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War for talent heats up as salaries take centre stage

Emerging Leaders Report

Wages could be set to increase for top talent as employers look to attract the very best candidates into the market.  This warning follows the latest Labour Market data released by the Office for National Statistics which showed pay in Q1 2014, including bonuses, to be 1.7% higher than the same period last year, with pay excluding bonuses to be 1.3% higher.

While employers should remain cautious, you should look to increase headcount numbers and attracting the top talent will be high on your agenda.  However, currently, we are seeing vacancies outstrip the number of available candidates, creating the need for employers to work harder to entice new recruits.

Some employers are reacting by taking this as an early opportunity to attract talent by competing on salaries – something which we discovered in our salary survey, remains a key option for candidates when considering a new job.

Indeed, Hudson’s annual Employment Insight and Salary Survey 2014 – an annual survey of recruitment trends – recorded that 64% of employers are concerned that more competitive salaries elsewhere will drive employees to leave, with 48% of employees responding to the survey claiming a better salary is the key option when considering a new job.

The same survey also showed that just under half (45%) of respondents were looking to change jobs throughout 2014.  However, we believe this could be set to change. 

With confidence being a key driver in job move decisions, the on-going positive news about the economy is likely to see candidates renew their focus on their career paths.    In particular, with summer holidays approaching, many employees are likely to take this time to consider new opportunities and by the end of the year, we’re expecting to see an exodus of employees looking for that new role.

As a result, it is crucial that employers ensure they are in tune with their talent pool to remain competitive as it will be those organisations that are ready to move quickly, that will have the pick of the best talent.

Access the 2014 series

 
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