Well, no one could ever claim that 2019 was boring! It was filled with drama, excitement and frustration for the UK recruitment industry.
We’ve also been extremely busy contributing £38.9 billion to the UK economy, even with all the drama and uncertainty that Brexit has brought, but now what? Are we all feeling confident or is pessimism the order of the day?
Well, the latest data from The Global Recruitment Insights and Data site, which monitors the trends of 2,000 global recruitment agency employees, in agencies of all sizes, highlights that we’re optimistic but cautious in the UK. The figures show that 69% of respondents expect to increase revenue in the year ahead. Although, this is clearly a positive response, when compared with last year’s figures it is notably a 10% drop on 2019. Plus, 52% of respondents are predicting a recession in 2020, compared to just 30% in 2019.
Whilst economic uncertainty is cited as the top macroeconomic challenge for the year by respondents from all the regions globally, it is noteworthy that UK respondents were more likely to cite economic uncertainty as a challenge than respondents from any other region, indicating Brexit might still be playing on all our minds.
So, it seems we are cautiously optimistic which after the drama of the last three years is all we could possibly expect. We know it is likely to be a tough year ahead, but I believe that as always those of us in the recruitment industry will look to new ways of working so that we stay ahead of the game.