UK’s recruitment industry is worth more to the economy than ever before

The Recruitment & Employment Confederation’s ninth annual report has revealed that the UK’s recruitment industry is worth £35.1bn to the economy every single year – the highest value recorded to date.

Despite plenty of concerns surrounding the job market following Brexit earlier this year, key statistics from the Recruitment Industry Trends 2015/16 report identified a number of additional positive results:

• More than three quarters (76.1%) of the value added to the economy by the recruitment industry has come from temporary employment.
• Recruitment agencies in the UK are thriving and there are now 9,565 with an annual turnover of more than £250,000.
• The top three sectors for permanent roles are professional/managerial, technical/engineering and secretarial/clerical.
• The top three sectors for temporary placements in 2015/16 have been industrial/blue collar, accounting/financial and secretarial/clerical.
• The top concern for recruiters of permanent roles over the last two years has been the lack of relevant skills and experience amongst candidates – something which has been well documented in the news and industry papers.
• The main concern among recruiters in the temporary sector has been the potential fallout from Brexit.
• The report also found that the duration of temporary and contract assignments is getting longer with the average now being more than 12 weeks.

Speaking about the incredibly promising findings which have come from the report, the CEO of the Recruitment & Employment Confederation (REC), Kevin Green commented:

“The recruitment industry is bigger than ever before and contributes more to the UK economy than advertising, arts, recreation and even the food and beverage industry. Our industry is the engine that drives the UK jobs market, enabling people to find the right job and businesses to find the talent they need to succeed.”

Have you noticed the positive change in recruitment in the UK over the last couple years? Feel free to share your thoughts with us below or on our Facebook, LinkedIn or Twitter pages.