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UK businesses urged to hire now – after a two-year hiring slump

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The time is right to hire top tech talent

Businesses have been urged to use their hiring schedule to stay ahead of their competitors, as the number of people looking for jobs increases for the first time in over two years – following a UK hiring slump.

FDM Group has advised companies both large and small to use the hiring slump as the perfect opportunity to access top talent and align with their company’s evolving tech needs. Recent research by KPMG and the Recruitment and Employment Confederation (REC) reveals; the number of people looking for jobs has increased for the first time in 25 months and as technology evolves, businesses need skilled staff to develop and implement that tech.

Five reasons why now is the time to start hiring:

Access top talent amid reduced competition: By initiating hiring efforts now, companies can tap into a highly skilled talent pool without vying with competitors for the same resources. With reduced competition, businesses can attract top talent with less effort and expense, by negotiating more favourable salary and benefits packages.

Align with evolving tech needs: Investing in top talent skilled in AI, allows businesses to automate processes and boost productivity. By capitalising on talent acquisition now, businesses can future-proof their operations – ensuring they have the expertise to be ready when the economy bounces back.

Promote diversity and inclusion: Businesses can take advantage of the diverse talent available in the market by looking beyond the traditional sources of talent – such as colleges. Companies can recruit from underrepresented groups, such as; those with disabilities, those with extended career breaks, and those from low-income backgrounds – creating a diverse workforce, which is more representative of the communities it serves.

Capitalise on upskilling opportunities: Offering training and development programmes to existing and new hires can not only enhance their capabilities but also improve employee loyalty and retention. Building a culture of continuous learning and professional growth sets businesses apart from their competitors, making them more attractive to both current and potential employees.

Strengthen the employer brand: Taking proactive steps to build out talent pipelines during an economic slump sends a powerful message to both internal and external stakeholders. A strong employer brand attracts top talent, fosters employee loyalty, and helps create a positive workplace culture.

Sheila Flavell, Chief Operating Officer at FDM Group, said: ”While periods of economic slowdown may appear daunting, they also present unique opportunities for businesses to prioritise talent acquisition. The recent surge in job applicants signifies a shift in the labour market dynamics. Organisations that embrace hiring during these times will benefit from reduced competition, access to a diverse pool of top talent, alignment with evolving tech needs, and a boost to their employer brand and future readiness.”

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