Retention revolution: navigating recruitment through 2024

by Andrew Childerley

Retention revolution: navigating recruitment through 2024

From Resilience to Recovery

Was 2023 one of the most challenging years for recruitment? Interest rates soared to historical levels - decreasing disposable income and changing the spending habits of potential candidates. For the first time in years, businesses experienced temporary pauses in projects, redundancies, and growth plans put on hold. Companies that did recruit experienced a shift in candidates' priorities. With a healthy amount of applicants prioritising financial gain over career satisfaction. Driving up salaries and helping keep inflation high throughout the year.

A slowing recruitment market started to experience more risk-averse candidates. Potential job seekers putting career plans on hold. Prepared to stay longer in a job they disliked or one that didn't match their ambitions. With the view they will start their career search again when times are more favourable. Additionally, more candidates were willing to accept the wrong job offer following redundancy. As they would leave as soon as something better was available. 

Our goal at Technical Moves has always been to focus on your priorities and future success. We're not in it for the short term. We always take the time to understand the unique needs of every candidate and client we represent. Providing honest feedback and advice. Our main focus this past year has been to support our loyal customers. The changing environment has called on all of our 20 years of recruitment experience to provide sensible and long-term guidance. Helping our clients and candidates to navigate a challenging market. 

We understand the cost of living affects us all. Forcing increases throughout the supply chain to our clients and how far wages go. We went against the trend of rising prices, keeping our rates as they always have been and will do so throughout 2024. Continuing our commitment to providing our customers with unbeatable value. We now also offer longer-term solutions in the form of partnerships and campaign provisions. Providing significant savings on annual recruitment costs with fully managed recruitment and retention support. Outside in recruitment at a fraction of the cost of a Talent Acquisition or in-house recruiter.

As we enter 2024, we are starting to see good signs of a recovery. Marked increases in new job instructions and fewer redundancies. Wages are settling and interest rates have come down with further reductions planned. Which in turn will start to stimulate the housing market as mortgage rates become more palatable. With the ongoing need for talent in a rapidly recovering sector, recruitment may start to be top of your agenda again soon.  

Our New Year resolution is to provide you and our partner clients with even more value in 2024, so watch this space!

After the last 12 months, we believe employers are looking for something different from their recruitment and we think that starts with retention. Be that salary guides, flexible working insights, advertising and job spec reviews or helping you with retention strategies and exit interviews to keep and develop your people, we are more than just jobs.

From myself and the Technical Moves Team, thank you for trusting us to help your company find your new colleagues last year and for playing an important part in our success - the people and clients we work with, are what makes us.  

As a team, we're always here for you. Please reach out if you would like to book a review or visit to find out more about our partnering services. Or simply for a chat or to let us know how we can best help your business in 2024, we would love to hear from you.


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