Venn Index Q4 2018 - Recruitment Report
Posted on Thursday, January 31, 2019 by Venn Group — No comments
The latest release of the Venn Index points to contract recruiters’ confidence remaining stable in the final quarter of 2018. The threat of a general business slowdown in response to much-discussed anxieties over Brexit – in particular no-deal – has failed to materialise.
Overall, as usual, broad aggregate totals distract from significant variations between sectors. After a robust start to the year, volumes of contracts for Housing specialists tailed off sharply in the final quarter, although the quality of candidates has supported solid performance in contract values, with average rates rising steadily by around 20% across the year.
Again confounding the Brexit sceptics, after a hesitant second quarter Banking & Finance demand rallied, with day rates continuing to rise steadily through the second half-year to more than 30% above their lowest point this year (or indeed last year). Specific demand drivers include Brexit contingency planning roles, the Conduct regulator’s forthcoming extension of SMCR powers, and a continuing surge in market events including merger and acquisition activity.
Our new Engineering and Manufacturing practices recorded solid continuing growth across the year, reflecting a continuing challenge of fulfilling unsatisfied demand for this professional expertise; with weak supply of UK engineers, background conditions for good quality contract opportunities remain strong.
Public demand to professionalise Not-for-Profits, and the continuing resource stretches in Government, resulted in slow but noticeable net average increase in hourly rate values, with a last-quarter surge recovering lost ground from earlier in the year.