The inflation rate of 2022 is higher than it has ever been, and this is taking its toll on the employment market. For instance, engineers are understandably on the hunt for better salaries. While it’s important for companies to keep up with the rate of inflation in 2022, it’s not always possible to beat out competitors on the salary front. As a result, businesses may take a different approach in their hiring strategies to accommodate this. Discover where to find real value in light of the inflation of 2022 in the UK below.
Hire for potential and not experience.
One way to combat the recruitment struggles presented by inflation in the UK in 2022 is to prioritise potential over experience. Just because someone has been in the industry for longer doesn’t necessarily mean they’ll surely be a more valuable asset to your team. Despite this, individuals with more experience will demand a higher salary, whereas those with limited experience are happier to accept lower starting salaries and work their way up. Similarly, less experienced individuals are often easier to train, as they don’t have bad habits that need to be broken out of; this will also save you money on training.
Look for transferable skills outside your current market.
Inflation in the UK in 2022 has meant that many people are putting their skills to different uses. Some industries are more in demand than others, influencing jobseekers to transfer their skills elsewhere. Engineering is one of the industries currently in demand, meaning those outside the market may be applying for engineering positions. These candidates are worth considering, as they likely possess the required skills to thrive in the industry. Despite this, they won’t be experienced in the industry itself, meaning they won’t expect high salaries right off the bat.
In light of the inflation forecast for 2022 in the UK, graduates should be seriously considered in engineering recruitment. Graduates will be seeking their first “proper” job, and these jobs can be hard to come by. Therefore, the salary often isn’t at the top of the priority list for graduates. So long as you provide them with a platform to develop and progress within their careers, they’re usually quite happy to start on a relatively low salary. The first job for graduates is about getting their foot in the door of the industry more than anything else.
With the 2022 inflation rate in the UK in mind, you might be looking to cut costs regarding recruitment. One of the most effective ways of doing this is by searching internally to fill vacant positions. You may find that the ideal candidate already works for you. This could save you a lot of time in the recruitment and training of new employees, and time is money. What’s more, this may result in the employee being able to fulfil more than one role in the company, making them a very valuable asset.
Use social media.
One of the simplest means of combatting the rate of inflation in the UK in 2022 is by using social media for recruitment. Although you can use paid tools on social media, it’s a predominantly free platform, allowing you to advertise and spread awareness. Similarly, social media is most commonly used by younger individuals, meaning you can gain the attention of fresh recruits. Ultimately, social media is one of the most affordable and effective means of spreading the word about vacancies and employment opportunities.
Are you looking to recruit in light of the UK inflation forecast for 2022? Upload a vacancy today!