According to research we have carried out for our new Workforce Intelligence report — Using Labour Market Insight to Grow Your Recruitment Business — (which you can get for free by clicking on the image to the right), there is both a need for greater access to quality Labour Market Insight (LMI) in the Recruitment industry, and better information about how it can be used.
For instance, when we asked organisations in the sector about how much access they currently have to external LMI, the responses we got back were something of a mixed bag. As you can see from the graphic below, just 39% said they have access to quite a bit or a great deal of LMI, whereas over 42% have access to just a little or none at all:
Yet despite the fact that few companies appear to be making extensive use of LMI, with just 16.67% saying that they have a great deal of access to it, it is nonetheless seen by most of the organisations we surveyed as being important to a variety of different business-related decisions. The following chart shows this clearly, with respondents asked to score how important they see having robust LMI across nine different categories, with more than 50% answering “a great deal” or “quite a bit” in every single one of these functions:
Whilst our survey was by no means comprehensive, responses were from senior executives in some of the most prominent companies in the Recruitment sector, and so the results are certainly a good indicator of how such organisations view LMI. The most obvious takeaways from the data above are these:
- The Recruitment industry sees LMI as an important factor in their operations.
- Yet at the same time, many admit that they do not have access to robust data.
This being the case, it is imperative that Recruitment companies not only get better access to good LMI, but also that they become more informed as to how it can be used to help their business.
This is why, as we mentioned here, we are partnering with the Recruitment and Employment Confederation (REC) to bring localised Labour Market Insight to their 3,000+ members, through a series of reports giving local employment trends and analysis for every LEP and Combined Authority in the England, along with Scotland, Wales and Northern Ireland.
We recently caught up with the REC’s Director of Sales & Marketing, Kate Shoesmith to find out more about how they hope this partnership will benefit their members, and how they see LMI as being crucial to helping recruiters stand out from their competitors:
To find our more about how our localised Labour Market Insight can help your recruitment business grow, contact us today.