The Bank of England’s 14 consecutive increases in interest rates this year have not deterred the growth that's expected in 2024 according to a press release from EY in July this year. The impact of rising interest rates still means that the UK economy is expected to grow by 0.8%.
The economy in 2024, like hiring for talent, will bring similar challenges and possibilities for companies next year. As the conversations continue with my Managing Directors, Chief Executives and Chief Financial Officers, the consistency lies with how they look to positively hire talent and retain it.
As an experienced recruiter I work with companies of varying sizes and ownership, the theme that always continues to ‘shine’ is not only how you hire your talent,but how you secure your talent for the future. The market is still very ‘talent short’ so once you have found your ‘unicorn’ you need to make sure that all parties are fully invested.
The induction plans and one to one sit downs are standard in every business, but is taking your new hire out for lunch and checking in with them ? People buy people and they join your business because of the culture and the environment - 80% of people accept an offer because of the culture of where they work.
The recruitment process is a big focus for our clients and the wider market in the UK next year. Companies are ensuring that culture and retention are top of their agenda,this is outweighing many other areas when candidates are considering accepting an offer.
To support companies in the last quarter of 2023 Savant is mindful that 2024 will bring other challenges to your business. With that in mind we are exclusively, by invitation only, hosting a VUCA event for our Managing Directors, Chief Operating Officers, Chairs, Chief Financial Officers and Human Resource Directors, Heads of Talent at The Ivy in London.
This is a defining event for leaders looking at ways to focus on problems and challenges with positive solutions.
This kind of leadership requires collaboration and respect between management and board, working in partnership to shape the culture, make sound decisions and execute strategy.
I look forward to speaking to my network, please contact me if you have questions or would like to join us for our exclusive event.