As we head into the new year, our attention turns to what consulting recruitment will look like in 2023.
The recruitment market is actively changing. With hiring rates slowing by 11% in the UK, we’re starting to see the recruitment market return to normal after an unprecedented busy period of hiring in 2021-2022. Consequently, it has never been more important to stay up to date with the changing market as businesses look to attract and retain talent.
We have put together our thoughts and expectations for the new year to support hiring managers with their recruitment plans.
How will industries respond to an economic downturn?
It’s important to remember that economic hardship doesn’t affect all industries, businesses and locations at the same time or in the same way.
We expect to see many businesses turning to consultancies for support in preparing them for the year ahead. Many will need to create new efficient, cost-cutting operations to ensure they retain profitability. As a result, we expect to see consultancies being engaged to support companies with cost-saving initiatives, including the creation of efficient processes, technology-led changes and reorganisation possibilities.
This is something that we saw in the previous economic downturn, with spending on business process re-engineering up by 31% and 19% on operations consulting.
Consequently, it’s important to ensure that your teams are prepared to support on the influx of this work in 2023. Hiring and retaining Strategy, Transformation and Change consultants will ensure that you are best prepared to support clients in the new year.
The future…
One of the best things organisations can be doing to set themselves up for success is to think about the future. Times of change are always the busiest for consultancies and so we expect to see the demand for consultancy work pick up again as we exit this period of economic downturn.
Although we’re only at the start of this period, it’s important to consider the future and make sure that consultancies have the talent required for the influx of work predicted.
What are candidates searching for?
If you are looking to grow your teams in 2023, it’s important to be aware of what candidates are looking for to ensure that you can attract and retain talent.
Compensation
As we head into this period of economic uncertainty, salary is one of the largest considerations for employees and candidates alike.
With the cost-of-living adjustment, rising inflation and interest rates, people are increasingly concerned about their financial situation. If you would like to learn more about what salaries you should be offering, we have put together our salary guidelines. Get in touch to receive a copy via hello@tarkatalent.co.uk
Flexibility
Although salary is a significant consideration for all candidates, it comes in second place to flexibility according to research conducted by LinkedIn.
Flexible working can be defined as flexibility around when and where your employees work and is something that every business should be taking seriously in 2023. Including details around your flexible working policy on job descriptions is proven to receive more applications. Although only 9% of UK LinkedIn job postings were remote, 21% of all applications were for these roles.
Moreover, the government has recently recognised flexible working as an employee’s right. New measures will allow millions of employees to request flexible working measures from the first day of their employment. The government have stated that flexible working provides a number of benefits to employers, including the ability to “create[s] a more diverse working environment and workforce”. This is something that we’re big advocates of at Tarka Talent and discussed often in our Women in Consulting Community. Flexible working can support many back into work and improve the retention of female and non-binary employees.
Stability
Candidates are actively searching for stability in their job searches. The evolving economic environment has many people actively searching for stable employment. As a result, it’s important for businesses to show that they’re investing in their employees in order to attract and retain them.
To find out more about attracting and retaining top consulting talent, get in touch with our expert recruitment consultants.
Tarka Talent is a recruitment agency focusing on the Strategy, Transformation, and Change Management space, specialising in both permanent and contract roles. We’re made up of ex-consultants and specialist recruitment consultants, so we’re uniquely positioned to support you in your next search.
