66% of companies say labour costs are a financial pressure right now in the recently published results from the British Chambers of Commerce Quarterly Recruitment Outlook (QRO) Survey. Here Belfast Belfast-based The Formula offers solutions to spiralling recruitment costs.
The report, published earlier this month, has also cited that nearly three quarters of firms surveyed have faced difficulties when attempting to recruit.
Emma Murray, Managing Director of local Employer Marketing company The Formula, says, “While some of these challenges are in relation to workplace training limitations and skills shortages, particularly in the hospitality and manufacturing sectors, having a strong employer brand, good internal communications and a solid understanding of what the candidate really wants can help your organisation attract, secure and retain the best talent, while saving HR teams valuable time and money”.
Emma continues, “Recent data from LinkedIn shows that business and organisations that have a strong employer brand can reduce their staff turnover by up to 28% and cost per hire by up to 50%. With the average cost per hire in the UK being estimated at £6,000, these are significant savings not to be ignored”.
With over 30 years’ experience in employer marketing and borne out of local advertising and PR Agency, ASG & Partners’ specialist recruitment division, The Formula supports organisations of all sizes and sectors attract and retain quality talent.
“The QRO report accurately reflects the challenges and pressures we see our clients facing in today’s candidate-led market”. Emma says.
“The Formula’s mission is to transform an employer’s often reactive approach to recruitment and deliver them both time and cost-efficiencies, while developing strong employer brands. One local healthcare client benefitted from a reimagined campaign that enabled them to not only recruit at the volume needed but also to create a waiting list and with an attractive ad campaign cost of £50 per interviewed candidate. Bearing in mind the average cost to advertise a role online is around ten times this, this was a great outcome for them. Working with our clients as an extension of their HR and internal marketing teams, we can help take the pressure off their time spent on employer marketing to allow them the valuable time required to focus on other strategic HR priorities”.
For further information on the range of services available from The Formula including employer branding; research; internal communications and recruitment advertising please contact Emma at [email protected] or visit www.wearetheformula.co.uk
- The recent LinkedIn study: https://business.linkedin.com/content/dam/business/talent-solutions/global/en_us/c/pdfs/ultimate-list-of-employer-brand-stats.pdf
- The British Chambers of Commerce Quarterly Recruitment Outlook (QRO) Survey: https://www.britishchambers.org.uk/news/2023/10/quarterly-recruitment-outlook-labour-cost-pressures-bite-as-hiring-issues-remain/