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Recruitment: The first steps on the road to recovery

The Recruitment industry is almost unique in that it can herald the first indicators of a growing or a struggling economy. It forms a thermostat on the wall of the world indicating which areas are hot and which are not. At the moment, all indications are that we are beginning on the road to recovery.

Recruitment rocks

Outside the context of the last 12 months, recruiters have been an integral driving force behind the world’s productivity. As a result, recruiters are going to play a huge role in revving up business recovery across all sectors and regions.

Here are some headline statistics from a recent paper released by the Recruitment and Employment Confederation (REC):

  • £29 Billion: This is the value in annual tax revenues that the jobs matched by the recruitment industry supports.

  • £7.7 Billion: By improving the quality of matching, the UK recruitment industry is increasing UK productivity by a whopping £7.7 billion.

  • 21 Seconds: Every 21 seconds someone finds a permanent role through a recruitment agency

  • 280,000 people: The number of people that use temporary work through an agency to support their families every year

  • 300,000 people: The number of people who leave unemployment for a permanent role with the help of a recruitment agency

  • £86 Billion: The gross value that the recruitment industry supports across the economy

How the recruitment industry aids economic recovery

Recruiters and recruitment agencies often face a lot of criticism – you only have to Google ‘Why does everyone hate recruiters’ to see the 1,390,000,000 results. At Select, we work tirelessly to change this perception (check out our Google reviews to see what people think about us). We want to prove that the recruitment industry as a whole harnesses so much good, placing over a million workers a year in companies across the UK.

Hiring the experts

The UK’s economy experienced a record annual slump in 2020, shrinking by 9.9%. With the release of some lockdown restrictions, the UK can begin to significantly gain ground on its recovery. Like many other industries, the recruitment sector has been negatively impacted by COVID-19, but the wider changes in flexible work and diversity that have occurred in the past 12 months will only increase the importance of good recruitment for future recovery.

When asked ‘Which of the following factors do you think are most important to your success as a company?’ respondents to the REC research voted the quality of staff and recruitment as their second most important asset. This only narrowly fell behind the quality of their main product or service. So why compromise on your recruitment?

Only 52% of Britons think that companies in the UK do a good job at recruiting efficiently. Whereas, partnering with recruiters is proven to not only accelerate the hiring process, but 63% of businesses also stated that working with a recruiter had helped them increase the diversity of new recruits.

We can wrap all that up in a powerful statistic:

The costs of lost productivity can be 5 times more than the average cost of using a recruiter

One of the main fears about outsourcing your recruitment is often cost, but if you are trying to hire in tandem with doing your own role, your recruitment is going to take a back seat. Therefore, lengthening the recruitment process and losing you precious productivity. This is where recruitment specialists are going to aid dramatically in the recovery of the UK economy.

How the recruitment industry aids economic recovery

The road ahead calls for the best

At Select, we are proactive recruiters. We have spent the last 12 months, investing in the best technologies, the best training and the best people in the industry. We are fully prepared to help your business, or your career get a running start. Whether you need to find a new job, looking to expand your existing team or even looking to form a whole new team, we are here for you and we can offer you the very best in 21st Century Recruitment services.

From Video Interviewing technology to the very best in sourcing techniques, we have the solution to suit everyone. If you would like to know more, please get in touch with us on 01603 615511 or email hello@select.co.uk.

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