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17 January 2018, London – Over three-quarters (77 percent) of recruitment professionals anticipate an increase in company revenue next year, indicating a largely positive financial outlook for the industry in 2018.
According to a new report from Bullhorn, the cloud computing company that helps staffing and recruiting organisations transform their businesses, overall confidence levels for industry performance are up. A quarter of respondents (25 percent) feel more confident about the future heading into 2018, compared to 10 percent this time last year.
Still, firms noted several concerns about the industry for 2018. Looming macroeconomic and political developments are clouding the horizon, with 70 percent stating that they are concerned with the future impact of Brexit, and 59 percent saying the same of EU GDPR.
Peter Linas, Bullhorn’s Executive Vice President of Corporate Development and International, comments: “Recruiters should be optimistic about revenue growth, but they must be realistic: around a quarter of agencies say they actually fell short of their revenue predictions last year.”
“We will see strong hiring demand in 2018, especially in the temporary and contract markets. But to stand a chance of reaching their revenue goals, agencies must be prepared to defend their bill rates and margins against constant pressure.”
In the coming year, recruitment professionals will continue to encounter more opportunities to utilise technology, but adoption levels leave a lot to be desired. More than half (52 percent) hope to increase their overall technology investment this year to improve client and candidate engagement, as well as become more efficient in performing their day-to-day activities.
Nearly a quarter (22 percent) of recruiters rank existing contacts from a recruitment CRM as their best source of qualified candidates, while 59 percent rank it in their top three alongside other sources such as referrals from successful placements, job boards, and social media.
“It’s important for agencies not to delay in adopting technology that boosts efficiency and innovation. All too often the value of CRM technology is underestimated,” adds Linas.
“However, as the responsibility of client and candidate experience moves away from individual recruiters and becomes shared across every department within the business, it will become more important than ever before.”
Bullhorn’s 2018 UK Recruitment Trends Report: The Industry’s Outlook for 2018 is available for free download today. The report takes an in-depth look into current trends amongst UK recruitment agencies and analyses the industry’s outlook for 2018, highlighting revenue forecasts, prevailing business priorities and challenges, and adoption of emerging technologies.
Bullhorn is the global leader in CRM and operations software for the recruitment industry. More than 7,000 staffing companies rely on Bullhorn’s cloud-based platform to drive sales, build relationships, and power their recruitment processes from end to end. Headquartered in Boston, with offices around the world, Bullhorn is founder-led and employs more than 650 people globally. To learn more, visit www.bullhorn.com or follow @Bullhorn on Twitter.
For more information, comment, or interview opportunities, please contact:
+44 (0)207 580 6502
SVP, Global Support & Training
As Senior Vice President, Global Support and Training, J.R. leads our global Support and Training for all Bullhorn product lines. J.R. directs both the company’s customer service and training efforts around the world engaging customers throughout all points in the customer journey, both proactively and reactively, delivering incredible customer experiences via transactional interactions and client engagements. He brings a broad range of customer service leadership skills and experience to the company spanning performance management, project management, employee and leadership development, organizational design, and strategy which all align to focus on driving an incredible customer experience. Prior to joining Bullhorn, J.R. led call center optimization efforts for AT&T Mobility, directing the call center strategy for more than 100 contact centers. J.R. has spent 20 years working in the contact center space and has held a number of key leadership roles prior to joining Bullhorn.
SVP of Product and Salesforce
Jonathan Novich is SVP of Product and Salesforce for Bullhorn, the global leader in CRM and operations software for the recruitment industry. A staffing technology innovator, he has developed broad and deep product and technical experience consulting to staffing firms over the past 15 years. Jonathan has acted as an independent consultant for some of the largest staffing companies in the world and advised companies on acquisition targets.
At Bullhorn, he oversees product initiatives as more than 10,000 staffing companies rely on Bullhorn’s cloud-based platform to drive sales, build relationships, and power their recruitment processes from end to end. He graduated with honors from Princeton University, earning a Bachelor of Science in Engineering in Computer Science and a certificate in Operations Research.
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