How To Adapt to Market Changes

Welcome to Season Two of the Recruitment Leadership podcast!   In this season, we're talking all things finance for recruitment, with Nick Russell of Sonovate.   As the Commercial Sales Manager of one of the UK's fastest growing FinTech companies, Nick provides a wealth of knowledge on the often tricky topic of finance and investment.   A three-part how-to series, there's something for every recruitment in this series.   In this episode, Alison Humphries and Nick Russell are discussing the changes in the recruitment market which are shaking things up. In particular, the focus is on how this might affect your financing arrangements if you are a recruitment, business owner or director. This episode will be of interest to businesses of all sizes, wherever you are on the developmental curve.   Episode Agenda: 01:42 - Leaving aside the B word (Brexit), we are in an environment where it looks like there's going to be increased regulation. And of course, in 2020, we've got the IR35 changes due to be rolled out in the private sector. Now they have those had a major effect in the public sector. We can go into a bit more detail about that, but at a very high level, what effects do you predict and how might funding be affected for recruiters? 04:52 - Questions on Statement of Works - How does it work in principle? Who's responsible for delivering on that statement of works? How much do I need to know about what my contract is doing? Am I the person responsible for completing? So how do we think this will affect it will affect the financing of recruitment contracts? 08:53 - Is there going to be a trend of contractors being hired on day rates going forward as an indication that they are not under supervision, direction and control? 15:17 - In regards to GDPR, are there any insurance implications that you think business owners should be looking at if they haven't already done so, from a financing funding point of view? 19:32 - A number of businesses have enquired not about invoicing and finance for temporary and contract workers, but invoices for permanent workers. Is something that is becoming more widespread? Why would a recruitment business owner want to finance their permanent invoices? 24:02 - Are there any trends that Sonovate staff are seeing at the moment in delivering their service - such as credit control? 29:21 - An increasing number of companies, during the run-up to Brexit, have decided to look at incorporating overseas different countries for different markets.  What is the impact if you are using funding from a business here in the UK? 33:43 - What are the key questions that a recruitment business owner should ask themselves or ask a potential candidate when choosing a financing partner? -- If you have any questions from the podcast or have any topics you would like to be covered, please email - [email protected] You can also contact Nick Russell from Sonovate at - [email protected]    Please like, share and leave a review if you enjoyed this episode.   Thanks for listening, we hope you join us again next time!