The Medium Term Forecast is for single digit growth over the next four years with the industry expected to peak at over £30 billion in 2014/15.
The increase in the annual turnover to £24.6 billion, an increase of 25.3 per cent, compares to £19.7 billion in the same period the financial year 2009/2010. More recent data from agencies confirms that the growth has decelerated- reflecting ongoing economic uncertainty. However, the results of the REC's Annual Industry Trends Survey indicate the industry has an innate ability to come back stronger from the current difficult economic conditions.
The survey also found that:
Commenting on the data, Kevin Green, the REC's Chief Executive, said:
"These results once again demonstrate the resilience of the UK recruitment industry. The 25 per cent swing over the past year means the industry has reclaimed much of the ground lost during the recession. The upsurge of temporary assignments to more than a million again underlines the value of flexible working patterns for both employers and jobseekers.
"The market remains tough for our members as the growth in sales has been accompanied by increased pressure on margins. Despite the inevitable focus on cost control, it is crucial for UK businesses to recognise the importance of sustainability of supply and quality of provision. This is a message the REC will continue to take forward in our dialogue with employers and business organisations."