The recruitment industry has experienced a lot since the credit crunch back in 2009. How can we forget the recession that caused massive shrinkage in the industry and led to many becoming unemployed? It was a period of great financial instability and uncertainty. Today, about 7 years later we can actually look back and say that the UK economy is bigger than ever before! So how can you keep your recruitment business on top. According to statistics released by the REC, the professional body for recruitment, the economy grew by 0.6% in the last quarter in 2015. The employment rate is at 74.1% and it is the highest it has been in the UK. With that being said, both the economy and industry will continue to experience growth. However, the recruitment industry (like any other market) is dynamic; continues changing and market fluctuations are to be expected. Despite all the changes, how do you keep your recruitment business on top? And how can you take advantage of the growth, while positively responding to the current market trends? Keep the vision alive The recruitment industry is a fast-paced market; getting caught up by the speed of it is inevitable. This might require you to take a step back, look at your business vision and clarify that vision. Reflecting on why you first started, will always keep you on track. Another indisputable fact is that growth will lead to many businesses entering the industry. Hence, give thought to what makes your recruitment agency or business stand out in the crowd. Keep track of the economy and trends Knowledge of economic trends is crucial for the industry; sudden shifts and changes hit the employment market first. Therefore keeping track of trends will give you a head start in your decision making process. Giving you the ability to determine whether certain steps forward will be the right move and timing for you to stay on top. Keep the traditional recruiter out Let go of the traditional recruiter. Be open to do things differently in order to experience a new way of growth. Trying to attract candidates the same way it was done 5 or 10 years ago might not turn out positively. Growth will require you to look into new technology and recruitment tools that will boost productivity, and make the life of your consultants much easier. Keep young people in business Despite the steady growth, there’s still a massive skills shortage in the job market. While the older generation is retiring, the career move of the younger generation is stagnant. Millennials are eager to become entrepreneurs, learn and enter businesses. Closing doors for the younger generation is not going to make the skills shortage any better. However, there are many ways companies can benefit from hiring young people. Encouraging your clients to look into offering training, internship or apprenticeship schemes, will keep millennials successfully in business. Giving them the opportunity to develop, grow and contribute not just to the economy, but directly to your business. This blog is written by Sarah Johnson, Marketing Coordinator at ISV Software Ltd, and is inspired by the latest REC Scale Up Event. The REC Scale Up team organise many more events that give recruitment companies helpful insight into the UK’s recruitment industry. For more information on upcoming events, click here. ***** ISV.Online is the leading supplier of skills testing software and services to the UK Recruitment Industry. Used by 9 of the top 10 UK agencies, by number of offices, and 7 of the top 10, by revenue, ISV.Online offers candidate skills assessment and evaluation software and online training tools, allowing agencies and in-house HR/recruitment teams to validate the skills of potential candidates and existing employees across a wide range of areas.
