We’re not going to try to pretend the whole Brexit situation isn’t as sh*t as we all know it is. But in the face of so much uncertainty and negativity, here are a few stats that suggest Brexit won’t necessarily spell complete disaster for the recruitment industry.
1. UK salaries are rising
Recent job market data has shown that salaries throughout the UK have risen by a staggering 28.9% on average in 2018. Wages are far outpacing inflation and show no sign of slowing down as Brexit approaches and talent pools shrink.
And whilst we can already see Brexit impacting our supply of talent (particularly for industries such as construction and hospitality), salary rises are softening the blow for recruiters as well as for candidates!
Not only does the promise of a higher salary elsewhere give candidates ample reason to consider making a move to their next role (meaning passive candidate attraction strategies should be a big focus ), but it means our commission packets just got a whole lot fatter too: The average placement value in the UK rose by 6.4% (to £4,238) in 2018!
2. Employment rates are at an all-time high
We all remember that steep decline following the financial crash of 2008 – a time most recruiters would probably rather forget!
But the good news is that since those dark days a decade ago, employment rates have more than recovered. We’re now seeing more people in the UK in full-time, permanent work than ever, with levels for the period between August and October 2018 reaching 75.7% - the highest rate since records began back in the 1970s.
The ONS also just announced that the number of people in work has reached a record high this year:
Office for National Statistics says the number of people in work has reached a record high of 32.6m
— Sky News Breaking (@SkyNewsBreak) February 19, 2019
3. Volume of vacancies are increasing
With nearly 40,000 recruitment agencies now registered in the UK, we all know the market is getting pretty crowded (which is why it’s so important to stand out!).
But the good news is, with an estimated 800,000 new jobs currently on the market, there’s still plenty of work to go round. The number of vacancies appearing on the market rose by as much as 8.7% last November alone, and they’re still on the up!
4. Active candidates are set to go up
Not only are the number of vacancies increasing in the UK at the moment, but the number of candidates on the market are set to increase imminently too.
According to a recent study, as much as 70% of UK workers say they plan to actively look for a new role in 2019.
And with an estimated 32.53 million people in the UK workforce, that’s a whole lot of new placement opportunity for you to take advantage of.
5. Recruiters are needed more than ever
Despite all the economic uncertainty surrounding Brexit, the recruitment industry is still going from strength to strength. According to REC, the industry grew a whopping 11% in 2018 and is now worth an estimated £35.7 billion!
And the reason for this? As much as nine out of ten businesses say Brexit is already affecting their ability to recruit and train and retain staff, meaning our expertise is required now more than ever.
As a recruitment partner, you’ll be well versed in tackling skills shortages, understanding a changing workforce and plenty of other recruitment pains points that in-house teams may not be equipped to tackle in the face of Brexit. And this is precisely what will continue to make us indispensable in the face of so much Brexit uncertainty.
The key is to acknowledge what makes us so indispensable and bring this into the service we offer our clients. Download the eBook below to find out how to do this.
