UK Recruitment Is Showing a Rising Index In The Recent Times

From the macro economic point of view the recent reports on the national economic condition of UK shows deterioration at the rate of 1.5percent in the final quarter of fiscal 2008 and it was tough on the domestic unemployment situation too! But despite of these negative situation UK recruitment agencies has displayed a good job and has managed to rise the employment level manifold times.

As per reports of REC and KPMG

As per the reports of KPMG and Recruitment and Employment confederation (REC) - full time employment hiring has rose high in the month of November compared to last 18months. The top notch UK recruitment consultancies reports increase in job placements from 55 to 56 in the month of October where data above 50 plus is an indicator of rising high, there  56 indicates a steep rise, record breaking in the period of 19 months. KPMG says the hiring of temporary placement was strongest since last march and full time placement is strongest in November since 18 months.

Sector wise Employment report

The most important sector that determines the strength of the economy is the IT sector. The expansion of employment in this sector also reports the rise by 14% during April highest over last six months. Another sector or the industry related to IT sector is financial sector; the growth of one is interdependent on another and vice versa has shown an increase in employment rate with any educated graduates entering the banking and insurance sector on a large scale. Talking about another sector which is also dependent on the financial sector for its growth is the construction sector which needs bank financing on a large scale for funding its project. The impressive increase in the number of commercial property sector projects and residential dwelling sector projects too have caused the increase in demands of the lab our recruitment. As per statistical evidence 7% of the total workforce population is engaged in construction business. In figures about 2.2 million workers are in construction industry and this figure is expected to go up by 6 million by 2012.

Underemployment Vs Unemployment situation in UK

Unemployment means a situation of getting jobless while underemployment means being in job yet underpaid or the situation where the salary payouts is underrated then the rate of growing inflation. UK economy has seen both the situation in the past in 2008 fiscal but the situation has improved a lot at present. According to I.T recruitment agency CV screen the wages have raised by 5% compared to last year in IT industry with the average yearly wage figure of above 38,000pound, this has resulted into drain of the college graduates into IT sector.

Growth of UK recruitment business and its contribution to UK’s economy

In the last 18months, the UK recruitment industry has recorded the growth of 4.9% and total revenue exceeds 26 billion pound which is a lion’s share of contribution in the total revenue generation of economy.

Conclusion

 The Economy of UK has entered the recovery phase and the job market has improved a lot, job avenues have open up and the UK recruitment industry are filling up employment vacancies at a massive scale.