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Professional recruitment and staffing firms increase UK productivity by £7.7 billion each year by using their expertise to get people into the right jobs, new research from the Recruitment & Employment Confederation (REC) reveals.
But with only half of Britons (52%) saying that UK companies are doing a good job at recruiting efficiently, there is so much more that could be achieved. The overall cost of a bad hire to a business is estimated to be three times higher than the salary paid, so getting recruitment right has the potential to be huge driver of recovery. In particular, the REC is calling for more UK businesses to drop wasteful approaches and treat recruitment as a critical part of their business success.
Search Consultancy are pleased to support REC’s study into the economic and social impact of recruitment finding that one in four (28%) large businesses would consider hiring people who do not live close to the office reflecting the shift toward a more flexible labour market as a result of COVID-19. This approach could benefit large numbers of workers and result in a further boost to the UK’s productivity as employers open themselves up to a wider pool of talent.
Other findings from REC’s Recruitment and recovery study include:
The work of professional recruitment firms supports £86 billion in gross value added across the economy, the equivalent of 4.3% of GDP, larger than either the accounting or legal industries.
Four in five (78%) people who found a job through a recruiter said it was a good match for them.
Each year, over 300,000 unemployed people use the recruitment industry to secure a permanent role, more than twice as many as those who go through the Job Centre.
Two in three businesses (63%) said that working with a recruitment agency had helped them increase the diversity of new recruits.
Jobs the recruitment industry matches support £29 billion in annual tax revenues, double the government’s R&D (research and development) budget.
Someone finds a new permanent job through a recruiter every 21 seconds.