Assessing the Success of 2024: Was Your Recruitment Spend Worth It?  |  Owen Daniels  |  Powering Global STEM
17th December 2024

Assessing the Success of 2024: Was Your Recruitment Spend Worth It?

Share
sc-layer

As UK businesses review their 2024 recruitment spending and strategy, one question stands out: did your investment deliver real value? With average advertised salaries nearly at £40,000 (a 6% increase from last year) and 92% of employers facing skills shortages, ensuring your strategy is delivering a strong ROI is essential.

Evaluating Talent Acquisition Success

It’s important to understand how to assess your recruitment from both a performance and spend perspective. In the competitive landscape that has been hiring, we’ve broken down the key areas organisations typically measure their recruitment by;

1. Time-to-Fill and Time-to-Hire

These metrics reflect the time taken to fill a vacancy and the duration from candidate application to acceptance. Efficient recruitment processes are vital in a fast-paced job market, where securing top talent quickly can make all the difference.

2. Candidate Experience

A positive candidate experience strengthens your employer brand and increases offer acceptance rates. In the UK, the ratio of job seekers per vacancy has risen to 2.08, the highest since June 2021. This highlights the importance of a seamless and engaging candidate journey to stand out in a competitive market.

3. ESG and Diversity

The UK has seen a 9% rise in "green" job adverts over the past year, reflecting a growing demand for environmentally sustainable skills and a shift towards more socially responsible business practices. Evaluating your recruitment strategy for diversity, inclusivity, and ESG alignment ensures it meets the expectations of today’s workforce while supporting long-term business success.

The True Cost of Recruitment

Understanding the true cost of recruitment involves looking beyond the obvious expenses, such as agency fees. A comprehensive analysis should include both direct investments and hidden costs:

Direct Investments

Visible costs include job advertising, recruitment platforms, agency fees, and salaries for internal recruitment teams or dedicated staff.

Hidden Costs

Look beyond the obvious numbers of internal resource time, productivity lost during vacancies, and onboarding resources. These often-overlooked costs can significantly impact your total recruitment investment.

The Opportunity in 2025: Can You Improve?

The evolving recruitment landscape offers opportunities for organisations to optimise their strategies and deliver better results in 2025. The following trends are key to achieving improvement:

1. AI and Automation

AI is increasingly integral in automating tasks and enhancing candidate matching. However, balancing AI integration with human oversight is crucial to maintain a personalised candidate experience. UK respondents are broadly optimistic about it, with 42% expressing concern about its impact on their roles, up from 37% in 2023, indicating a need for careful implementation.

2. Skills-Based Hiring

A skills-first recruitment approach offers tangible benefits, including:

  • Access to wider talent pools
  • Reduced time-to-productivity
  • More accurate candidate matching
  • Lower training costs

3. Flexible Work Economics

The demand for remote and flexible work arrangements remains strong. Offering such options can attract a broader range of candidates and improve employee satisfaction. Hybrid working in the UK remains widespread and is the preferred working practice for employees, though subtle changes and challenges have become evident over the past year.

How Owen Daniels Can Impact 2025

At Owen Daniels, we specialise in crafting bespoke talent acquisition strategies acquisition strategies through our range of powerful partnerships. Through our tailored solutions, we offer:

  • Comprehensive Recruitment Process Analysis: We evaluate your current recruitment processes to identify areas for improvement, ensuring efficiency and effectiveness.
  • Implementation of Recruitment Technologies: Leveraging the latest in AI and automation, we enhance your recruitment capabilities while maintaining a human touch.
  • Development of Inclusive Hiring Practices: We assist in creating strategies that promote diversity and inclusivity, aligning with best practices and legal requirements.

On average, we deliver:

  • 22% cost savings
  • 70% improvement in time-to-hire

By partnering with Owen Daniels, you can ensure your recruitment strategy is thoroughly assessed, optimised, and prepared to meet the challenges and opportunities of 2025.

References

  1. UK Job Openings Rise: "4.8% increase in UK job openings between September and October 2024" – The Times
  2. Demand for Data Experts: "Increased demand for data experts in the UK, with salaries surpassing the national average" – The Times
  3. Rise in Average Advertised Salaries: "Average UK advertised salary at £39,234 in October 2024, a 6% increase from 2023" – The Times
  4. Job Seekers per Vacancy Ratio: "Job seeker-to-vacancy ratio has risen to 2.08, the highest since June 2021" – The Times
  5. Increase in 'Green' Job Adverts: "9% increase in green job adverts reflects rising demand for sustainable skills" – The Times
  6. AI in Accountancy: "42% of UK respondents concerned about AI's impact on roles in 2024, up from 37% in 2023" – ACCA Global
  7. Skills Shortages in the UK: "92% of employers faced skills shortages, highlighting the importance of a skills-first hiring approach" – Hays UK
  8. Hybrid Working Trends: "Hybrid working remains the preferred working model in the UK" – ACCA Global
Share
sc-layer