Insights

“While permanent metrics are on the downward trend, some of our key contract metrics have risen year-on-year. We expect slower months during the summer holidays, but we expect there will be an increase in activity when we see the data for September. It will be beneficial for you to continue to keep an eye on this research and marketing trends to benchmark your performance and position yourself for success

We know 2024 has been a challenging year for the market, but we are cautiously optimistic about 2025. If you haven't already, now might be the time focus on your strategy for the rest of the year and the steps to achieve it. Now that we are fully in back-to-work mode, we are hopeful that this will bring new opportunities across the market. Lets stay hopeful for what's to come in 2025’’

July’s rise in vacancies, both permanent and contract, is a positive turn in light of the current challenges in the market. Continue to use the summer quieter periods to focus on strategic projects, and prepare for what could be a busy few months ahead for the recruitment sector.

Although we've seen a decline in new job postings, CV submissions, and placements, we're all aware of the ongoing market challenges. The summer season typically has a negative impact, so let's focus on what we can control. Use this quieter period to work on strategic projects that will yield benefits later in the year. Review all your touchpoints that can positively impact business development activities, and analyse your data. The positive trends in job coverage and higher CV-to-placement conversions for contract roles offer some optimism.

The numbers from June are showing a slight positive upturn with permanent placements and sales growing through Q2. Additionally, contract jobs showed an almost 9% rise month on month. The positive takeaway for the market from this is to keep working hard and controlling the jobs you do have.

IPOs remain well below historic levels and earnings on UK-listed companies are well below the US average. (11 times vs 20 times.) On top of that, now that the post-Brexit framework is starting to normalise, the surge in hiring seen in order so the Banks could operate with dual regulatory function has now started to ebb. This has meant that 2024 is on track to see fewer vacancies in Financial Services than 2023 if the year continues in the way it has been so far.

It has been a roller coaster year for the MMS market, with individual sectors seeing peaks and troughs of activity throughout the last 12 months. However, despite a strong start to 2024, vacancies and applications across all three markets have dropped in the past month, which employers, recruiters and jobseekers alike will be hoping is only a temporary blip, and not a forewarning of a potential downturn in what is already a skills-short field.

While 2023 presented hurdles for the IT industry, market reports show a focus on maximising return on investment by employers. This aligns with a competitive job market for skilled tech professionals. Despite this focus on efficiency, salaries held steady as companies vied for limited talent. With a brighter economic outlook, we cautiously anticipate a positive upswing in the IT sector in the coming months, easing recruitment challenges.

 "The professional recruitment market is still facing tough times. Recruiters are having to work harder with fewer resources. There is some good news, though. Contract placements have gone up by nearly 4% this month. Permanent placements, however, have dipped slightly, possibly because Easter came early this year. Looking at the bigger picture, things are still challenging year-on-year. The number of new jobs advertised is similar to what we saw back in 2017. There's a reason for cautious optimism, though. Sales revenue is getting close to March 2021 levels, which suggests that both hiring rates and salaries are improving."