AUGUST IS ‘THE MONTH FOR RESIGNATIONS’... THE PITFALLS & OPPORTUNITIES
Posted on 7th August 2024
According to new data*, August stands out as the most popular month for employees to resign, accounting for 11.7% of all annual resignations. There have also been major surges in online searches for ‘staff retention’, further highlighting the swell in candidate activity. For many businesses, this revival in candidate activity can represent a number of both opportunities and threats to be aware of. Read on for Netbox Recruitment’s tips on making the most of August’s spike in candidate activity. (*Instant Offices)
OPPORTUNITIES
A CHANCE TO BECOME AN EMPLOYER OF CHOICE
A rejuvenated hiring market with active candidates is the ideal starting point form which to assess what makes you an employer of choice and what defines your hiring strategy.
RAPID HIRING & FLEXIBILITY
With more candidates actively looking for new roles, ideal candidates will be more likely to be found faster. This enhances your business’s flexibility in being able to swiftly adapt your hiring plans in-line with marketing changes.
THE BEST RETURN ON HIRING
With more candidates looking for new positions, the chances become greater for a higher return on investment for your renewed hiring efforts. Candidates can be found quicker, or highly calibre candidates altogether will be more readily available.
THE TIMING COULDN’T BE BETTER
The timing is ideal for candidate activity looking to spike this month as many of the year’s biggest distractions have passed. With the general election and the Euros behind us, teams can be 100% focussed on this month’s hiring activity.
TEAM ENHANCEMENT
New hires can bring a range of benefits including; bringing fresh ideas and perspectives, increasing workforce diversity, bringing renewed energy and enthusiasm to the workplace, upgrading employee skill-sets and expertise.
THREATS
EMPLOYEE RETENTION
With a surging candidate market comes the increased chances of receiving resignations from your team. Now is the time assess your day-to-day working practices and business culture to keep staff retention high.
LOSS OF BUSINESS EXPERTISE
Some employees resigning will inevitably present a greater disadvantage for your business than others. Long-standing employees who have real expertise on your business and your specific industry need to try to be retained where possible.
PRODUCTIVITY ISSUES
Employees who are starting to actively engage in job hunting may be less focused and engaged in their current roles, contributing to an overall decline in productivity. This effect can be amplified if their conversations with other staff encourage others to also begin actively looking of new roles.
COMPANY REPUTATION
High turnover rates can tarnish any company’s reputation, making it harder to attract top talent in the future. This is particularly the case for SME businesses that often attract candidates from locally-based candidate pools.
SUMMER WORKLOADS
Many teams are already stretched thin over the summer months as businesses manage large amounts of annual leave as employees take holidays and vacations. Potential waves of resignations would be the last thing team leaders would want to contend with as an additional concern.
ADVICE FOR THIS SUMMER AND THE LONG TERM
At Netbox Recruitment, we have the expertise to advise on the best approach to your hiring strategy, whether that’s over the summer months or the long-term. Alongside our core hiring approach, we also offer support on a wide range of additional services including:
- Creating effective job descriptions.
- Salary surveys and benchmarking.
- Competitor analysis and head-hunting.
- Help with interviews and assessments.
- Personality profiling & skills assessments.
- Candidate referencing and vetting.
- HR, employment law &contract templates.
- Employee disability awareness training.
For more information contact our team of expert advisers now on info@netboxrecruitment.com or call 0344 2572070.
