Robert Walters, founder of the eponymous recruitment firm, yesterday played down fears that the UK’s economic growth may be slowing.
The company saw UK net fee income surge by 27 per cent year-on-year in the final three months of the year as the labour market continued to strengthen. Walters also advised workers in the professional sector against staying with the same firm for too long.
Some economists believe the economy has lost some steam. Unemployment stalled at six per cent in October and recent surveys of private sector firms suggest a slowing of business activity. “I disagree. I think it’s getting slowly and steadily stronger,” Walters told City A.M. Walters pointed to strong growth across professional sectors, including in places outside London such as Manchester and Birmingham.
He also warned workers against staying put for too long. “Classically, this will be accounting firms where someone makes manager and they’ve been there eight years, and of course their marketability goes down at that point,” he said.
“That’s always a bit of a surprise to people. They’ve heard from their bosses that isn’t it good you’ve been promoted, it’s great experience you’re getting, your CV is getting stronger by the minute. But, of course. it’s getting weaker.”
The firm saw a 13 per cent year-on-year increase in net fee income internationally. The positive news came despite European income being hit by a weak euro. European fee income was up only six per cent in sterling terms.