Acacium Group is proud to sponsor the REC’s Recruitment and Recovery report
Acacium Group is proud to be part of the REC’s latest report ‘Recruitment and Recovery,’ focusing on the impact of the recruitment industry and the part we play in contributing towards the UK’s economic recovery post-Covid.
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.
The REC’s study into the economic and social impact of recruitment also found 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.
Mark Underwood, COO of Acacium Group, said:
‘’Acacium Group is delighted to be able to contribute to what is a fantastic report on the impact of the recruitment industry, and the part we will play in the speed of the UK’s economic recovery. It was also an excellent opportunity to showcase the impact of the healthcare recruitment industry in supporting the NHS through the Covid-19 pandemic.’’
Neil Carberry, Chief Executive of the REC, said:
“For too long, many CEOs have spoken of people as their biggest asset but left the process of bringing staff into the business as something to be done at low cost and high speed. By contrast, employers that treat recruitment as a priority issue because of the value it adds unlock competitive advantage. Bringing in the best talent boosts productivity – especially where organisations work with recruitment experts. Companies wouldn’t go to court without the best lawyers – they shouldn’t hire without the best recruitment and staffing service.
“With company and worker needs changing, and the country moving towards recovery from COVID-19, getting recruitment right will play a vital role in boosting the economy. We’re calling on government to work with the REC on the plan for jobs, ensuring that all forms of employment are considered in government thinking, so families all over the country can feel the benefit that good recruitment brings. From temporary work to permanent roles, at home or at a workplace, recruiters have stepped up through the pandemic to keep the wheels of our economy turning. And they will be more important than ever as we bounce back – helping government, businesses and employees build a better world of work.”
You can read the ‘Recruitment and Recovery’ report here.