2014 saw over 80% of UK recruitment agencies meet or exceed their business revenue goals. So will 2015 deliver the same great results?
It is expected that 2015 will see over 90% of recruitment agencies achieve their set revenue targets, according to the 2015 Bullhorn UK Recruitment Trends Report.
With this in mind, recruitment agencies are now themselves increasing their headcount to help strengthen and grow their agencies at this exciting time (89% of agencies surveyed aim to increase their workforce in the year ahead).
Peter Linas, international MD of Bullhorn, commented: “the UK recruitment industry is enjoying a period of sustained growth and this year’s report reflects just that. It’s fantastic to see such ambitious growth plans being set by agencies, both in terms of revenue and employee numbers, and at Bullhorn we look forward to helping facilitate this growth”.
So, what’s causing the industry to sky rocket? We’ve highlighted the top 3 reasons:
- Expansion – perhaps quite simple, but you cannot ignore the rate of expansion. 36% of agencies are set to move into larger offices
- Social Media and CRM – both these channels have transformed the way we have all worked. LinkedIn is one of the most powerful recruitment tools out there
- Retention – Crucial to the running of agencies. An overwhelming majority of agencies generate half of their revenue from repeat clients
What’s next for recruitment agencies? Looking to sustain this growth will be of paramount importance. With the economy recovered and recruitment consultants battle hardened from the previous economic downturn – the future does indeed look bright.