I make a point of reading data-led reports about the recruitment industry, workforce demographics and worker expectations, salaries etc.
You name it – if it comes from a reputable source, with a decent sample size and no (barely) hidden agenda, I’m interested.
It’s one of the ways I am able to sense check the more anecdotal evidence that my clients often give me about market conditions etc.
I notice that the industry routinely trumpets the turnover value of the entire UK recruitment industry. At a quoted £41.3 billion, it’s an impressive number.
But, (and forgive me for pouring a little cold water on this), every year turnover goes up, headcount employed in the sector goes up at a slightly faster rate. Meaning?
That, on a per-head measure, the industry is becoming less productive each year.
If that’s not what’s happening in your business, well done.
This week I digested the excellent “Future of the Recruitment Industry Report 2024”, by my good friends at Firefish. You can access the full article here.
It’s cheering to read that respondents were unanimously optimistic (to some degree) about sales growth in 2024, across all regions and sectors. This was particularly so in the sales and digital marketing sector (94%) and engineering, manufacturing and logistics (89%). Most expected sales to grow between 1 and 25%.
And you know what? Most expected headcount to grow between 1 and 25%.
Then throw in that 50% of all respondents have increased staff basic salaries over 2023.
Can you join the dots?
I really hope that things improve for you in 2024. But it’s going to take more than just having more jobs. Don’t you think?
