fatraven-Talent Market Intelligence

  Speculating about market trends and critical data in the Recruitment Analytics Market? Read the Recruitment Analytics Vault for more insights and news.  

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With fatraven's business intelligence, you can expand your recruiting and staffing business, get new clients, and make data-driven decisions.

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Latest Trends In The UK Labour Market – 2021

During the last week, the UK unemployment has fallen to the lowest since 1974. Against the backdrop of slow GDP growth, this lower unemployment is an achievement. But it doesn’t define the success of the UK labour market. Other criteria besides the unemployment rate like the quality of work, flexibility of the job market and how inclusive and productive it is; must be considered to judge the success of the job market.

 For the last hundred years, the principal feature of the economic policy has been the pursuit of a lower unemployment level. Today, policymakers worry about the quality of work as much as quantity. Also, there has been a discussion about the gig economy and the growth of unskilled and insecure jobs.

 According to the latest trends in UK labour market, temporary jobs, part-time jobs, and self-employment are increasing. But these works are unfairly characterized as inferior to full-time jobs. It is essential to understand that most people choose it because of their comfort and flexibility but not because full-time jobs are unavailable.

 The increased level of part-time jobs in the UK, Netherlands, Denmark, Switzerland and Germany also reflects increased female workforce participation. On the other hand, the countries like Spain where women are less likely to work; offer only a few job opportunities to work part-time.

 Overview of the trends in UK labour market:

 The labour market data indicates that the estimated payrolled employees in October 2021 were 29.3 million, indicating an increase of 160,000 on the revised September 2021. The latest Labour Force Survey for July to September 2021 estimates show that the employment rate increased 0.4% points on the quarter to 75.4%.

 The record-high net flow from unemployment to employment was the main reason for this quarterly increase in the employment rate. The total job-to-job moves have also increased to a record high, driven mainly by the resignations rather than the dismissals during the July to September 2021 period. The upsurge in part-time jobs and the number of people on zero-hour contracts driven by young people is also a reason for this rise.

 The unemployment rate has decreased 0.5% on the quarter to 4.3%, while the inactivity rate remains unchanged at 21.1%. From July to September 2021, the yearly growth in average total pay, including bonuses, was 5.8%, and the regular pay excluding the bonuses was 4.9%. Some of the temporary factors inflated headline growth have affected the yearly increase in the average employee pay. But now, these factors are reducing and have a minor impact on the growth rate.

 But unfortunately, according to the labour market data, the UK falls badly based on the criteria productivity. Since the recovery of covid-19, the UK labour market productivity has grown only one-third the rate it did in the run-up to the recession. Other countries have seen more productivity, but UK’s growth is poor.

 Finally, the good news is that the UK has a flexible job market. Hence people have incentives and job opportunities to work where businesses find it easier to hire. The UK has had a jobs boom, but now it requires a productivity boom.

 For market intelligence in recruitment, look for fatraven to get the latest job market data for collecting and analyzing data to drive future decisions.

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Talent marketing – A quick and straightforward guide

Wish to recruit the top talents from the market? Here is how talent marketing will help reach out to top skills in the market and its pros. https://bit.ly/329VZCZ

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what is the talent market?

 We provide talent for critical roles within the free-market nonprofit sector through Talent Market,a nonprofit that promotes liberty through skill.Use our dashboard now.

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2020 was a hit for job seekers. But is job industry booming in 2021 also? Know the statistical Impact of COVID-19 on financial labour market.

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What Is Salary Benchmarking? Why Is It Important?

COVID-19 pandemic has severely impacted the financial stability of many businesses worldwide. It pushes the companies to realign the talent management strategies to retain the top employees and avoid reducing them. To keep the employees, salary benchmarking is the strategy you should use. 

It will help you offer the most competitive salary packages in your industry and attract more highly-skilled candidates from the job market to work for your company. Additionally, it will be more beneficial for the company since it increases employee satisfaction and decreases attrition rates. As a result, it will maximize the company’s finance with proper management.

What does salary benchmarking mean?

