Written by Adam Thorpe, director of operations at Randstad UK

With City firms desperate to hire workers, as the staff shortages caused by Brexit hit Square Mile, Adam Thorpe of recruiter Randstad UK offers this advice for employers looking to navigate the labour shortage.

The first thing to do is reevaluate your asking salaries. Are they realistic given the amount of hiring going on? Perhaps not. Goldman Sachs is now offering graduates starting packages of £100,000 a year in the UK. Magic Circle law firms are paying equally juicy packages. Other City firms will need to get cleverer at framing reward packages if they are to suck up lots of talented people.

Second, use remote working to widen your candidate pool. Employers who demand people come into the office are now missing out on candidates to a degree that didn’t happen before the pandemic. This change should go hand in hand with a re-examination of your wider benefits package in line with your competitors. – think of Citigroup ordering its junior bankers to take two week’s off at the end of September. Top of the list for workers at the moment is more flexibility.

Third, if you find the right person, move fast – much faster than you would have done two years ago. There are so many organisations looking to hire right now that, if you move slowly, you will miss out on the top talent.

Consider making more use of contractors and temporary staff, rather than focusing solely on permanent hires. While the costs aren’t all that different, casting the net wider can help you secure a candidate who really fits the bill.

By Lisa Baker, Senior Editor

Senior Editor Lisa Baker is the owner of Need to See it Publishing Group, providing contract news for business and news sites across the UK. Lisa is an experienced HR writer and commentator, editing HR publications for more than 5 years.