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Why the UK recruitment industry is key to the recovery of the economy

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Lizzie Tasker Recruitment, Employers, Work...

We know we’re part of a great and important industry.  Every day we get the opportunity to change people’s lives by placing them into work and, honestly, there is no greater satisfaction. But every now and then, we’re reminded of the fact that we’re a part of something much much bigger.

Our industry body, the Recruitment and Employment Confederation (REC), of which we are long-term members, have released a report titled ‘Recruitment and Recovery - How we can create a more productive and inclusive labour market’.  The REC commissioned independent consultancy, Public First, to measure the industry’s economic and social impact, they used a combination of new modelling, research and extensive polling of workers and businesses.

The results are staggering! The report centres around three core themes:

  • Recruitment is a major driver of UK productivity
  • Giving workers new opportunities and supporting a more inclusive labour market
  • The recruitment industry can help accelerate the recovery

No industry has been untouched in some way by the Coronavirus outbreak and recruitment is no different. However, we’re positive that our industry is key to helping the economy rebuild and bounce back stronger than before. As companies seek to get back on track during these uncertain times, recruitment agencies, like us, give the ability to flex their workforce to suit demand. Conversely, temporary work assignments allow workers who have potentially been displaced from other sectors to maintain an income and keep unemployment figures down.

BENEFITS TO WORKERS

  • Job satisfaction is highly correlated with life satisfaction

  • Whereas unemployment is one of the most significant drivers of unhappiness

BENEFITS TO EMPLOYERS

  • Over 90% of businesses within over 10 employees say that recruitment is important to their success

  • There is a clear correlation between employee’s job satisfaction and company’s overall profitability

BENEFITS TO THE ECONOMY

  • Ensuring the right match between the skills and interests of workers with the most appropriate companies is an important driver of long-term productivity

  • As important as matching is the diffusion process. When workers change jobs, they take with them new ideas and methods - helping best practice diffuse across the economy

 
 

You can access the full report, here: https://www.rec.uk.com/our-view/research/industry-analysis/recruitment-and-recovery

(Published 18th February 2021)