In the last edition of Recruitment Watch, we spoke of the unchartered and unpredictable waters in which the Recruitment Services sector found itself. Six months on, the economic situation remains very challenging. However, as predicted, much of the ever resilient Recruitment Services sector has, at the least, begun to face up to these new challenges and look forward to new ways of operating, and we hope, new ways of thriving as we look forward to the last quarter of 2020 and beyond. We know that so much time has been spent dwelling on the 'here and now' of the current crisis and that is why, for this edition of Recruitment Watch, our theme is on 'Looking Forward'. Not only because 'Looking Forward' is the right thing to be doing, but we feel that there is much to be 'Looking Forward' to for the Recruitment Services sector, despite the unpredictability of the coming months. So much has changed across the UK and international workforce, but the Recruitment Services sector has always been a strong and resilient industry. When the time is right, the sector will be pivotal in not only mobilising the workforce again, but also in offering advice to clients uncomfortable with the new standards such as recruiting staff remotely, virtual on-boarding and team integration, and embracing flexible and remote workforces.
Whilst the delay to the implementation of IR35 in April 2020 was much welcomed by the industry, it also gave the Government the opportunity to make some positive changes to the draft legislation, changes which are now in the final legislation. As the implementation of IR35 approaches in April 2021, we look forward to these new changes and give ideas on how to prepare for these new rules.
Whilst nowhere near the levels that we have seen in previous years, M&A is back on the agenda. Last month the Corporate team at Mishcon de Reya advised the shareholders of recruitment automation platform, LaunchPad, on its sale to SaaS talent intelligence platform, Outmatch. We discuss this acquisition in an article, demonstrating that innovation and adaptability are more important than ever in the sector.
Equity fundraisings remain an achievable and realistic source of funding. In an article this month, we discuss what businesses in the Recruitment Services sector can expect when considering equity fundraisings.
Our employment team also look at the innovative ways in which recruitment businesses can respond to the pandemic with a positive message for their workforce.
Finally, the re-basing of the economy has left many employee incentive schemes less incentivising than they once were. We also discuss what some of our clients have been doing to address these issues.
If there is anything in this newsletter you wish to discuss further, or there is a topic you would like us to cover in one of our future issues, please do not hesitate to contact your usual Mishcon contact or a member of the Mishcon Recruitment Services Group.