Rupert Wallis, 6 February 2025
There has been a lot of doom and gloom about the job market in the press over the past few months, however at Media Contacts have seen a very different picture emerging. As recruiters we are on the pulse of the economy and often see trends ahead of them being reported; We are forward facing whereas the press tend to be using retrospective data. For example, clients may be hiring now for Spring, giving us a strong view on demand 3 months ahead, whereas the press will cover economic and employment data for this period from April onwards, one it has actually happened. Here is what we have been recently seeing:
- Our billings (i.e. new starters into jobs) in December 2024 were the best we have had in our 30+ year existence
- This was replicated in January 2025, where we billed c. 60% more than usual
- We have had a steady stream of incoming business since coming back after the Christmas break, across all sectors we operate in. We are taking on new jobs at double the rate we were in November and December
- None of our clients have expressed concern over the forthcoming NI increase. To me, it doesn’t make sense why the press are obsessing about it – pay rises of 5% are widely being reported, a much higher number than the NI increase yet employers are still finding the money to fund these pay increases
- Some data at a recent Recruitment Network (TRN) event revealed that revenue growth per employee in FTSE 100 companies has massively outstripped inflation over the past 20 years – companies are achieving far more per head than they used to, making investment in top talent a priority
- Across the recruitment industry Consultant productivity currently stands at approximately 20% higher per head than pre-Covid
Of course it may be that the specific sectors we recruit for might be outliers, however the above is taking the rough with the smooth – some of our client sectors have been struggling over the past two years, but they are now showing green shoots and the bullet points are the average picture across everything that we recruit for. Our main market is media, often seen as a bellwether for the economy as it is heavily reliant on both consumer and business confidence.
My next post will be on tips for employers to navigate attracting and securing the best talent in this fast changing landscape. If you would like any individual advice in the meantime please get in touch!
