It would have been amiss of us if we hadn’t talked about the government’s announcement that we are officially in a recession in our third Talent Matters webinar, even if it was perhaps unsurprising news. Entitled ‘Jobs, the recession and the rise of start-ups’, Wave CEO Dave Jenkins and Head of New Business Tom Mehmet discuss what a recession means for the recruitment industry and the advantages of starting a business amidst one, plus why we believe that recruitment agency start-ups are key to restarting the economy.
Key takeaways
- Redundancies rise, jobs fall. A recession inevitably means a double whammy of job losses and lack of job creation. Applications are skyrocketing and the number of applications per job is at record levels.
- It will get worse before it gets better. With the furlough scheme not fully winding up until the end of October, we are not quite at that cliff edge yet. There will be more job losses, that much is inevitable. But the key thing to remember is that it will get better.
- Candidate experience remains crucial. This incredibly tough time for jobseekers demands that we maintain a decent level of candidate experience. Some sort of boost or advice to those that don’t progress would be hugely appreciated but even just a response to let them know they are unsuccessful goes a long way.
- There has never been a better time to start a business. Whether you have been made redundant or have reassessed your life and career goals during the pandemic, now is the time to take that leap into starting up your own business. As a small start-up with no fixed costs, you are far more adaptable than established businesses and will, therefore, have an advantage.
- Incorporate change into your new business. The world has changed and the way we do business with it. To make waves as a start-up recruitment agency you need to be the agency that does things differently, that offers a new way of doing things that aligns with where we are now and where we might be in the future.
- We will see hyper-growth. History has taught us that although economies contract during and immediately after a recession, what follows is a strengthening of that economy to a level that exceeds its pre-recession state. Survive the recession and start-ups can flourish.
If you want to re-watch the previous webinars head to the blog or listen to the podcast. Stay tuned for future instalments when Dave and Tom will discuss further hot topics in the world of recruitment.
