The redundancy rate in the UK is at an all-time low of 1.8 per 1,000 employees based on ONS figures for March to May of 2022. This is an incredible turnaround from the record redundancy rate of 14.5 per 1,000 employees we were presented with back in 2020. Companies have since recognised the huge benefits of employing redundant workers in their workforce.
We’ll delve into why recruiting workers who were made redundant is a good business decision. If you aren’t already tapping into this shrinking talent pool, you’re missing out on an excellent opportunity to grow your business.
Reasons to Hire a Currently Redundant Candidate
The number of experienced professionals who flooded the job market over recent years was unprecedented. With the global pandemic forcing the closure of many businesses around the UK, a whopping 402,000 people were made redundant at its peak.
As a result, an outstanding number of experienced, talented and skilled professionals found themselves looking for work. The vast majority of them have already been recruited, which is evident from our current record-low redundancy rate.
Here’s a round-up of the advantages of employing a redundant worker.
Willingness to Train
Coming from a company that most likely struggled to sustain the pace of change, redundant workers recognise the need to be adaptable. They understand the need to take on extra training to ensure they can keep up with the rapidly changing economy.
Leadership Shortage
More than 1.5 million UK jobs are at risk due to the automation of many industries. However, leadership is one job that can’t be automated. Thus, the demand for employees with experience in leadership remains high.
As such, tapping into the pool of workers who were made redundant allows your business to acquire an experienced professional. This is someone who can immediately slot into a management position. They’re also likely to accept a lower salary than you would normally pay.
Work Experience
When the market is flooded with young graduates who have little to no work experience, having a new recruit with a wealth of experience is invaluable. Furthermore, having experience brings stability in an unstable economic environment. Additionally, experienced workers can be of great help when it comes to tutoring younger recruits.
Enthusiasm
Finding yourself suddenly unemployed, in spite of being considerably skilled and experienced, can take a toll on your self-worth and confidence. As such, taking on a worker who was made redundant will help boost their motivation and determination to get the job done. They’re more likely to bring an air of enthusiasm to the workplace. And positive thinking (just like negative thinking) in the workplace is naturally contagious.
Adaptability
Having years of experience will give workers a wealth of different perspectives that are integral to adapting to a new environment. Unlike hiring a younger, more inexperienced worker, recruiting a redundant employee helps increase stability in the workplace. In a time of risk, rely on the reliable.
Loyalty
Given that these experienced professionals have gone through a period of instability, redundant workers could prove to be your most loyal members of staff. When employees are loyal to their workplace, they’re happy to invest their time in it. This means bringing innovative ideas to the table and going above and beyond in their position.
Key Takeaways
Anyone who has gone through being made redundant will understand the feelings of shock, fear and instability that inevitably come with it. There’s a strong desire to return to employment, as financial worries begin to kick in. Employing a redundant worker is good for the bottom line. Their years of experience and skill make sense in any business. So if you’re not already recruiting from this dwindling pool of talent, you’re missing out on an excellent opportunity.
Refreshing a Career has a range of useful resources and guidance for employers when it comes to recruiting redundant workers.
Check out our services page for information on promoting your roles on Refreshing a Career’s market-leading jobs board, creating a company profile, and more.
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