The output of employment services in the UK has seen a steady increase over the years, from £31.15 billion in 2013 to £53.03 billion in 2023. Despite a significant drop in 2020 due to external disruptions, there has been a notable recovery with the value reaching £49.88 billion in 2021 and continuing on an upward trajectory. Over the past two years, the year-on-year growth rates were 3.19% in 2022 and 3.03% in 2023, indicating a stable growth pattern. The Compound Annual Growth Rate (CAGR) for the last five years stands at 3.56%.
Future Outlook:
The forecast suggests continued growth, with the output expected to rise to £61.19 billion in 2028. The forecasted 5-year CAGR is 2.25%, representing a cumulative growth rate of 11.76% over this period. Future trends to watch for include technological advancements in recruitment processes, economic fluctuations, and regulatory changes that could impact the employment services industry.
Key Trends to Watch:
- Technological advancements in recruitment processes
- Economic fluctuations
- Regulatory changes impacting the employment services industry
