2024
There is no denying 2024 has been a challenging market for Recruitment agencies operating in the Tech space. It has been well reported many of the global recruiters have seen huge drops in profits with the likes Hays reporting a 92% drop across their financial year. On top of this a lot of the smaller independent recruitment agencies have ceased trading due to less vacancies and rising costs.
Why has the market been so flat across 2024?
This isn’t an easy one to answer but there are certainly mitigating factors that have undoubtedly had an impact on market confidence including the uncertainty around the economy along with the general election and change of government…. the list goes on and alongside the inevitable dip after the post covid boom has all gone into the melting pot to create a turbulent market.
So what will 2025 bring?
The truth is no one really knows in these uncertain times, however what we have observed is certain sectors and specialisms remain stronger than others. In other words, some sectors are more resilient and we have certainly seen this across our client base specifically within Healthcare & Fintech remaining strong.
Additionally, a lot has been made of the rise of AI. This is going to affect all our lives in a multitude of ways… many fear negatively in that they could lose their jobs and be ‘replaced by a robot’ but we think instead it will be asset to many job roles. We are certainly seeing the benefits within the Recruitment sector. Ultimately it isn’t too much of a stretch to think AI could actually create jobs and its just about moving with the times.
Whatever the new year brings Profectus feel it is well placed to continue to provide an excellent service to our candidates and clients in equal measure. With everything that has been thrown at us over the last few years we certainly feel ready to embrace the challenge.