2014 has been a good year and indicators predict economic growth should continue in 2015, assuming of course political uncertainty doesn’t halt the momentum with the impending general election. The recruitment industry as a whole has experienced annual growth of 8.3%, with rates reportedly at a 6 year high.
This is good news for candidates searching for permanent roles and this is being mirrored in the interim market as demand for interim executives continues to rise. This trend has been reinforced by the latest Ipsos MORI results, which indicates a big rise in the use of interim managers across a number of sectors where businesses have a need for external resource due to a lack of capacity and/or capability.
More positive news for the Interim market is the support by the House of Lords Select Committee on Personal Services Companies that published a report highlighting the problems with IR35 and the administrative burdens it places on interim managers. The withdrawal of the Business Entity Tests (BETs) which were originally created to give contractors a means to voluntarily assess their IR35 risk but were actually making it more confusing to assess IR35 risk, should provide a clearer understanding of tax for the Interim manager and a less complex set of rules to come to terms with.
Despite recent growth in both the Interim and permanent recruitment market, statistics report that unfilled jobs are costing the UK economy £18bn a year revealing some ineffective talent strategies. Is it a lack of an efficient resourcing strategy or the ongoing challenge for companies to locate and secure the right people quickly who are the right fit for the business? Given the recently reported frustrations amongst candidates regarding the recruitment process, I would suggest the latter. Reports suggest that the candidate journey in the recruitment process is leading to frustration and wasted time which in turn, often sends the wrong (and quite damaging) message about the business with the recruitment need. Having the right partner to manage this is crucially important.
At Macallam Interim, we understand the importance of continual engagement throughout the process in order to improve the candidate journey and client experience. We ensure we have a robust recruitment partnership that delivers the right candidate quickly. We engage with the best of the interim market and not just those that are actively looking. It is about building strong relationships and having a pre-vetted network of top calibre interim executives from which to call upon. The other element is the ‘sell’ of the clients business to the candidates. This is often overlooked in the direct hiring process but can be the difference for a succesful outcome.
This partnership ensures we are quick to deliver for clients. When we have a mandate it is often business critical and urgent. Afterall, if it’s a genuine interim requirement that’s usually the catalyst for the need in the first place. Knowing our way around the market is crucial to ensure we shortlist the very best available and appropriate candidates who will not only come to the table with a demonstrable track record of delivery and provide an impressive return on investment but have the credibility and gravitas to exceed expectations and make a real difference.
We constantly hear stories about businessess being presented with inadequate candidates for their needs and end up wasting time and money having to start the process again. Recent figures suggest hidden costs of £26,000 when hiring a new employee and this figure escalates if the wrong hire is made. Granted; this figure isn’t relevant for the interim market but nevertheless it should be taken into account when ‘interim’ is used as a way of shortcutting the recruitment process for permanent roles.
We operate in specific sectors but also have a wide reach to other associated markets. We believe skills are transferable and find a fresh set of eyes on a situation often yields the quickest and best result. Relationships often take us into new sectors but as long as the right process is followed, the right result will be found.
The candidate journey (aswell as clients of course) is hugely important to us. We believe that anyone we engage with should be treated as we expect to be treated. Perhaps this is why our relationships are often interchangeable between ‘candidates’ and ‘clients’. Candidates today often becomes clients tomorrow and vice versa, As such the Macallam experience leads to referrals and a high level of repeat business thus reinforcing the simple fact that we are in the people business.
To discuss how we can help, please call 01423 704153 or e-mail firstname.lastname@example.org