Welcome to Jump’s Newsletter.
Jump Advisory Group, for your interest, has reviewed some of the industry’s most informative and not-so-informative news articles to create a review of the latest news and view of the recruitment marketplace. Our aim is to educate leaders and recruiters to help you take more informed decisions as the market continues to change.
StaffingHub – State of Staffing 2023:
An overview of the latest staffing trends and benchmarking data from the 2023 State of Staffing Report!
The report covers key trends from the past year and provides insights into the current state of the staffing industry.
The report identified several key findings, including the fact that demand for staffing services is on the rise, with double-digit growth year-over-year. It also found that the majority of staffing firms are optimistic about the future of their businesses, with a majority expecting to increase their headcount and revenue in the coming year.
The report also highlighted the importance of technology in the staffing industry, noting that the majority of staffing firms are leveraging technology to improve their operations and better meet the needs of their clients and job seekers.
Overall, the 2023 State of Staffing Report provides valuable insights and benchmarks for the staffing industry; here are the five key points:
1. Staffing revenue is expected to grow by 4.5% in 2023.
2. Technology is transforming the way staffing firms operate.
3. There is a growing demand for specialised staffing services.
4. Staffing firms are investing in digital marketing to reach new clients.
5. There is a need to develop better recruiting and retention strategies.
The report provides a comprehensive overview of the staffing industry and highlights the opportunities and challenges facing staffing firms in the coming year. So now is the perfect time to review your staffing strategy and ensure you can take advantage of the changing market.
Are your client’s recruitment processes killing their attraction?
It’s no surprise that recruitment processes can be a long and arduous task for employers and job seekers alike. However, recent research from HR Magazine has revealed that lengthy recruitment processes could be pushing potential candidates away. Here are seven key facts from the report:
More than a quarter (27%) of job seekers said they had withdrawn their application due to the length of the recruitment process.
With the average recruitment process taking up to 8 weeks (or longer) to complete, this could be causing potential recruits to look elsewhere.
Long recruitment processes can also result in employers missing out on the best talent, with over half (53%) of respondents to the survey saying that they had accepted an offer from a rival employer due to the length of the recruitment process.
Despite this, only a quarter (25%) of employers said that they had shortened their recruitment process in the last 12 months.
The report also found that employers need to do more to keep job seekers informed during the recruitment process, with just over a quarter (27%) of organisations providing updates.
The research revealed that job seekers are also increasingly turning to social media to learn more about employers, with nearly half (46%) of job seekers saying that they had used social media to research a potential employer.
Finally, the report found that employers should focus on making the recruitment process as simple and straightforward as possible to attract the best talent.
It’s clear from these findings that employers need to review their recruitment processes to ensure they are putting potential candidates on track.
Should you be educating your clients on how to improve their recruitment process to increase its success rate, engage and retain better talent, and reduce the overall recruitment cost?
Current Market Update from the Office of National Statistics:
Today UK Employment Statistics have been released by the ONS! Here are 10 facts from the report:
Employment rate: The employment rate was estimated at 75.3%, up 0.3 percentage points on the quarter.
Number of people in employment: There were 32.93 million people in employment, up 254,000 on the quarter.
Unemployment rate: The unemployment rate was estimated at 4.0%, down 0.1 percentage points from the previous quarter.
Vacancies: The number of vacancies was estimated at 813,000, down 50,000 from the previous quarter.
Average earnings: Average earnings (including bonuses) increased by 3.4% on the year.
Economic inactivity: The economic inactivity rate was estimated at 20.8%, down 0.3 percentage points on the quarter.
Employment by industry: The most significant increase in employment was in the public admin, education and health sector.
Employment by occupation: The largest increase in employment was in professional occupations.
Employment by region: The largest increase in employment was in London.
Employment by age: The most significant increase in employment was among those aged 50-64.
These figures show that the UK employment market remains strong, with a rise in the number of people in employment and the employment rate.
In April, the UK saw a greater reliance on temporary staffing due to lingering uncertainty around the job market.
A new report from the Recruitment & Employment Confederation (REC) reveals the impact of the ongoing pandemic.
Here are the 10 key points you need to know:
1. There was a 10% increase in temp billings compared to March.
2. There was a 34.6% increase in temp billings compared to April 2020.
3. Permanent placements increased by 17.2% compared to March.
4. Permanent placements were down 24.7% compared to April 2020.
5. Demand for staff rose for the fifth consecutive month in April.
6. Demand for permanent staff increased for the fourth consecutive month.
7. Demand for temporary staff increased for the third consecutive month.
8. Vacancies for permanent staff were down 16.8% compared to April 2020.
9. Vacancies for temporary staff were down 20.2% compared to April 2020.
10. Overall, the job market is still far below pre-pandemic levels.
These figures show that the job market is still feeling the impact of the pandemic and that uncertainty remains.
The UK recruitment market is holding firm, yes, there has been some shrinkage in the number of vacancies, but overall the employment figure remains strong. Temp/contract and Perm have seen consecutive months of growth despite the number of vacancies in all areas dropping.
The stats are saying that job levels have returned to pre-pandemic levels, but the candidate flow is still causing agencies and clients concern. How you interpret the stats, they look positive for the second half of the year, and the UK market is hanging tough.
This points to the obvious, you need to be closer to your clients, and the critical activity to create momentum in your business moving forward has to be business development of your current, lapsed, and the introduction of new clients to your business.
One key takeaway from a LinkedIn review was how companies buy recruitment services compared to how we, recruiters, present them to clients. Buying habits are changing, including how clients buy our services and how candidates buy our offerings and our service.
Here at Jump; our clients have seen significant sales and growth when they have presented a compartmentalized sale to their clients and offered alternative recruitment solutions.
So the two questions you need to ask yourself are, are you changing your sale to capitalise on the market and its ever-changing demands on our industry? Are you focused on business development?