The UK recruitment industry grew by 11% to £35.7 billion in 2017/18 despite ongoing Brexit uncertainty
The UK recruitment industry grew by 11% to £35.7 billion in 2017/18 despite ongoing Brexit uncertainty.
Recruiters and associated HR services placed over 1.1 million people into permanent jobs in 2017/18, and were responsible for placing more than 1 million agency workers on any given day, according to new data published today by the Recruitment & Employment Confederation (REC).
The REC’s annual Recruitment Industry Trends report for 2017/18 showed that the total industry turnover from permanent and temporary/contract placements, and other HR services, reached £35.7 billion, an increase of 11 per cent on last year. £30.85 billion was generated through temporary/contract placement activity, and approximately £4.84 billion through permanent placements.
The number of businesses operating in the UK recruitment industry grew by almost 10 per cent in the year to March 2018, totalling 30,430, and the industry employed approximately 115,000 people – enough to fill all the seats and the pitch at Wembley Stadium.
Other figures from the 2017/18 report include:
Almost two thirds (64 per cent) of temporary assignments were for 12+ weeks, while one in five (20 per cent) were for 6+ months (compared to 61 per cent and 20 per cent respectively in 2016/17)
85 per cent of contract placements were for 12+ weeks, and 45 per cent of contract workers were on assignment for 6+ months (compared to 80 per cent and 44 per cent respectively in 2016/17)
The average annualised turnover of each temporary/contract worker on assignment was £34,976 (up 20 per cent on the average in 2016/17)
Recruitment Industry Trends 2017/18 also includes the REC’s forecast for the next three years, which remains positive despite the unknowns in the political landscape. The REC forecasts that the UK’s recruitment industry will grow by 4 per cent in 2018/19, 4.5 per cent in 2019/20 and 5 per cent in 2020/21.
Circle Managing Director Steve Ricketts comments: "Despite the current uncertainty, we have witnessed an outstanding year at Circle. This is reflected by the REC's report which illustrates that it has been a strong year for the industry as a whole. It is pleasing that the UK recruitment sector continues to flourish, and we are looking forward to continued growth in the years ahead".