Economic Salvation!

Economic Salvation!

Economic Salvation!

May 23, 2014 Company blog 0

Good news everyone, according to the geniuses at the National Institute of Economic and Social Research (NIESR), the UK is beginning to emerge from the cold, hard winter of economic discontent known as the ‘great recession’, and is due to return to its pre-recession peak of 2008.

A main contributor of this economic turn around is the fall in unemployment to a five-year low, as detailed by the mathematical wizards at the Office for National Statistics (ONS). David Cameron, clearly pleased with this up turn in economic fortunes, tweeted this handy graphic:

Conservative tweet - ONS

This is obviously good news for all. I don’t think I need to spell out to you the importance of economic stability and rising employment to the recruitment industry.

If the NIESR’s report highlights anything to us, however, it is that per capita GDP is still well below pre-recession levels, and so ‘how rich individuals are’ will take some time to recover. The important thing to recruiters here is that high-billing jobs are not going to become so abundant just yet, and so stresses the importance for consultants to focus on the number of placements made.

The idibu Index

With this economic good news in mind, we at idibu decided to compile statistics on the number of jobs posted and the number of applications made, comparing Q1 2013 to Q1 2014. idibu’s multi-posting software is designed to make accessing data simple and efficient due to all recruitment practices being centralised in one, easy to use system.

Our figures show a great increase in recruitment activity for Q1 2013 to Q1 2014 with:

  • The number of jobs posted growing 34%
  • The number of job applications growing 14%

As you can see, this is in-keeping with an upturn in economic activity. What is interesting here is the rate of jobs posted is higher than the rate of applications, which could be explained by a decrease in unemployment.

This simple statistical analysis is a fraction of the information available for clients using idibu’s multi-posting software. You can gain fast access to a multitude of information including:

  • Total number of jobs posted
  • Number of posts to each job board
  • Number of posts in each industry sector
  • Number of applications
  • Number of progressions and rejections
  • Time of day applications were made

Of course, data such as this can help you focus your business activity according to your particular strengths. It can highlight areas where you need to be more time efficient and make your recruitment practice run a lot smoother.

Given that we have access to global statistics of this nature, we have begun collating and analysing data for our clients to be distributed in the coming weeks. We call this the idibu Index. This information can help you focus your business according to increases in job availability in each sector; the number of available applicants in each sector; the focus on specific job boards; the ability to reach the best candidates by posting at the appropriate time of the day. The idibu Index will give our clients what they need to sharpen their business practice: appropriate and applicable market information.