Half of SMEs think that millennials – those born between 1980 and 2000 – have become so selective about what they want from an employer that the balance of power has now swung in their favour.
Research carried out by Lloyds Bank Commercial Banking found that changes in what millennials expect from a prospective employer, together with rising skills shortages in a number of different sectors, mean that 52 per cent of firms now think candidates hold most of the cards in the recruitment process.
The issue of skills shortages, compounded by the new millennial puzzle, is one challenge. Yet it feeds directly into another – the interplay between rising wages and greater dependency on agency staff.
Recent figures from the Recruitment and Employment Confederation (REC) found that while 80 per cent of firms plan to hire new permanent staff in the next three months, almost all businesses (98 per cent) expect to either maintain or increase their reliance on agency staff.