The latest UK job market data shows an uncomfortable truth: hiring is down, but wages continue to climb. For fast-growing tech businesses, that’s a tough combo. Fewer applicants, higher salary expectations, and pressure from investors to keep margins under control.
The recent Reuters Article spells it out; wage growth is sticky, especially in the private sector, while job vacancies are declining. So how should you respond?
- Get Clear on Your EVP (Employee Value Proposition)
If you can’t outbid, outshine. What else do you offer beyond salary? Career progression, purpose-driven work, real flexibility? Now’s the time to make your culture and benefits impossible to ignore, and make sure they’re visible in your job ads and interviews! - Focus on Role Design and Prioritisation
In a tighter market, every hire needs to deliver maximum impact. That might mean redesigning roles to blend skill sets or prioritising core hires that directly drive revenue or operational scale. - Invest in Your Internal Talent
Can you promote from within instead of hiring externally? Now’s the time to identify high-potential team members and support their development. It’s faster, often cheaper, and boosts retention. - Don’t Let Salary Banding Drift
Pressure to offer more money to secure talent is real, but without structure, you risk pay inequality, resentment, and budget chaos. A clear, scalable salary framework helps you stay fair and competitive. - Streamline Hiring Processes
With fewer applicants in the pipeline, you can’t afford to lose great candidates to slow decision-making. Tighten your timelines, get interview panels aligned, and move fast when the right person comes along.
We’ve outlined 5 ways to stay competitive without compromising on growth:
This is a tough market, but scale-ups have an edge. You can be more agile, more human, and more creative than bigger players. Use that to your advantage.
Angela Rieu-Clarke, MD, Buzzqube
