Many recruiters return from a summer break feeling invigorated to make positive changes in their career. For some, this will be finding clever strategies to powerfully boost their billing numbers in their current role (and we’ve written plenty on this subject recently, so check our previous blogs), but for others, it will be time to consider a move into another sector.
The question is, which industry is right for you? And what opportunities – and risks –await?
The obvious route to success is to choose a growth sector, and preferably one which is forecast for long-term growth rather than something risky. Not only will there be more vacancies on offer in these industries, but there will be significantly more senior roles up for grabs, meaning that your fees will be higher. (That’s what we call a win-win.)
So, what are some of the high-growth industries right now? Here are five that may or maynot surprise you…:
IT & Tech
Recruiters in IT are continuing to ‘make it rain’ for yet another year in the UK, with average placement fees of 8-10,000 per deal. Again, the skills shortage is biting in this sector, with Mobile App Developers, Data Analytics, Data Scientists, Cyber Security Experts, and AI Experts just a few of the skills and roles that employers are struggling to fill.
Good news for skilled recruiters as clients are not hard to come by.
There’s no sign of this growth abating, making IT and Tech a very clever place to be for savvy, ambitious recruiters.
The NHS has recently drafted a strategy to address chronic understaffing, with an estimated shortage of 42,000 nurses and midwives across the UK and a significant drop in GP and paramedic numbers. With an ageing and sickening population in Britain, the demand for healthcare services will only continue to boom, meaning that the recruiter will always have vacancies to fill.
Due to a growing global economy and a fluctuating UK pound, British manufacturing is having its day in the sun, with automotive and mechanical engineering businesses enjoying the strongest growth for some years.
The ever-growing skills shortage is also expected to exert significant upward pressure on salaries, meaning your piece of the pie as a recruiter will be bigger especially when you focus on the more senior level positions.
It’s hard to overestimate just how woeful the skills shortage in engineering is, with a million more engineers needed between now and 2022. Exacerbated by Brexit migration rules uncertainty and the low rate of STEM graduates in Britain, any recruiter operating in this field will encounter a lot of vacancies and upward pressure on salaries as a result. You’ll have to be a great networker to nab the top talent in such a competitive field, but we’re sure you won’t have a problem putting in the hard yards with networking now so you can reap the benefits later.
No one has a crystal ball and construction is always vulnerable to economic and political pressures, so recruiters entering this growth sector need to be aware of the potential disruption that the final deal on Brexit may bring. However, there have been three consecutive months of growth in the construction sector and a deepening skills shortage, recruiters who are willing to move into this sector can reap the benefits. Because there is more uncertainty in this sector, this career move is suggested for those recruiters who already have significant knowledge and connections in construction so their learning curve isn’t as steep and they can make good money straight away.
Your next move
Of these industries, consider which one is the best match for your current skills and network:
1. Do have any experience in any of them?
2. Do you have any contacts in this industry?
3. Who of your LinkedIn contacts operates in this industry? How can you quickly build this number?
4. Do you have any recruiter friends willing to give you a crash course in the sector?
5. How much do you have to learn to be able to know the basics of the market and be able to pitch confidently?
6. How long do you forecast until you will be placing senior roles?
It’s sometimes hard to accept that you will have to take a backwards step to go forwards: it’s not an easy thing to realise that your entire database in your current sector isn’t going to be much use in the new one. You may well have to start at the bottom, and there will be some serious research and networking ahead.
However, all this effort leads to tremendous reward. Rather than hanging around where you are, forever scraping by in a crowded or fading sector, there are opportunities aplenty waiting for you in a booming sector. It’s your choice.
Until next time,