A healthier economy and a greater focus on technology will make 2014 a year of change for the recruitment sector
According to the British Chamber of Commerce (BCC), the second half of 2014 will see the UK’s gross domestic product (GDP) hit levels unseen since the first quarter of 2008 – before we entered one of the deepest recessions of modern times. The short-term GDP growth forecast is now 2.7 per cent for the year suggesting that 2014 will be the year the country’s economy bounces back.
Increase in Executive Appointments
Unadvertised senior executive vacancies increased by 19% in June 2014 compared to the same month last year. Executives earning £150k to £1m+, are showing consistent growth in the UK with real signs of long-term recovery. The senior executive market is responding with an increased demand for high-quality candidates from both the UK and overseas.
Competition will increase
As employment activity increases, recruitment companies can expect competition to intensify – both in terms of headhunting candidates and keeping high-profile clients happy.
As more employers are increasing the number of vacancies, the talent pool of candidates is shrinking and recruiters need to ensure they are offering a superior service to retain the candidates on their books.
Similarly, your clients might be looking to grow with the upturn in the economy which could mean bringing on board additional resources.
Faster turnovers will put pressure on recruiters
As the market improves, people are less concerned about job security and they may start searching for opportunities elsewhere. As a result, we can expect faster turnovers in 2014 than in previous years. Recruiters need to be well prepared to resource accordingly or you may end up too thinly spread to keep up with the stream of new clients and candidates.
As workers take advantage of a healthier economy, recruiters will be faced with filling a lot of sudden openings – and clients will expect candidates to be equally as high in quality as they were when business was slower.
Social media will become critical to the hiring process
Social media is playing a bigger role in the hiring process than it has in the past. Many recruiters are already warming up to the benefits it offers such as the ability to carry out pre-employment checks on candidates’ online profiles, for instance.
In addition to this, certain social media platforms are widely recognised as useful places to find prospects who are not actively looking for work.