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Q3 Review and Q4 Outlook

phil.grinhaff@gmail.com (Philip Grinhaff) — Wed, 02 Oct 2024 13:37:33 GMT

Q3 Review and Q4 Outlook

Oct 24 - If you are a fan of sport and politics, the last 4 months were probably your idea of heaven. Whilst the summer months are typically quieter in the recruitment world, events on this scale undoubtedly intensify the adverse impact on hiring activity. However, the sporting events do bring joy and a welcome lift for many, whilst the political landscape is perhaps best discussed elsewhere.

Here we discuss the Q3 market and we look ahead to Q4. We start with the latest KPMG jobs report, which tends to be an accurate reflection of the market.

KPMG’s Report on jobs: published 9 ^th September 2024.

Key findings

Steeper fall in permanent placements signalled
Permanent pay growth weakest in five months
Candidate availability continues to climb
Data collected August 12-23

The UK Report on Jobs survey, compiled by S&P Global, signalled a softening of UK labour market conditions during August. Latest data showed that permanent placements continued to fall, and at an accelerated pace, amid reports of reduced demand amongst companies for new staff. Permanent salaries meanwhile continued to rise, but at the weakest pace since March and at a rate well below the survey's historical trend. Concurrently, temp pay increased at the weakest pace for three-and-a-half years.

Despite these disruptions and a cooling of the wider market, we successfully navigated the ‘quiet’ months and completed 6 projects, and we were appointed on 5 new searches. We are delighted to be working with existing and new clients and look forward to continued success in Q4.

Quarter 4.

The UK business landscape for the fourth quarter of 2024 is expected to be shaped by a mix of recovery and caution. Following a slowdown in Q3 as discussed, our optimistic prediction is that businesses will look to accelerate decision-making and hiring, particularly in sectors such as finance, technology, and professional services. Employers and job seekers can't continue to look at each other across the gate. Sooner or later someone has to make the first move. Whilst the permanent job market remains sluggish, this could be good news for interim and fractional professionals.

Freshwood

If you are new here, Freshwood focuses on senior to board level finance appointments across most industry sectors, and our coverage is UK wide. Our model is based on the provision of high levels of personal service, based on over 50 years’ experience. We are fortunate to have some wonderful long-standing relationships with our clients, many of whom started as candidates. And of course we love to make new friends.

If you would like to discuss our services, please contact Phil Grinhaff at phil.grinhaff@freshwoodgroup.com or Fiona Hartfield at fiona.hartfield@freshwoodgroup.com

How to improve staff retention.

Wed, 05 Jun 2024 09:02:22 GMT

25% of people want a new job.

Our research indicates that one quarter of the work-force is open to moving jobs. In a less than buoyant job market, this might not present as an immediate issue. However, it does mean that your staff are coming to work with declining motivation levels, which is likely to negatively impact productivity and culture.

Below are 10 tips (there are more), which are proven to reduce employee churn and improve company culture.

Developing a well-planned and structured recruitment process. 80% of employee turnover is due to poor hiring decisions.
Employee growth and Development. Help employees achieve their short and long-term goals. This can be done through structured training programmes, providing study support and encouraging involvement in industry events.
Open communication. Create a culture of open communication, establish an ‘open door policy’ where employees feel they can air opinions which are listened to and valued.
Imaginative benefits packages. 50% of employees would leave their job for better benefits. Creativity in this area can carry weight. Initiatives could include sabbaticals, long term incentive plans, target based bonuses.
Recognising your Employees. Every employee wants to feel acknowledged and appreciated. Recognition programmes such as thank you gifts, employee awards and work anniversary gifts.
Work Life Balance. Having flexible working practices allowing a work life balance is widely accepted as being one of the most important factors in employee satisfaction.
Team Bonding. A strong team culture drives accountability and can be created with team lunches, off-site team building exercises and company away days.
Gamification. This is a relatively recent concept which describes the incentivisation of employees designed to increase engagement through game-style competitions. These can be friendly competitive events where employees earn ‘badges’ and ‘points.
Mentoring Programs. This can have a dual benefit, both the mentee and mentor feel invested in and valued by the organisation.
Performance Reviews. Well structured and regular reviews are a great forum to discuss performance, uncover any issues and an opportunity to implement clear career paths and development programmes.

If you would like to discuss how Freshwood can help your business recruit or retain talent, please contact us.

Thank you for reading.

Does flexible working increase revenue.

Mon, 06 May 2024 09:10:49 GMT

Does flexible working increase revenue?

The general consensus I get when talking to candidates, is that flexible and hybrid working has been a game changer to achieving work life balance and overall work satisfaction.

Results of the Digital Talent Global Work Happiness Index, found that work-life balance trumps financial compensation almost across the board. UK employees said that work life balance was the most important factor in work happiness.

