Severe drop in recruitment activity during March

Quickest drops in permanent placements and temp billings since early-2009

Staff vacancies decline

Slower increases in pay for both permanent and temp staff

The coronavirus pandemic has put the labour market on pause. It does mean massive disruption in the short term, but we need to remember that this has to be done in order to protect businesses and save lives.
What we should be concerned about is how we stop that short-term disruption becoming longer-term economic depression. To do that we need to maintain employment levels as much as possible. Businesses in high-cashflow sectors like recruitment and hospitality need to be able to access government support much more quickly than they currently can, or they will not be able to afford to furlough their workers. This and other measures like government covering statutory sick pay for all firms will help people and firms to stay afloat now, and help the economy bounce back once the crisis is over.

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About

Simon Bean is managing director of the Recruitment Connection and has been recruiting since 1985. He is a Fellow of the Institute of Recruitment Professionals (IRP).