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The UK IT recruitment market saw growth of 7.6% in 2011, when compared to the previous year. On the face of it, this seems promising, but it could have been much higher had growth in the final quarter of 2011 been of a similar level to the rest of the year, according the Key Note Market Update, IT Recruitment.
The dip in market growth is primarily as a result of the growing uncertainty in the Eurozone. Many companies are slashing or freezing IT and recruitment budgets in response to growing fears that Greece could default on its debts and throw the Eurozone and the UK into financial chaos. As a result, the IT recruitment industry has suffered in the final quarter of 2011.
To add to the current uncertainty, the results of a recent survey conducted by the recruitment agency, Manpower, in December 2011 found that in 2011, hiring expectations were at their lowest point for 3 years. The survey revealed that 80% of employees had no plans to recruit employees in the following 3 months, which Key Note forecasts will result in a disappointing start to 2012 for the IT market recruitment industry.
Looking to the future, the IT recruitment market can expect modest growth in 2012 of 6.6%. However, Key Note forecasts that in the 5 years to 2016, the IT recruitment market will experiencing a significant growth of 41.4%, to reach an estimated market value of around £70.4bn by 2016.
Press enquiries: Jack Sykes at Key Note at firstname.lastname@example.org or 0845 504 0452. Press/review copies of the report are available on request.