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Recruitment Agencies (Permanent) Market Report 2008
Key Note Publications Ltd, Jan 2008, Pages: 82
This Market Report discusses the market for recruitment companies and employment agencies that operate in the permanent — as opposed to the temporary and contract — employment category. It includes firms that are engaged in general permanent appointments and executive permanent appointments.
The market appears to be strengthening month by month and the value of the market, in the year ending March 2007, was £3.51bn, an increase of 7% on the previous year. Moreover, in 2007, there were 787,280 placements, in comparison with 519,761 in 2002, a strong indication of how far the market has progressed in the previous 5 years. Growth in 2007 has been extremely buoyant. An increasing number of employers — who might once have considered hiring some contract staff for a year — are now switching to offering candidates permanent employment, responding to the danger of not being able to find the right staff when a contract comes to an end.
The market for recruitment companies and employment agencies that operate in the permanent employment category can be split into 11 economic and professional sectors. These are: computing/IT; construction; drivers; education; financial; hotel/catering; industrial/blue collar; nursing/other medical; professional/managerial; secretarial/clerical; and technical/engineering.
The biggest concern for recruitment agencies is candidate supply. Recent research by the Recruitment & Employment Confederation (REC) showed that retention of staff within the industry is another problem. The most difficult positions for recruitment agencies to fill are found in almost any job that has a technical or financial aspect to it, e.g. jobs in IT, engineering, pharmaceuticals, energy, aerospace, banking and insurance. Meanwhile, in many large organisations the human resources (HR) function is being reorganised and sometimes outsourced. This presents new challenges for the recruitment sector. The Internet is becoming ever more popular, not just among the young or IT-literate people. In addition, more senior executives are searching for their next job online.
The market is likely to experience considerable change over the next few years; not only will there be more restructuring, resulting from mergers and globalisation, but the nature of the industry and its processes will also change. A report by the think tank Demos, commissioned by the REC, makes the point that `the traditional divide between extremely personalised recruitment for highly skilled jobs and relatively standardised recruitment processes for low skilled jobs looks set to close in the coming years'. The REC itself is likely to be an agent for change — as it seeks to drive up standards in the industry, and lobbies the Government to initiate changes, the labour market will be enhanced as a whole.
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