the UK found hiring ‘Very’ or ‘Quite’ competitive in 2023. The main barriers for recruitment in 2024 are…

  • Lack of skilled candidates available
  • No budget to hire
  • Pay and benefits not competitive enough
  • No sign off for new headcount
  • Length of hiring process

What do people want? Key benefits to offer…

 

Employees in the UK are not very satisfied with the benefits they receive, with 59% being ‘neutral’, ‘dissatisfied’ or ‘highly dissatisfied’ with their packages.

Offering strong benefits, both financial and non-financial, increases your chance of attracting and retaining top talent.

    Top 5 most desired benefits:

  • Work from home
  • Bonus
  • Pension (above statutory requirements)
  • Health insurance
  • Flexible working hours: Flexi-start, flexi-finish

Flexibility is still high on the agenda.

 

Flexibility around working patterns remains a prominent request, yet 40% of organisations are asking staff to be in the office more regularly compared to this time last year.

Giving freedom around where and when your people do their work gives your attraction and retention a boost.

Up, down or flat? The state of salaries.

Significant salary increases seen in 2022 normalised in 2023 - with fewer vacancies, the power shifted. However, employers should be careful to not under offer as they will likely miss out on the top talent that understands their value.

51%

of organisations kept their salary bandings level over the second half of 2023.

70%

of employers plan to increase salary offers in 2024 for certain, hard-to-fill roles.

49%

of professionals are optimistic that they will receive an increase in 2024.

2024 UK salary guide.

Explore salaries to find out how much you should be paying your employees or how much you could be earning this year.

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Download your Salary Guide for 2024.

Salary data, insights and advice to guide your talent strategies. Benchmark what you are paying your teams against the industry averages for roles in your location.

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