Flexibility is important not only because it allows employees to vary the amount of time and the location in which they work, but because it can help more people access the labour market and stay in work. This in turn increases the pool of candidates available for employers in a competitive market place.

The Timewise Flexible Job index (2018) found that 87% of people they surveyed wanted to work flexibly, and in turn it found that 92% of young people want to work flexibility. This is a very important statistic for companies to consider when planning a future talent pipeline. Also taking into account this was 2 years before the pandemic forced everyone to work flexibly.

The study found evidence that companies that engaged with flexible working policies had better employer engagement and loyalty, while employees had greater job satisfaction. Research by the institute of Employment Studies and The work foundation in 2018 found that engaged employees “potentially generated 43% more in revenue than disengaged employees.” The study also found that flexible working practices could reduce staff turnover by 87%!

Flexible working it was found had a positive impact on diversity. A study by Grant Thornton (2015) Women in business: the value of Diversity. They found that flexible working supported a more diverse talent pipeline and improved board level diversity. Particularly significant when a study by McKinsey calculated that improving diversity could add £150 billion a year to the UK economy by 2025!

The benefits of a work-life balance initiative are not confined to just the workforce. Work-life policies and flexible working practices can also benefit a business in the following ways.

lower levels of absence, sickness and stress
increase competitiveness and productivity
boost staff morale
improve customer service
help you react to changing market conditions more effectively and meet customer demands through flexibility.
lead to more committed and positive attitude in your staff
reduce staff turnover and minimise recruitment costs
become recognised as a business that people want to work for and therefore helping you attract top talent

With all these documented benefits, many of which are not just anecdotal, why are we hearing about more companies asking employees come back to the office 5 days a week. Good for business?

If you would like to discuss how Freshwood can help your business recruit or retain talent, please contact us.

Thank you for reading.

Fiona Hartfield

How to write a winning CV.

Mon, 04 Mar 2024 10:01:44 GMT

How to write a winning CV.

What feels like hundreds of years ago, we typed and printed our CV, put it an envelope with a cover letter and hoped for a phone call inviting us to an interview.

The world has obviously changed and now the first touch point for our CV is often an ATS (Applicant Tracking System). Used by big companies and small, this 'system' is the new gate-keeper and decides whether your CV should be reviewed by a human being. And by the way, the human being will only spend between 5 and 10 seconds reading it.

We know how frustrating applicants find this process, but the bad news is that it's here to stay. So below are 20 tips on how to produce a killer CV, which with a bit of good fortune, will result in "computer says yes".

Customise your CV for each position you apply for, ensuring your skills and experience align with the job description.
Choose a simple, clean design with ample white space. Use professional fonts such as Arial, Calibri, or Times New Roman, and keep the font size between 10 and 12 points.
Write a strong summary at the top of your resume that highlights your key qualifications and career objectives, tailored to the specific job.
Emphasise your most relevant work experience and achievements, using bullet points for clarity.
Use numbers to quantify your achievements, for example, "Increased sales by 20% in six months" or "Managed a team of ten accountants."
Include a skills section that lists relevant skills, particularly those mentioned in the job description. Be specific about technical and soft skills.
List your educational background and any relevant certifications or training. Include the name of the institution, degree obtained, and graduation year.
Start each bullet point with a strong action verb such as "developed," "led," "implemented," or "achieved" to make your accomplishments sound more dynamic.
Keep your CV concise and to the point. Aim for one page if you have less than ten years of experience, and no more than two pages if you have more.
Avoid Jargon and Acronyms: Unless industry-specific terms are necessary, avoid jargon and acronyms that might not be understood by all readers, including recruiters and ATS (Applicant Tracking System)
Spelling and grammatical errors can hurt your chances. Proof-read your CV multiple times and consider asking a friend or mentor to review it as well.
Demonstrate your career growth by showing promotions, increased responsibilities, and significant projects over time.
Incorporate keywords from the job description to help your resume get past ATS and highlight your relevant skills and experiences.
If applicable, include a link to a LinkedIn profile, or other professional websites that showcase your work.
Be truthful about your skills, experiences, and accomplishments. Misrepresenting yourself can lead to serious consequences and damage your professional reputation.
Use a professional email address, ideally a variation of your name. Avoid using nicknames or personal addresses that might appear unprofessional.
If space allows, include hobbies and interests that are relevant to the job or demonstrate valuable skills, such as leadership or teamwork.
Ensure consistent formatting throughout your resume, including font style, size, and bullet points. This makes your resume look polished and professional.
Always include a cover letter with your resume. It provides an opportunity to explain why you are the best fit for the job and to elaborate on your most relevant experiences.
Regularly update your resume with new skills, experiences, and achievements. This ensures you are always ready to apply for new opportunities as they arise.

The aim of your CV is to secure a conversation with someone at the company. A discussion in which you can establish whether you have the relevant skills and whether the opportunity is of interest to you.

Please reach out if you wish to discuss your search.