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REC Annual Report: 2019 Accounts and 2020 Trading Update
About the REC
Reflecting back to 2013 when I first joined the REC Council, our world was a very different place. Inside the REC we had recovered from the 2008/9 economic downturn and replenished our financial reserves through careful cash management and prudent investment decisions. If I fast forward my memory to 2017, I clearly remember setting out my stall for what I wanted to achieve in my three year term as Chair of the REC. I had three objectives in my manifesto:
- To ensure our organisation operated with an enhanced ‘Members First’ mindset.
- To invest in technology to make the REC more efficient and effective in delivering its objectives.
- To modernise our governance structure, making the organisation more responsive and agile, but with its roots still firmly set within its membership.
As we move closer to the formal end of my three year tenure as Chair we have much to celebrate, and also much to focus upon.
REC Annual Report 2019 accounts and 2020 Trading Update
PDFThe content of the REC Annual Report 2019-2020:
Chair’s welcome...........................................................................1
CEO’s introduction.....................................................................2
REC performance highlights 2019.......................................3-4
The shape of our industry 2019.............................................5-6
Our influence and reach............................................................7-8
Supporting you to succeed........................................................9-10
Improving professionalism and industry standards......11-12
Trading update 2020 13–14 Directors’ report................15-16
Disclosure of information to Auditors................................17
Independent Auditors' Report.............................................18-20
Statement of Comprehensive Income...............................21
Statement of Financial Position...........................................22
Notes to the Financial Statements.....................................23-28
Neil Carberry, CEO of the REC
Sitting down to draft this in the midst of the Coronavirus crisis, it takes some effort to recall what last year was like.
What shines out more clearly now – though it drove us then – is the purpose of the REC. We are here to help recruitment and staffing businesses make great work happen. Because we believe in what you do, and the benefits you create. Our reaction to the current crisis is born of this belief, but it was already guiding the steps we were taking before the virus struck.
Taking care of members and making it easier for you to access support, advice and representation from us is at the heart of my mission as your CEO. Our rebrand, changed approach to communications and new website are visible signs of this – but so is the investment that we have delivered in our back-office technology, like CRM, and other upgrades.
These investments have been the backbone of the REC being able to continue to serve you well during the crisis of 2020, with a fully remote working team. From a seat at the table with Government to more and different forms of business support, the REC has upped its game to match the times. And in 2019 this approach stood behind a faster rate of new membership growth, as well as an unprecedented second year of 90%+ renewal by existing corporate members. In what was already a tough year for the sector, these are strong results.
Thank you for this support – we will not let you down. I know how much recruiters are struggling right now. But we know that the sun will rise, and that we are adaptable, entrepreneurial and resilient. Let’s take care of each other, and the UK’s amazing recruitment sector will bounce back, stronger than ever.
I will no doubt have the chance to say this in person before he departs but I also want to formally record my thanks to Chris for his support and tenure as Chair.
All the best to you and your business.
Neil
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