5 Things to consider if salary inflations are affecting your hiring strategy

5-Things-to-consider-if-salary-inflations-are-affecting-your-hiring-strategy

It is no secret that many industries have had to adapt to rapid unforeseen change over the last two years, with the Talent, HR and Recruitment industry being no different. Many hiring strategies that were working pre-pandemic quickly have become outdated, with new trends giving way to new ways of hiring and ultimately doing business.

Surely, you have by now attended at least one webinar or read a few blogs about topics like; “working from home”, “the importance of DE&I” and “the new temporary worker” in the post-pandemic world? If not…I suggest taking a look at some of these insights:
Is Remote Working Here to Stay?
4 Easy Steps to Improve Diversity Today
Global Mobility and Ultra Flexible Working

The latest industry trend that is on everyone’s blog pages, is that of the “candidate driven market”. LinkedIn refers to this phenomenon as “the biggest and most significant change that we’ve seen in the world of recruitment”. There is a new love-love relationship between employee and company, where employees are holding on to their jobs, and companies are rewarding their employees financially to ensure that they stay put. All ultimately leading to a skills shortage, and inflated salaries.

Luckily there are some ways in which companies can embrace this trend, by slightly changing up their hiring strategy;

1. Accept it might take longer to make a hire

Now more than ever, it is vital to ensure that you are hiring the right candidate for the role. Instead of rushing to fill the role, take the time to find a candidate who not only has the right skills and attitude, but someone that fits your culture and loves your brand / matches your values.

2. Reduce expectations of the role

As Simon Sinek famously pointed out, “don’t hire for skills, hire for attitude, skills can always be taught”. Perhaps consider a more junior candidate for a senior position, and upskill them, or consider a candidate from a different industry. This is also a great way to refresh your internal onboarding and training programs.

3. Hire part time

The “gig economy” has been thriving over the last couple of years, with more and more skilled workers choosing to work part-time over permanent roles. There are a variety of skilled candidates available at short notice - and could be a good solution for companies needing to fill an urgent vacancy.

4. Hire fully remote

If your company isn’t already doing so, it might be time to consider looking for a candidate in a new region, with a lower cost of living. There are many skilled resources available in countries within similar time zones that are more keen than ever to join a global organisation.

5. Consider internal movement

Internal movement is one of the most under-rated approaches to hiring. Existing employees already are familiar with internal processes, your culture and your brand. Less experienced employees are more likely to consider roles completely different to their skillset and are less interested in climbing the proverbial corporate ladder. All you need is engaging training for the key roles in your business.

At Instant Impact, we’re reinventing outdated recruitment and RPO models by taking a truly people-focused approach. We work as part of your team to transform your hiring, saving you time, frustration and wasted money.

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