The Role of Recruitment in the UK's Recovery
The Recruitment & Employment Confederation (REC) has published a major report entitled 'Recruitment For Recovery' to better understand the value created by the UK's recruitment industry.
Allen Associates has welcomed the report which was independently commissioned by the REC to examine the contribution that good recruitment makes to the economy and the role it will play in the UK's recovery.
The study reveals that effective recruitment makes a significant difference in three main areas:
- Unlocking growth and productivity for businesses
- Opening up new opportunities for workers and supporting a more inclusive labour market
- Accelerating economic recovery
As recruiters, we know from the regular feedback we receive that we're making a valuable contribution to the Clients and Candidates we work with, but this is often difficult to measure.
Now, thanks to this report, we can start to quantify our contribution and look at our own experiences and the feedback we receive in a broader context.
Recruitment for Recovery is available to download here. The headlines include:
- Every 21 seconds someone finds a new permanent role through a recruitment agency.
- Every year, over 300,000 unemployed people use a recruiter to find a permanent job, more than twice as many as those who go through the Job Centre.
- Two thirds (63%) of businesses that work with a recruitment agency say it helped them increase the diversity of new recruits.
- The jobs matched by recruiters support £29 billion in annual tax revenues, more than double the Government’s R&D budget.
- The recruitment industry increases UK productivity by £7.7 billion every year by improving the quality of job matching, putting the right person into the right job.
- One in five (19%) companies that use temporary workers say that they would not be able to operate at all without them, meaning that temporary recruitment agencies directly enable 3% of the economy, worth £61 billion in GDP.
If your business or organisation is based in Oxfordshire, you may be interested in our Oxfordshire Recruitment Market Overview which was published days before the REC's national report came out.
For more information on market conditions or help with any temporary or permanent recruitment you may be planning, please contact Kate Allen, Managing Director at Allen Associates.