What impact has the credit crunch had on recruitment and retention in the past year?

According to the CIPD recruitment, retention and turnover report 2008, official government statistics suggest the UK jobs market has been resilient to economic performance over the past 12 months. Employment levels are at an all-time high while redundancy rates are at an all-time low and unemployment remains low.

Will the credit crunch have an effect on recruitment and retention in the next 12 months?

The unstable economic market could impact the UK employment market quite dramatically, if companies stand still and let it.

The competition for specific skills and highly talented candidates will increase in an effort to keep companies innovative and competitive. This in turn will motivate companies to stay ahead with regards to employment retention. A recent survey shows that addressing staff retention does not just involve improving salaries, as employees are no longer primarily motivated by financial rewards, workers are more willing to put in extra discretionary effort to help their organisation succeed if they believe their company is investing in them and their skills.

Companies that will ride out the economic slow down with ease are those that look to use innovative methodologies to attract and retain the very best talent.

If you would like to discuss how the economic downturn could effect your company’s recruitment and retention, please contact one of our experienced consultants on 01275 375588.