• Recruiters Planning For Growth Over The Next Year

    Recruiters are planning growth over the next year.

    Recruitment's post-pandemic recovery phase appears to be under way, according to the results of a recent survey that we conducted. It showed that recruiters are planning for growth over the next year.

    How Covid-19 Affected Recruitment Companies

    The pandemic has impacted every business in the UK, a few have benefited significantly. Moreover, most have suffered a drop in income, which is reflected in figures from the Office For National Statistics. Their quarter on quarter GDP growth figures (Gross Domestic Product) show the extent of the decline over the last year or so.

    What Recruitment Companies Told Us

    As part of our survey, we asked the recruitment companies that we spoke to how Covid-19 had affected their turnover. These were the results:

    • 47% - had seen turnover reduce
    • 23% - said turnover had not changed
    • 30% - said that turnover had increased

    So the recruitment sector seems to have held up pretty well, with over half saying that their revenues had either stayed the same or grown. We went on to ask them about their expectations for the next year.

    Recruiters Expect To Grow Over The Next Year

    When asked if they expected to grow over the next year, the results were much more homogeneous.

    Recruiters Told Us They Expect Growth

    This is how they responded to our question about future expansion prospects:

    • 87% - expected to grow over the next year
    • Only a single respondent expected not to grow, and that was because they expected to close their business down.
    • 10% - were uncertain about what the future holds.

    Anyone that is uncertain about their future growth prospects should take a look at our Growth Hub. It includes lots of helpful ideas about how to expand your business in our growth guide.

    The Opportunity For Invoice Finance Companies

    Growth supporting invoice finance is a product that is often used to finance rapid expansion. The finance generated increases in line with turnover, unlike other fixed lending facilities, e.g., a loan or overdraft. Therefore, there is a big opportunity for invoice finance companies to support these recruiters as they grow over the next year. Especially as recruitment is highly suited to this type of funding.

    Source: Recruitment Covid Study - May 2021 (30 respondents randomly selected from the recruitment sector).

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