By Ashley Healy
In 1989, Marty McFly, played by Michael J. Fox, was picked up by Dr. Emmett Brown and sent to the year 2015 in the time-traveling DeLorean. As of today a time-traveling DeLorean has not been invented, but if it was… I’d travel through time to find out the winning lottery numbers for this week’s record $540 million Mega Millions Jackpot. I mean… I would travel with McFly to 2015 and see if the global recruitment market actually grew by 9.36%, a projection stated in the Global Recruitment Market Report, published in September, 2011 by Koncept Analytics.
Koncept Analytics, a research company that offers industry reports, projects that the global recruitment industry will grow by 9.36% by 2015 (from $292.1 billion in 2010 to $456.97 billion). According to the report, most of the growth relates to the increasing trend of companies hiring agency recruiters to assist with recruitment. In 2010, staffing companies dominated market share by bringing in 70% of total industry revenues, while corporate staffing accounted for the other 30%.
Sure we have all seen the economy significantly impact the global recruitment market over the past few years, but this growth is definitely a positive sign for the industry. Geographically, the report shows that Europe holds the highest market share (39%) in the global recruitment market, while also exhibiting consistent signs of future growth; this month the Monster Employment Index Europe demonstrated a year-over-year growth of 10% in February 2012.
“Germany continues to remain an exceptional growth market, growing at 28 percent year-over-year, despite the ongoing macro-economic uncertainty in Europe,” commented Alan Townsend, Vice President of Sales Readiness and Business Operations for Monster Europe. “The sequential increase in the February Index is commensurate with the prior year and reflective of employers looking at their hiring plans after a month of assessing the 2012 outlook”.
Recruiters are optimistic and see the recruitment market continuing to improve, according to the most recent Bullhorn 2012 Staffing and Recruiting Trends Report. 96% believe their firm’s revenue will increase in 2012, and almost half of that group (45%) expects it to increase by 25% or more.
As we move forward into the future, we travel with more research and the power of social media at hand. And, although we don’t have an actual time-traveling machine, we have gotten much better at our projections for the future. Nonetheless, only time will tell what lies down the road ahead.
As Doc says, “Where we’re going, we don’t need roads.”