August 16th, 2019 | Industry News
Recruitment software used to be a blunt tool that recorded facts and kept track of payments. Today it’s a sophisticated contribution to an increasingly challenging endeavour – finding the right candidate in challenging marketplaces. SAAS recruitment agencies are ahead of the game, relying on online recruitment software that can handle complexities like Brexit and the Deutsche Bank layoffs to provide the best possible service to job seekers and clients.
Brexit and Deutsche Bank (DB)
For big international recruiters finding that activity in Europe is essential to offset the slowdown in the UK market, the balancing act has just become more tricky. Even the best recruitment CRM can’t disguise the fact that net fee incomes from UK recruitment are falling – big agencies are posting between 4-8% drops this quarter, small agencies may be feeling it even more. This makes Deutsche Bank’s 18,000 job reduction a major impact on an already fragile market.
The finance industry, Europe-wide, was actually already contracting before the Brexit vote, but there’s no doubt that leaving Europe has hastened the trend in the UK and with London being one of the biggest finance markets, the knock-on effect has weakened confidence in the sector across Europe. Recruitment management software that doesn’t track trends and provide in-depth reporting has left some agencies foundering as their marketplace has eroded before their eyes. Others, with more acumen and supported by better recruiting software, have benefitted from a cherry-picking exercise that has allowed them to support financial institutions in strategic talent acquisition and in restructuring teams, often with high calibre outside support on a temporary basis, to deliver better access to world markets… and to a financial services client-base outside Europe. This activity in recruiting and reshaping financial sales in particular, has been underpinning a significant proportion of the executive level recruitment that has taken place in the past 10-18 months, all of which has preceded the DB announcement and may even, to a certain extent, have caused it.
Astute recruiters are able to spot the direction of play and help their clients position themselves well for what’s ahead. This is what makes them a valuable partner in the process of succeeding in uncertain times, and the best recruitment software for agencies, like Recruit So Simple, encourages a recruitment consultancy to stay ahead of the game, and to ensure their clients do too.