Sir Martin Sorrell, Chief Executive of WPP has admitted in the Evening Standard last night and again on BBC Breakfast this morning to being caught out by the severity of the recession and its effect on advertising spend and 'the impact on profitability has been severe'. However Martin believes the worst is over - is it?
In many ways the recruitment industry can sense the climate of the market and although still not anywhere close to the numbers of 18 months ago, there is definitely a sense of upward movement and a movement of black clouds above. Market Research, Insight and Analysis roles are on the up in the main and more companies are looking to strengthen there teams and not just replace. This is all good. Not just good for us, but also our candidates who are not being given empty promises about roles and companies. It is also good for the economy and with confidence creeping back, candidates who were scared to move and were staying put are now interested in moving again. Clients are still being cautious (rightly so) and recruitment is slower, but just maybe the worst is over.
As Martin Sorrel says he sees 2010 being a flat year but maybe this is the impetus for companies to start putting in place the good people now to ensure that when the flat becomes an incline, they are ready.
So not over but not as bad as it was and I certainly get the sense that we will start to see better things by the Spring of next year. The hill has started to be climbed but currently it is a gentle incline but that can only be a good thing especially as Martin Sorrel highlights 'things have been very very tough' and 'I cannot remember seeing worse'.
- Damon Thomas, Recruitment Manager - Market Research