The great resignation may have been hailed as a chance for both companies and workers to get more of their own way but it turns out the recruitment boom has ended up fuelling regret rather than revelry.
So says the UK Creative Industry Census 2023 from Major Players, which shows the post-pandemic hiring boom has left both firms and staff with a hangover.
A large majority of businesses rode the wave of the hiring boom and rushed to attract and engage talent to carry out the sheer volume of work that needed delivering to maximise opportunities.
However, now in the cold light of day, within a challenging economy, businesses have expressed regrets over their indulgent hiring strategies, with almost half of businesses (46%) maintaining they now have misgivings about some of those hires during this period.
Meanwhile, almost three quarters of employees (72%) reported surprise or regret that their new role or company was ‘very different’ from what they had been led to believe.
Major Players managing director Joanne Lucy said: “Over the course of the last 12 months, we have seen the market re-balance, with employers and job seekers being much more considered in their approach.
“The tech slowdown and global economic instabilities have meant that retaining some of these employees no longer need to be a priority, particularly amid job cuts; and therefore, employers now have greater leverage when making demands. As a result, businesses have become more meticulous, elongating the hiring process to allow for a greater period of decision making.”
Lucy maintains that salaries and day rates are considered the most important factor for job seekers, with job security also a priority as candidates approach the market with slight trepidation.
She added: “As a result of this hesitancy, we’re now seeing the ‘great recalibration’, where employees are focusing upon how they can re-energise their current roles through upskilling, reskilling and learning and development opportunities.”
Yet some Covid-inspired changes have stuck, with over half (51%) of respondents currently hybrid with fixed hours or fixed days. Even so, only 18% preferred this way of working; with almost two-thirds wanting a fully flexible workplace policy. In fact, 98% of respondents stated that flexibility is one of the most important factors when considering new roles.
Despite this, many businesses have begun to mandate days back into the office, which shows the power dynamic swinging back towards employers; with many using the downturn as an opportunity to reset and rebalance their working practices and expectations of staff.
The data also underlines that talking about diversity is not a substitute for meaningful change in creative, digital and marketing. The data shows the gender pay gap has increased over the last 12 months. Black females continue to earn the least at £46,047, while white males earn the most at £64,560.
Females earn on average £9,618 less than men in permanent roles. This represents a pay gap of 15.1%. A gender pay gap which is much more than the UK average of 9.4% reported by The Guardian. In freelance day rates females earn £25 less a day than their male counterparts.
Data also underlined that those who identify with having a disability or neurodivergence are on average paid 9% less in annual salaries and 7% in day rates.
The industry is also as ageist as ever, just 1 in 10 people on the payroll of creative businesses is aged over 45: a statistic which has remained the same for the last three years. There is a particular issue when it comes to women in the midlife of their creative careers. The research shows that older talent is turning to freelancing, a shift which is disproportionately affecting women.
Lucy concluded: “Overall, there has been very little progression within DE&I in the creative industries, and whilst representation and pay gaps have improved for some, they have regressed for most. There is concern that businesses will reduce investment because of the downturn, which could end up stagnating progression, or reversing it altogether.”
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