Recruitment Industry Value hits All Time Peak
Research published by the Recruitment and Employment Confederation (REC) has shown the value of the UK’s recruitment industry to have surpassed its pre-recession peak. According to the industry representative body, the sector recorded a total revenue of £28.7 billion by the end of the financial year 2013/14.
Total industry turnover increased by 8.2 per cent on the previous year’s total, £26.5 billion (2012/13) and exceeded the previous record high of £27 billion achieved in 2007/08. Growth in revenue was driven by an increased volume of activity and by a fall in the proportion of work conducted in return for low margins.
“The recruitment industry is the driving force behind the UK’s labour market recovery,” says REC chief executive Kevin Green. “The positive impact that recruiters have on people’s working lives and the businesses in this country is the reason we have record employment, and unemployment falling at unprecedented speed.