đź“Š The pulse of the market
One third of employees are concerned about AI disrupting their careers in the next two years
The impact of AI on career paths is a significant concern for employees. They are worried about potential career disruptions and recognise the need to retrain and move to AI-focused roles. Upskilling and acquiring AI-related skills are seen as essential for future employability. ​
- Over one-third of employees are concerned about AI disrupting their careers in the next two years. ​​
- London has a higher proportion of employees concerned about AI disruption, possibly due to the concentration of professional and financial services jobs. ​
- Employees expect their employers to provide AI-related upskilling in the next few years. ​
- Employees also intend to seek AI-related training from third parties. ​
- Many employees expect to retrain and move to an AI-related role in the next five years. ​
Find out more on the Robert Half Jobs Confidence Index
Shortages, but jobs keep above 1.7M
In April 2024, the Labour Market Tracker by the REC and Lightcast examined job posting data in the UK, revealing 1,731,378 active job postings.
Although this number decreased from March, it remained higher than pre-pandemic levels.
The month saw 769,469 new job postings, a decrease attributed to the recession and Easter break.
Despite this decline, job advertisements have consistently surpassed 1.7 million for the last two years, except for the Christmas period.
Find out more on the REC website
Job market positive with growth in jobs and applications
Positive signs of movement in April, with jobs and applications registered on WaveTrackR increasing from the previous month. Average application per job increases by 3 points, giving recruiters more candidates to work with for every job.
On the most active industries, Education and IT & Internet top the tables for most jobs posted and applications, respectively.
Find out more Wave data here.
đź“° The pulse of industry
The 3 automations every recruitment business needs
If you didn’t catch Holly Langley’s insightful LinkedIn Live session, you’re missing a valuable masterclass in utilising automation to enhance your recruitment agency. Holly dives into Bullhorn Automation techniques that can be easily applied to other systems, including:
- Re-engaging with past clients or companies who may not be doing business with you by implementing automated email campaigns to generate new leads.
- Building demand for your services by creating waiting lists for candidates or content.
- Conducting automated market research by sending surveys to active clients and following up automatically based on their responses.
Choosing the right tech stack
When Nitin Sharma recently interviewed Richard Caldicot on the RecTalk Podcast, they discussed the importance of properly implementing new technology in business to ensure that it is ready for it.
- Recruitment Technology Boom: The recruitment industry has seen a significant boom in technology adoption over the past two to three years, with businesses facing decisions on whether to adopt new tech, expand geographically, or change their operational models.
- Two Types of Businesses: There are two main types of recruitment businesses: early adopters who invest heavily in tech but often underutilise it and cautious businesses that delay adoption due to uncertainty or fear of long-term commitments.
- Importance of Proper Implementation: Successful tech adoption in recruitment requires proper implementation with a clear business strategy. Many businesses fail by over-investing in unnecessary tech or not effectively integrating it into their operations.
- Role of ATS and CRM Systems: Applicant Tracking Systems (ATS) and Customer Relationship Management (CRM) systems are crucial as they constitute the core intellectual property of recruitment businesses. Proper management and utilisation of these systems can facilitate the integration of AI and automation.
- Automation and AI Perception: There’s a general apprehension towards AI and automation in recruitment due to fears of replacement and misunderstanding. However, these technologies can enhance efficiency if used to complement human tasks rather than replace them.
Things I wish somebody had told me before I started my recruitment agency
Erika Clifford, Managing Director of Just Recruit, writes about setting up and growing her first recruitment agency.
- Don’t be afraid to ask for what you need, whether it be discounts, mentorship, or advice.
- When setting up a website for your business, focus on functionality and professional appearance rather than spending a fortune on unnecessary details.
- To improve cash flow, state in your business terms that you invoice on written acceptance.
- Invest in a CRM system from the beginning to streamline your business processes.
- Enjoy the journey of building your business, as reaching a final destination may be elusive. Celebrate every win and embrace the challenges along the way.
🗣️ The pulse of the people
The announcement of a General Election on 4th July has prompted plenty of conversations around what this could mean for recruitment and what the industry wants to see in party campaigns and, most importantly, in action post-election. Here are 3 views from 3 industry figures:
- Recruitment & Employment Confederation CEO Neil Carberry believes that politicians must show that they really understand today’s labour market: “From helping people build skills, to investment in transport and childcare, there is a lot to do. But it starts with understanding that workers and businesses need a more flexible approach than in the past, and that our regulation, skills and tax systems need to keep up.” He emphasised the cost to the UK economy in lost wages and profits if the labour market supply is unbalanced – “…up to ÂŁ39bn every year – the equivalent of two whole Elizabeth Lines.”
- Global Public Policy Director of APSCo, Tania Bowers focused on the need to support recruitment and grow the labour market: “If any party wants to win the votes from the staffing sector, they will need a clear plan to boost the professional labour market. That must include caveats to build domestic talent, improve access to highly skilled international workers and support the flexible segments of the workforce through fair and appropriate legislation.”
- In terms of the more immediate effect of the general election on hiring during campaigning, many recruiters have taken to LinkedIn to voice their concerns that businesses may pause hiring during what can be an uncertain time. The general consensus seems to be that the weeks leading up to 4th July could be quieter but there will then be a flurry of activity post-election from pent-up demand and because business confidence could surge with a change of guard.
