As we head into the “longest recession ever” in the UK, how are you going to react as a recruitment business owner?

🚫 Andrew Bailey has told us all that we are already into what he expects to be the longest recession ever recorded in the UK. IMO the BoE should have taken more action sooner.

☝️ On the other hand, job numbers are still high, offers still plentiful, and there’s a permanent talent shortage.

But, as Ned Stark says “the long winter is coming” (I’m re-watching GoT atm).

Either way …

❓ What are you doing?
❓ What plans have you put in place?

❌ Do you ignore it?
❓ Do you batten down the hatches?
✅ Do you summon your PMA?

I say take action.

Think about what will affect your business …

⚠️ Defensiveness from companies (counter offers, retention strategies)
⚠️ Money worries for your staff (as the cost of living increases)
⚠️ Risk aversion from buyers
⚠️ Desperation from suppliers
⚠️ Underhand tactics from competition
⚠️ Caution from funders

🙀 You don’t have to overreact but don’t bury your head in the sand either. Much better to get out in front of the things that are likely to affect your particular business before they come to bite you.

✳️ Adjust staff training
✳️ Address staff concerns
✳️ Educate clients
✳️ Talk to suppliers
✳️ Speak with funders
✳️ Double down on your strengths

After 30 years in the industry, I know that the recruitment industry is full of wonderfully resilient people and business owners are incredibly resourceful.

But that’s just my opinion. “You know nothing, Phil Marks”.

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November 2022

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