Following little growth in 2023 and a mild recession in the second half of the year, the European economy showed signs of improvement in the first quarter of 2024. This positivity was echoed in the UK, where GDP is expected to have increased by 0.6%. We’ll take a look at how this impacts EU scaleups and their hiring needs.
What does this mean for businesses in 2024?
GP Bulldog’s latest report with Viva Technology on the Top 100 Next Unicorns found that European scaleups are thriving. The UK, France, and Germany have the most potential unicorn companies in Europe. Unicorn companies are those that have the potential to reach a valuation of $1 billion in the future.
How does this impact the economy?
Business investments are on the rise as confirmation of growth and positivity surrounding the economy. We hope to see this further into the year’s second half and continue on for the future.
More significant investments and thriving scaleups also mean:
Increased economic growth: Businesses that have more investment have more money to spend on new equipment, facilities, and research and development. This boosts productivity, and in turn, companies can produce more products and services. This all contributes to economic growth.
Job creation: Following expansion from investments, businesses typically hire more workers. This lowers unemployment and stimulates the economy.
Innovation: Investment can also fuel innovation as companies have the funds to dedicate to research and development, which can lead to the creation of new services and products.
How will this affect recruitment and hiring for scaleups in Europe?
The growth of European scaleups will significantly impact the recruitment sector. We are likely to see:
Increased demand for talent: Scaleups will be able to expand their operations and need to hire employees to do so. There will likely be a surge in demand for talent in relevant sectors, such as software engineers for a retail tech scaleup or marketing specialists for a green tech company.
Competition for top skills: As companies search from a limited pool of talent, competition for top skills will intensify. We could see a rise in salaries to retain skilled workers and a focus on employer branding to stand out to candidates.
Shift in skillset: We will likely see a premium on specific skillsets as there will be a growing demand for people with expertise in data science and AI, among others.
How can your EU scaleup attract top talent?
Scaleups face unique challenges when trying to attract top talent. Without the brand recognition of established competitors, it can be difficult to compete.
Highlight the positives: Get clear on who you are and who you want to work with. What does your company offer that sets you apart? Are you in green tech, finding sustainable solutions for the future? Are you in edtech, innovating the next big kid’s app or game? Or maybe you’re in fintech and adopting AI for new services? Each of these businesses will attract and interest different people.
Competitive offerings: We all know money is still a large deciding factor when considering jobs. Even people who believe in your business and want to work with you will expect a competitive compensation package. Do you offer flexible working, stock options, or career advancement opportunities?
Build your employer brand: You must build a strategy and market your business to appeal to the right people. Who can help? Your current employees. Share testimonials and highlights from staff, proving the culture you promote.
How can Troi help you hire the right people?
Scaleups often face rapid growth. Scaling your team to match your expanding business needs can be challenging. That’s where Troi steps in to help. We’ve helped over 150 businesses build their teams for the future. We offer customisable packages that can accommodate your hiring requirements, no matter your budget. Our versatile solutions include:
Enterprise: We deliver at the scale of a traditional Recruitment Process Outsourcing (RPO) but with the flexibility and cost savings of embedded talent acquisition. This means you get the best of both worlds, with a dedicated team to handle your hiring needs efficiently and cost-effectively.
Embedded: Our plug-and-play talent acquisition solution operates on a monthly subscription basis. It’s designed to seamlessly integrate with your company, ensuring you have access to the right talent when you need it most during periods of rapid expansion.
Hybrid: We understand that companies may have specific hiring demands related to location, function, or program. Our Hybrid solution allows you to tailor your hiring strategy to meet those requirements precisely.
Sourcing: Our specialised sourcing approach is designed to connect you with active and highly relevant candidates who perfectly match your requirements. We know that the right talent is out there, and we have the tools and expertise to find them for you.
Executive Search: When it comes to hiring for senior, complex, or discrete roles, our executive search recruitment services are tailor-made for your organisation’s unique needs. We understand the importance of securing top leadership and strategic positions in your company.
Contractor: We offer a comprehensive resource for contracting talent, allowing you to quickly hire skilled professionals for short-term projects or to address specific needs in your growing business.
At Troi, we’re not just a recruitment partner; we’re your strategic ally in navigating the world of European scaleups. We know that scaling your team is a critical component of success, and we’re here to provide you with the right solutions at every step of the way. Our goal is to help you build a workforce that drives your company’s growth and innovation, whether you’re a startup with big ambitions or an established firm on a trajectory of hyper-growth. With Troi, you can trust that your hiring needs are in expert hands.
