Recruitment sector closing in on pre-recession high

Recruitment agencies can often benefit from invoice finance facilities to unlock their cashflow

The UK recruitment sector as a whole could accelerate past a pre-recession turnover high by March next year if current trends continue, according to the latest survey from the Recruitment & Employment Confederation (REC).

The REC industry trends survey has reported a third consecutive year of growth for the sector based on more than 500 responses to a survey from Market Shaper and Cordoba Services, as well as from Office of National Statistic (ONS) data.

Industry turnover for 2012/13 totalled £26.5bn, up by more than 3.1% on 2011/12 and exceeding the forecast 2% growth. 91% of this turnover came from temporary/contractual business.

Recruiters reported that a shortage of candidates with the right levels of skill and experience as a major concern.

Growth in the industry will see its pre-recession turnover peak of £27bn be reached by the end of March 2014, hitting £28.5bn in the process.

Invoice Finance for Growing Recruitment Agencies

One issue that can stunt the ambitions and growth of recruitment agencies is access to external funding.

With banks often reluctant to lend to such firms whilst the economic recovery is in its early stages, many business owners may not be sure where to turn for an affordable and sustainable external finance facility.

Invoice finance is an alternative funding solution that is highly suitable for recruiting businesses that issue invoices and have struggled to fulfil lending criteria for traditional facilities.

Many are eligible for such facilities, so, if your business could do with a cashflow boost, why not see if invoice finance facilities such as invoice factoring and invoice discounting could work for you?

Call our team of experts on 01756 694933, email us at info@skiptonbf.co.uk or browse our website for more information on how invoice finance could help set your cashflow free!