Salary benchmarking, also known as compensation benchmarking, gathers information on attractive salary packages for a particular job position by conducting an extensive salary survey and comparing the internal and external job descriptions. It will help the company determine whether they are paying above or below the market average. 

Also, it will help the recruiters set a salary spectrum within which the offered compensation should fit. You can also use the salary checker tool for more accurate details. The comprehensive labour market data report will contain all the necessary information that will support recruitment.

Why salary benchmarking is important?

Having a good salary benchmarking will be a strong foundation for small, medium and large businesses. Since the organization growth or failure depends on the proper strategy, you have to understand the importance of compensation benchmarking.

For example, if a business has terrible market salary data and doesn’t conduct proper research, it will find it hard to attract the best candidates from the talent market. This may also put the businesses at risk since you may hire the wrong candidate by advertising the job position without a suitable salary range.

Here are some reasons why you should utilize compensation benchmarking:

Increased employee job satisfaction and morale

Encourage the best performance

Recruit and retain the high-performing and skilled candidates

Reduce the turnover and improve company’s loyalty

Achieve both internal and external equity.

At fatraven, you can find the salary checker tool that will make your work more accessible as a recruiter. Of course, you can also get the labour market data report to create the right strategy that will help you recruit ideal candidates from the job market.

Compensation benchmarking benefits the employers by:

Becoming one of the top competitors in their industry type

Maximize the plan for financial gain

Attracting more desired candidates

Maximize the talent management costs

Improve the employee retention rate

Conclusion:

 It is essential to understand that we live in a world where data is the power that makes one better or worse. Talent management and retention in an organization will hugely benefit the business, and it can be achieved through salary benchmarking.

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Salary Benchmarking UK - The Ultimate Data Tool For Recruiters

"Check out our salary benchmarking tool that is accurate & lets you make smarter decisions about the pay planning and budgeting of employees."

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10 Business Development Tips For Recruiters 2021

Recruiting nowadays looks radically different than it did just a year ago. Accelerated with the spread of the virus worldwide, the impact of COVID on the recruitment industry was never expected by anyone. The smart recruiters used virtual recruiting to fulfil the recruitment needs.

To help manage these changes and get ahead of what is coming in the future, you have to make predictions and use the best business ideas that will make you reach the business goals. No matter the size of your agency, you can use AI-assisted recruitment with fatraven to establish your agency successfully and get new leads.

There are much more in business development than just concentrating on expanding your clients and candidates bases from the job market. What you want are the right business development tips for recruiters that work in driving the steady and sustainable flow of new leads. If you have been looking for meaningful and actionable business development ideas, then here are some working ideas you can use. 

How do recruiters can easily do business development? 

Look for quality over quantity – The idea is to use the labour insights effectively to find the potential talents from the market. Instead of concentrating on quantity, start with quality recruitment to achieve success.   

Explore the latest SEO options – SEO improves the ranking of your website and help in business development. It is one of the best ways to increase leads by driving more traffic to the website. 

Share your successes – A great reach can be obtained when you share your success with good evidence that supports it. Hence a key idea for development is to share your success stories

Encourage more referrals – The ultimate success of a business exists when you generate new leads and manage existing ones. The advertising will do amazing work and make you as well as clients satisfied.

Build an expert reputation with PR – Investing in PR will work in driving leads.Using this method, you can stand out in the crowd and effectively carry out a 360 recruitment process and ensure that you find the best talents from the job market.

Utilize social media effectively – Social media is taking over the word business development and marketing nowadays. Hence, being smart recruiters, you can use social media platforms effectively to achieve access.

Use automation and email marketing – This is a successful method to build leads and loyalty. All successful recruiters use the talent intelligence market that involves playing a smarter game. With the recruitment dashboard, you can automate all the processes and effectively target your audience based on specific interests.

Consider podcasting – This is a great way to establish yourself in this recruitment industry. You can focus on discussing about the latest trends, share advice and so on.

Invest in remarketing – Retargeting or remarketing is a form of paid marketing on  popular social media channels. This means you can ensure that you don’t lose business and strengthen the business.

Build more partnerships – In this industry, building more partnerships is essential to reach a wide range of audiences. This will increase the reach of your marketing and help you reach the target clients potentially.