The economy, hit hard by Covid-19, should improve by the end of this year, according to 56% of recruiting professionals surveyed by staffing software firm Bullhorn. Only 2% believe there will be a sustained depression that extends past 2021.
It also found that 30% said their businesses were doing better than, or as well as, they were this time last year. However, healthcare and IT staffing firms were most likely to observe stable performance and suffer dramatic losses.
“The impact of Covid-19 has been profound, but as always, optimism and opportunity abound amidst challenges,” said Gordon Burnes, chief marketing officer at Bullhorn.
“While respondents expect permanent changes to the industry, such as the rise of remote jobs, staffing and recruiting is still fundamentally about people,” Burnes said, “and the top priorities for agencies — improving client and candidate engagement — demonstrate that the path to success is through relationships.”
The survey took place in May and June in both North America and the UK.
Other findings in the report:
- 42% say they have not reduced their internal workforces. However, 46% of North American firms laid off or furloughed employees and 82% of UK firms did.
- Reduction in job requests was the biggest customer-related challenge, according to 81% of those surveyed.
- The top challenge when acquiring new customers was hiring freezes, 72% said.
- 64% expect remote jobs to be more common post-pandemic, and 57% expect contactless recruiting to become more prevalent.