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There may never be a better time than right now to buy a recruitment franchise

Estimated reading time: 2 Min Read

Overall, the bank expects unemployment to peak at 7.75% in late 2021, and that GDP will return to pre-Covid levels in early 2022.

The first quarter of 2021 is still unlikely to see much growth: indeed, the BoE estimates a GDP shrinkage of around 4% due to the continued lockdown measures, which inevitably hamper business recovery. It is also likely that growth across the year will be 5%, which is somewhat lower than the previously predicted 7.25%.

However, the BoE report is fairly optimistic about the rest of 2021, saying: "GDP is projected to recover rapidly towards pre-COVID levels over 2021, as the vaccination programme is assumed to lead to an easing of COVID-related restrictions and people's health concerns." Furthermore, it forecasts growth of 7.25% for 2022, an improvement on the previous estimate of 6.25%.

Consumers spending spree would boost economy

An increase in savings is an unexpected by-product of the lockdowns, and a pleasant one at that. The BoE believes that if consumers start spending their lockdown savings at above the bank’s current projection of just five percent of their accumulated funds, then the economic recovery would be even stronger. Its data for March to November 2020 suggests that UK citizens were able to put away £125 billion in that time, and this will have increased since then.

The vaccine programme provides optimism

The report’s optimistic outlook is largely thanks to the vaccine programmes worldwide. Andrew Bailey, the Bank of England’s governor said: "COVID vaccination programmes have begun in a number of countries, including the UK, which has improved the economic outlook.” However, he did add some words of caution: “Nevertheless, recent activity has been affected by an increase in COVID cases, including from newly identified strains of the virus, and the associated reimposition of restrictions."

It is also important to note that for the economy to hit these projected 2021 and 2022 numbers, there will need to be an increase in recruitment across many sectors, which is great news for the recruitment industry.

Invest in a recruitment franchise

Although the world has slowed down, it has not stopped working completely. There is an impetus for companies to adapt to new structures, and these will inevitably impact on their hiring strategies. This makes it an ideal time to invest in a robust, recruitment franchise that doesn’t just potentially provide you with a profitable business; it also uses advanced technology to ensure its recruiters are ahead of their competitors in terms of supplying clients, whether hiring managers or talent, with speedier, more accurate solutions.

If you would like more information about the opportunity to be part of a global recruitment franchise, contacting Robocore UK Ltd is your first step on the way to a whole new way of enjoying a successful career as a recruiter.

Simply click the below link for further information

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