More than half (52%) of UK recruiters anticipate a recession in the next 12 months, a new study has found.
According to Bullhorn’s 2020 Global Recruitment Insights and Data, which surveyed more than 2,000 global recruitment professionals, recruiters believe that skills shortages may contribute to the expected recession.
Almost half (46%) of recruiters said that the current talent shortage is worse than it was five years ago.
Additionally, nearly three quarters (74%) of UK recruiters believe that talent shortages will be their top hiring challenge in 2020. To overcome these challenges, recruiters offered two core solutions which included getting employers to up candidate pay rates (42%) and reskilling workers to meet client demands (26%).
Peter Linas, Bullhorn’s Executive Vice President of Corporate Development and International, explained that while the UK is experiencing a worsening talent shortage, there are ways that recruiters can help tackle it.
He added: “Of course, increasing pay will attract better candidates, but reskilling employees is one of the biggest opportunities in recruitment right now.
“Recruiters are best positioned to identify emerging skills and competencies, and guide businesses that are struggling to get to grips with how job roles are changing, and how to find the talent they need,” Linas explained.
Growing emphasis on the importance of diversity
The research found that 68% believe that diverse organisations are more effective which represents an eight per cent increase from last year. And it seems that this is becoming more of a priority for clients too.
More than half of recruiters said they currently have clients that require diverse candidate shortlists after recognising the business benefits.
Linas added: “Both companies and recruiters are responsible for creating a more diverse workforce, but technology has a role to play, too.
“The right recruitment technology can automate CV parsing to identify candidates that have the qualifications, experience or skills needed, without considering their background. This means it can put candidates forward who might otherwise not make the cut.”
Despite the wealth of recruitment technology on the market, only 12% of recruiters have completely adopted it.
Failing to see the value in new technology was cited as the top obstacle for 29% of recruiters, with limited training resources (16%) following closely behind.
While the uptake may be trivial, 85% of recruiters agreed that a digital transformation could help their firm from falling behind.