Like most sectors of the UK economy, the recruitment industry was hit hard by COVID-19 – as shaky business confidence and the furlough scheme meant companies simply weren’t hiring staff.
Now, as the national business recovery gathers pace, recruitment companies are grappling with a very different challenge. Companies up and down the country are desperate to hire again, but there’s a real shortage of candidates as scores of employees quit during the pandemic and many EU workers returned home after Brexit.
Recruitment veteran Gary Ashworth has over 40 years experience in the industry, founded his first recruitment company when he was just 21, and is currently chairman of three different recruitment companies. Speaking to Startups, he stressed the importance of having a coherent financial plan in place:
“If you want to take advantage of running contract or temporary staff as well as charging a fee for making them permanent, then you’ll have to have a line of credit in place to cover their wages, since you might not get paid for 30-60 days or longer.”
To read the article in full, including expert insight from Gary, visit Startups.