While the economy is benefiting from almost full employment. Employers are struggling to fulfil their employment needs. Equinix conducted a study in 2022 which showed that 62% of businesses in Ireland are forging ahead with plans for expansion despite economic concerns. For more information on this please read our article on Irish labour force employment statistics.
We have also discovered that hiring for highly skilled professionals, e.g. qualified accountant will be extremely challenging this year (2023) as many accounting professionals have chosen not to pursue or advance their qualifications leaving the pool of qualified candidates extremely small. While we suspect this will be rectified in the coming years, it is an immediate concern for employers and their businesses.
We have seen business leaders attempt “quiet hiring” practices. Quiet Hiring is training existing employees in new skills to increase responsibility at work and prevent the need for new recruits. However, this has a high potential to backfire as recruitment agencies, like Hall Recruitment, have seen a surge in applications from employed professionals who are leaving their current employers for this very reason.
So what do we do?
In today’s competitive job market, companies are constantly searching for new and innovative ways to attract and retain top talent. As we head into 2023, there are a number of incentives that employers can offer to entice new hires to join their team.
Flexible Working Arrangements:
One popular incentive that has been gaining traction in recent years is flexible working arrangements. This can include options such as remote work, flexible hours, and part-time work. With the ongoing COVID-19 pandemic, many employees have had to adapt to working from home and have come to appreciate the benefits that come with this type of working arrangement. By offering flexible working options, companies can attract top talent who are looking for a better work-life balance.
Professional Development Opportunities:
Another incentive that is becoming increasingly popular is professional development opportunities. Unlike quiet hiring practices, employees must be included in the conversation when they are offered things like in-house training programs, leadership development programs, and tuition reimbursement. By investing in the professional development of their employees, companies can attract individuals who are looking to advance their careers and take on new challenges.
Another way to attract new hires is by offering competitive compensation packages. This includes not just salaries but also benefits such as health insurance, retirement plans, and paid time off. The latest legislation from the Sick Leave Act 2022, which guarantees any new hire will be automatically entitled to x3 paid days sick leave (2023), not to mention tax savers such as the bike-to-work scheme and annual travel tickets, which offer benefits to employers and employees, mean that businesses have at least some benefits to advertise. Additionally, companies can also offer incentives such as sign-on bonuses and referral bonuses to entice new hires to join their team.
Lastly, companies can also use their company culture as an incentive for new hires. By highlighting their company’s values, mission, and community involvement, employers can attract individuals who align with their company’s culture and are excited to be a part of it. For some businesses aligning your values strategically with recruitment professionals who have amassed an audience on positive work culture is an excellent opportunity to attract even more highly skilled and qualified candidates.
In summary, there are many incentives that employers can use to attract and retain top talent in 2023. These include flexible working arrangements, professional development opportunities, competitive compensation packages and a positive company culture. It is important for companies to evaluate their current offerings and find ways to improve them in order to stay competitive in the job market and attract the best employees.
At Hall Recruitment we provide an intelligence focused and expert service in all aspects of personnel selection and recruitment. What’s more, we bring a wealth of knowledge and experience to the work we do.
Our database of qualified candidates is consistantly monitored and updated to ensure we work with active candidates available for work.
Our duty of care ensures that we will update our clients on positions but also ensures that candidates we put forward for positions are given updates on their applications within a timely manner.