Recruiters expect recession in coming year, says Bullhorn research

Just over half of recruiters are expecting a recession in the coming year, according to research from Bullhorn.

The cloud computing company’s 2020 ‘Global Recruitment Insights and Data’ research, released late yesterday, reveals 52% of the more than 2,000 global recruitment professionals surveyed expect a recession in the next 12 months.

The research also finds nearly three-quarters (74%) of UK recruiters believe skills shortages will be their top hiring challenge for 2020, followed by getting employers to increase candidate pay rates (42%) and reskilling workers to meet client demands (26%). And nearly half (46%) believe the talent shortage in the UK is worse now than it was five years ago.

Most UK recruiters (80%) agree that reskilling candidates is an effective way to address talent shortages, while (75%) also agree that employers must accelerate pay increases to compete for qualified candidates.

Focusing in on economic prospects, nearly three-quarters (73%) cite economic uncertainty as their top macroeconomic challenge for the year, though some are still cautiously optimistic about what 2020 may hold: over two-thirds (69%) still expect to increase revenue in the year ahead and 72% think globalisation and the increased mobility of talent represents an opportunity for their business.

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