“As companies are setting headcount plans and hiring budgets for the year ahead, it’s imperative that they consider all the eventualities and opportunities that lie ahead of them. Predicting the future is a constant challenge.”
Jon McNeish, CEO of MacGregor Black
In a job market where budgets are tightening and the threat of redundancy looms in some of the hardest-hit industries, the question is no longer whether companies can afford to hire; it’s whether they’re ready to do it smarter. For some time now, candidates have held the cards, dictating terms and expectations of employment. Now we are seeing a ‘buyer’s market,’ and businesses willing to adapt can seize a unique opportunity.
Adapting budgets means more than cutting costs; it’s about smarter strategies. From adjusting salary benchmarks and streamlining hiring processes to developing strong employer branding and upskilling teams, businesses must make every hire count. But with these opportunities come challenges, including a growing shortage of specialist skills.
Roles in areas like AI, data science, and supply chain management are leaving companies struggling to find talent that can meet high-demand needs. So while there is more talent available, it may be difficult for companies to find the right candidates to fill specialist positions. This, and retaining top talent, means businesses not only need to budget for hiring, match salary expectations, and perks, but also to invest in employer branding to ensure attracting and retaining talent becomes second nature.
According to a recent article in People Management, 88% of job seekers consider a company’s employer brand when applying for a job. This is as people look for companies that align with their own values and offer flexibility and opportunities, meaning businesses must go beyond traditional perks.
With this in mind, I wanted to share my thoughts on budgeting in our current market, acknowledging the potential of an increase in qualified candidates due to redundancies and hiring freezes, as well as the unique opportunity this presents to businesses looking to attract top talent. For me, this isn’t just about filling vacancies; it’s about strategically acquiring the best talent to drive future growth.
Building a magnetic employer brand
The hiring process should always focus on quality over quantity. I’m a huge advocate for having a selective recruitment approach that prioritises cultural fit and long-term potential over simply filling headcount. Whether recruiting senior roles or at executive level, budgets need to be utilised based on business needs and objectives.
Last year we worked with a leading European fitness retailer, known for its innovative culture and employee-centric approach. Even though we needed someone for a specialist ‘Head of Supply Chain’ role, we attracted a surge of high-quality applicants during a period of economic uncertainty simply because it is a desirable brand to work for.
Having a clearly defined employer value proposition (EVP) that resonates with high-calibre candidates is vital so there are no hidden surprises during the hiring process and both parties understand what they’re getting in return for role requirements and objectives from the off.
More than perks: Building a people-first culture
Crafting compelling EVPs is one of our specialities. But a strong EVP isn’t just about attracting new talent; it must also be ingrained within the business culture as a retention strategy.
While we’re in a buyer’s market, budgeting for benefits needs to coincide with investment in people. Swanky coffee machines, a technology allowance, and staff pool tables are great, but having benefits in place that truly invest in the workforce becomes a much higher selling point.
Optional or additional days off, flexibility in working practices and locations, and private healthcare ensure support of employee wellbeing. Budgeting for continuous professional development for training and upskilling shows investment in people and supports the EVP. These stop becoming ‘perks’ or nice-to-haves but ingrained competitive advantages in what is a buyer’s market.
For those nervous about giving their staff all this training and knowledge for them to take elsewhere at a later date? Think about not offering them that, and you’re left with a workforce that is underskilled, underprepared, and overstressed when considering yourself against your market rivals.
Integrating these benefits into job roles attracts a wider pool of qualified candidates, ultimately reducing recruitment costs and improving employee retention. When a leading food manufacturer needed to fill multiple engineering roles, our knowledge of the business and their EVP made all the difference. Here’s what the client had to say:
“From the start, MacGregor Black ensured they had a deep understanding of our culture, department, and team structure, as well as the role and requirements. They were very thorough and always sent through suitable candidates who aligned with our goals and vision.”
Going beyond filling roles: A strategic partnership
Sourcing, engaging, and finally hiring the right candidate is undoubtedly an investment, and during an economic downturn, every penny counts. That’s why I believe it’s more important than ever to focus on talent acquisition using trusted advisors and PSLs, as opposed to simply hiring an agency when a role becomes available.
Finding the right talent at this time can feel like looking for a needle in a haystack, so we, as professional consultants, must show we understand a company’s unique needs and ensure budgets are being invested in the right areas.
I always ensure our consultants aren’t just filling roles but are building a rapport with our clients. These relationships allow us to be the perfect fit for both companies and candidates.
We recently worked with a high-end homeware retailer who needed to appoint an e-commerce expert within a tight two-week timeframe. Thankfully, we’ve worked with this client for a number of years. We understood exactly what was required to fill the role. This saved the client a costly and time-consuming process, and we ensured the candidate was quickly positioned in the perfect role for them. Employer and employee continue to be a great match.
Utilising budgets in 2025
I’m a big believer in the saying that “standing still is going backwards,” and so for 2025, I urge CEOs and business leaders to take a proactive approach to recruitment. The talent market is changing at pace, and unless you implement strategies that encompass EVPs and ROI strategies now, you will not only miss out on top performers but also cost yourself a lot of wasted budget consistently hiring and rehiring.
We offer a free consultation to discuss specific business hiring needs and can develop a tailored recruitment strategy for you. Contact us today.