Is East Anglia entering a new golden age?
PUBLISHED: 15:16 14 May 2018
Is there such a thing as the ‘Golden Age of Recruitment’ and, if so, is East Anglia currently entering it?
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You may not be aware that the term Golden Age comes from Greek mythology.
You are more likely to be aware of the term “Golden Age of Hollywood”, which is commonly used to describe a period of sustained success and growth for cinema in the mid-20th century.
What about the “Swinging 60s”? which for anyone who was not there to enjoy them just sound like the Golden Age of Everything!
With the release of the latest Cooper Lomaz recruitment salary survey, this got us thinking: “Is this the Golden Age of Recruitment across East Anglia”?
The latest survey confirms what Cooper Lomaz are seeing each day on the ground; 50pc of the organisations who responded stated they are looking to grow during 2018.
This follows 48pc who also said the same going into 2016 and 2017, giving three years of strong growth. This desire to hire from businesses is combined with the desire to move from candidates in the market place, where 57pc stated they expect to move in the next three years.
This is compounded by the fact that 32 per cent of respondents stated they had only been in their current organisation for less than 12 months.
With more businesses in East Anglia looking to grow and hire more talent, and candidates saying they will move on a more regular basis, it certainly has the makings of a “Golden Age of Recruitment”.
If we are indeed entering this in East Anglia we need to tread carefully. With the region already suffering skill shortages across IT and Engineering, where hiring demands currently outweigh local talent pools, this problem is set to worsen as hiring levels increase further.
This is always going to risk a “war on talent” or a “race to the top” in terms of salaries, which businesses need to be mindful of. The proof of this can be seen in the Cooper Lomaz salary survey where 64pc of respondents confirmed they received a pay rise in 2017. More of a concern is that a further 67pc state they expect a pay rise during 2018 too.
The Golden Age can be a great time and at Cooper Lomaz we believe this is such a period for both recruitment and business in East Anglia. We do, however, hope this Golden Age is embraced and respected by all and it does not turn into a bubble that risks bursting.
The Cooper Lomaz Salary Survey is now available to download for free from www.cooperlomaz.co.uk/home/salary-survey-2018
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