As an Oxfordshire-based recruiter, over the past couple of months I have been hearing from candidates and employers alike that the cost of living is having a huge impact on recruitment and indeed all our lives.
In reality, here in Oxfordshire we have been in a ‘candidate driven’ market for several years, meaning it has become more and more challenging to attract talent. A good example of this is at Thompson & Terry Recruitment, our time investment per hire has increased by c. 270% from that before the pandemic in order to maintain our CV to hire rate of c. 80%.
I think the challenge I am seeing is that 2 years go often candidates didn’t need more money but wanted it due to perceived ‘market rate’ created by supply and demand, but now in many cases that want has become a need.
This is mainly because UK inflation has hit a 40 year high at 10.1%, which impacts businesses and candidates alike. If as a business you can afford to support your people financially, I would encourage you to do so but I am aware most businesses are also being hit with huge increased costs therefore this is not always possible.
Here are some tips that could be useful:
Follow Martin Lewis and sign up to their weekly money saving tips email: Martin is so passionate about helping people and every week he gives tips that can positively impact our wallets; things like the Chase bank accountthat gives 1% cash back on all spending with no fees.
Talk: If you are struggling financially or in any way, my biggest advice is to talk and communicate with your manager, HR department or even a friend. There are also lots of charities that are there to help, such as Christians Against Poverty.
DO NOT SPEND unless you absolutely need to or can afford to: I see so many people buy that new car on finance when their current car is more than fine or max out credit cards. Unfortunately, all finance needs to be repaid so please, please, please do not finance unless you are sure you completely understand what you are signing up to and can afford to repay.
Take advantage of help you are entitled to: There are lots of grants and help that is available but many of us aren’t aware of or don’t claim so please take a look here.
Just to stress, I am not a financial advisor or economist so please do your own research but hopefully this blog has been useful and please share with anybody that could benefit.
On point 2, if anybody reading this needs to talk, please do get in touch for an informal conversation.