When is the best time to recruit staff? While many articles will refer you to January.  I am referring to the next 6-12 months. 

The current market is going through some interesting changes. And while the last few years have been heavily driven by the employees and greater demand for candidates, the market is gradually shifting to be more employer driven.

Here are some signs that now is the best time to recruit:

1. Vacancies

2022 and 2023 were challenging times to recruit. The number of candidates on the market was limited. In the tech sector alone 2023 saw a 40% drop in the number of vacancies. This year we are seeing a smaller growth of around 14%. This is important as this means there are more candidates on the lookout while the number of vacancies in the market is limited. Ultimately you will therefore choose from a better selection of candidates that are available with less competition. This is expected to rise significantly in 12 months which is why this would be the best time to recruit.

2. Wage Growth

Wage growth has slowed down. The rise in inflation has caused havoc across the board and will have a massive impact on future wage increases. This has two advantages for a hiring manager. Firstly, there is an opportunity to offer candidates a package with less fear of reprisal from their current employer to keep them. Secondly, you can expect steadier wage increases for the foreseeable future, which will make it much easier to plan your budgets effectively.

3. Unemployment down

Unemployment is currently down. This means more stability for the workforce. It means that those looking are doing so for different reasons other than an unstable workplace. There is less desperation on their part and therefore the candidates are more likely to be looking for a new challenge or opportunity. The headline news creates a more relaxed workforce. The risks associated with moving jobs, while still there, are not seen as a major issue and therefore you are more likely to get better commitment from candidates.

4. Shifts in working expectations.

As mentioned in a previous article, there is a greater demand to get people back into the office. This pressure can cause a bit of resentment among employees who have focused on hybrid and work from home models. Some of the incentives that are designed to encourage people to return to the office have also had backlash from staff members. This gets candidates looking for an alternative employer. Again, this gives you a better pool of candidates to select from

While it is natural that there are peaks and troughs within any job market. With the four points put together, the conclusion is that you are more likely to get higher quality candidates for an interview while at the same time, you are less likely to have to compete or to have a candidate pull out after reaching the final stages of hiring.

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