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Insights with Rich & Mike - Let's recap!

Finance • Feb 2, 2024 12:00:00 PM • Written by: Georgia Reynolds

Another insightful webinar with Rich, and Mike in which we were privileged to have Maxine Bligh, the Chief Membership & Innovation Officer at REC, as our special guest. Let's discuss the key takeaways from this engaging discussion.

This webinar provided valuable insights into the current state of the recruitment industry and its future prospects. Maxine’s expertise offers a comprehensive understanding of the challenges and opportunities facing the industry, making this webinar a valuable resource for recruitment professionals.

" It did weaken over 2023, especially for permanent roles, but it did so from a high base, it's important to remember I think that activity levels overall remain relatively high by comparison to sort of that pre-pandemic norm - Maxine Bligh' 

Current economic landscape:
The conversation begins with an assessment of the current economic landscape, focusing on the impact of high inflation and low growth in the previous year. Maxine outlines how these factors have influenced weaker investment, increased uncertainty in hiring, and slower decision-making. It reveals the challenges faced by the recruitment industry, emphasising the importance of staying agile and future-proofing services.

Market trends and industry resilience:
Despite the challenges, Maxine highlights the industry's resilience, noting that the market remains relatively active. Permanent roles experienced a slowdown in 2023, but this occurred from a high base. Maxine discusses the industry's role in a somewhat cat-and-mouse scenario, where both employers and candidates are cautious about committing to new roles. Temporary roles have seen an uptick, reflecting a more prudent approach by firms.

Sector-specific dynamics:
The discussion changes into sector-specific variations, with retail and construction facing challenges while logistics, healthcare, and hospitality exhibit strength. The changing demands from clients, where procurement decisions increasingly overshadow HR in a bid to control costs. The importance of the industry maintaining sustainable pricing practices is stressed.

Looking ahead:
Looking into the future, Maxine provides insights into economic expectations, with a forecast of decreasing inflation and relatively flat GDP growth. The conversation touches on the potential impact of upcoming elections and the need for policies that support the industry. There is optimism about the second half of the year, especially in London, with firms displaying confidence in their businesses despite a gloomier outlook.

Challenges and opportunities:
The conversation wraps up with discussions on the challenges of labour supply, potential pay inflation, and the need for the industry to adapt to changing market dynamics. It was said the importance of a united approach in dealing with client demands, ensuring fair pricing, and maintaining professionalism in the service provided.

If you’d like to speak to Rich or Mike about anything we discussed or your recruitment business in general, please get in touch by emailing hello@giantgroup.com  

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Georgia Reynolds

Marketing Coordinator – Content