According to recent research conducted by people specialists Reality HR, more than four in 10 businesses anticipate difficulties in recruiting new talent over the next year.
The HR consultancy, based in Basingstoke, asked companies about their major business or people-related challenges for the upcoming 12 months. Among the respondents, a significant 41 percent identified recruitment as their primary concern.
Additionally, 28 percent expressed concerns about employee retention, while 13 percent highlighted pay and benefits as pressing issues.
Reality HR’s CEO, Sally-Ann Hall-Jones, commented on the findings, stating, “We understand the challenges organisations are facing in keeping pace with evolving employee priorities, such as pay and benefits, particularly as rising costs impact a growing number of workers. Employers need to remember it’s not all about salary. If pay increases are not possible, there are other ways, such as financial education and wellbeing support, that can help employees with the rising cost of living.”
Hall-Jones emphasised the company’s commitment to keeping businesses informed about these trends and challenges while providing solutions to stay ahead in recruitment, retention, and overall business performance.
Why is the c0st-of-living crisis important here?
Responses from the survey indicate that the cost of living is a major contributing factor to recruitment and retention challenges. Businesses expressed difficulty in retaining talent due to their inability to offer the salary and bonuses that candidates seek. Some companies also mentioned struggles in recruiting candidates of the desired caliber, keeping up with market-related salaries, and the inability to provide high salaries and bonuses.
The research conducted by Reality HR involved client perception interviews as part of a comprehensive survey involving 65 of their clients. The survey also assessed Reality HR’s Net Promoter Score, a loyalty measurement often considered the gold standard in customer experience metrics. With a resulting score of +81, Reality HR’s performance is deemed exceptional across all industries, surpassing the benchmark of +54 for “excellent.”
Reality HR comprises a team of expert CIPD-qualified HR Consultants dedicated to assisting businesses with day-to-day outsourced HR support, complex people management projects, recruitment, and training.
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.
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