The current financial climate and world events have dramatically changed the world of recruitment, with candidates focusing more on having a good work-life balance, being more selective with their choices and prioritising benefits packages.
In this candidate-driven market, attracting the right talent is proving harder than ever. Here at CK Group we are in the privileged position of being able to help employers in the industry structure their job offers and use candidate feedback to improve the overall recruitment experience.
Last year we conducted an extensive survey into the current job market in the Life Science and Chemical industries. Our report shows a comprehensive overview of current job market trends and which benefits and working conditions employees are most interested in. Areas covered include: the most sought-after benefits and perks in the Life Science and Chemical sectors, current trends including remote work and flexible hours, confidence in the market, the factors which influence decisions to accept or decline a job offer, and candidate experiences with interview processes and suggestions for improvement.
The interview experience
Did you know that half of candidates would continue interviewing with other companies after receiving a job offer? The main reason being to explore what else is out there.
We found the factor that would most influence someone to accept a role was a detailed explanation of potential projects and scientific initiatives in the interview. This means that candidates are interested in finding out as much as possible about what environment they’d be working in and what the company can offer them before committing.
What influences candidates to accept a new role?
While there has been a definite shift over the last decade towards the whole remuneration package being important rather than just base salary, it is perhaps telling of the current financial climate we find ourselves in that 66% of participants still pay most attention to salary.
The other most influential factors in acceptance of a role were found to be location, remote working options and a short commute.
The most appealing benefits packages
Unsurprisingly, financial factors proved to be a key element, with over 30% of respondents choosing a performance-based bonus as the most appealing benefit an employer could offer.
The rise of flexible working
Employees are increasingly prioritising a good work-life balance, and flexible working options are a key motivator for candidates.
Due to the pandemic, we saw a rise in hybrid and home working. This is a condition that remains desirable to employees, with 64% of participants preferring hybrid working!
Why do candidates turn down job offers?
Interestingly, over half of respondents said they would accept a counter offer from their current employer. The top reasons for turning down an offer were: a negative interview experience, low salary offer, and unclear progression opportunities.
As previously noted, the current financial climate has immensely influenced the current job market. As a result, candidates are focusing on the bottom line: salary is a big driver in seeking a new role, bonuses show as the most important benefit, and under-offering salary is the second most-popular reason to turn down a job offer.
Ultimately, the survey showed us that there is still confidence in the Life Science and Chemical job markets. It is now more important than ever that companies listen to what employees are seeking in order to attract the right candidates.
Get in touch if you would like to discuss how CK Group can help with your recruitment strategy.
Read our full survey report here.
Visit our Client Advice Centre for further insights.
