Totaljobs Insight Breakfast: The rise of the Northern Pound
Following the release of our research into The Northern Pound, which found that £1 is worth almost 20% more in the North compared to London, Totaljobs hosted the first in a series of roundtable events.
Taking place in Dakota Deluxe, Leeds on February 26th, Totaljobs’ Alison Edwards was joined by Professor of Economics at Lancaster University Geraint Johnes to delve into the research.
Our research found that 53% of Londoners would accept a lower salary and move out of the capital for a better quality of life.
So how can employers capitalise on the rise of The Northern Pound?
Joined by HR professionals from a range of employers based in the North and across the UK, we discussed the rise of flexible working.
The group discussed the pros and cons of flexible working, with understanding that it could help people willing to relocate within the UK, offering the chance to take regular long weekends visiting family and friends down south, and a positive change in lifestyle that could prove pivotal in candidate attraction. However, many employers in the room questioned the practicality of flexible working, from its impact on company culture, to the specific demands of different jobs. For example, while tech talent may easily work remotely, across borders and locations – is this true of those in customer facing positions, or in HR?
In terms of expanding the talent pool, the rise of programmatic advertising was high on the agenda, offering recruitment specialists the ability to target potential candidates that really meet their needs. The audience was in agreement that northern employers still had much to do to improve their employer branding – and much of this, would be seen through a change in mindset. The confidence afforded by the rise of the Northern Powerhouse, and in fact, selling the benefits of The Northern Pound still needs to bed into recruitment strategies. Many in the room felt they still worked on by-gone assumptions that London was the place for work, leaving a hangover for employers in Leeds who are still hesitant to shout about what the area, and their company has to offer.
With rising costs in the capital, and growing employment and lifestyle opportunities up north – an education piece for employers, and naturally, candidates could well be the means of attracting talent up the M1.
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