Despite the many challenges 2022 brought for both individuals and businesses, including the cost of living crisis and political uncertainty, the recruitment industry has once again thrived.
With job vacancies hitting an all-time high, demand for recruitment services is soaring and with that comes a rather positive outlook for the next 12 months.
So, what should we expect for the recruitment industry in 2023?
Previously when we have spoken of competition when it comes to recruitment, we mean competition amongst candidates. But in recent years the competition has been between hirers vying to secure the best and brightest talent.
With many industries facing skills shortages, employers are seeking the support of specialist recruitment agencies more and more so, to help them attract the right candidate for the role. And we expect this trend to continue on into 2023 and beyond.
Candidates seeking different ways of working
Since the pandemic where and how we work has transformed dramatically. We saw immediately following the lifting of restrictions, many businesses opted to keep their workforces predominantly remote, however as time has passed we are beginning to see a gradual return to the office for many.
What this means for employers is that they will have a varying spectrum of working preferences to contend with from candidates. Remote or office based will depend entirely on individual candidate preference, making it all the more crucial to get recruitment experts involved in the process.
A strong focus on cash flow
Cash flow is the life blood of any successful business at the best of times, but particularly during a cost of living crisis it has never been more important to ensure cash flow is maintained. For recruiters, cash flow has always been an area that required care and attention as it often means that the business is paying candidates on a weekly basis whilst only invoicing a client monthly.
Invoice finance has consistently been the ideal solution for this, allowing recruiters to release a percentage of cash as soon as an invoice has been raised and thereby maintaining cash flow month-round.
New recruitment businesses
As we have outlined above, the opportunities for recruiters will be huge in 2023 and therefore we expect, once again, to see an influx of recruiters stepping away from employment and opting to ‘do it their own way’ with their own business.
If you are considering setting up a recruitment business in the New Year, speak to the Zodeq team today to discuss how our services can help you get your business off the best possible start!