Temp agencies fund British Industry with 3 billion p.a.

Figures announced last month by the REC (Recruitment and Employment Confederation, the trade body for employment agencies in the UK) revealed the turnover of the UK temp recruitment market as 21.42 billion in 2003.

According to Tom Atkinson, MD of CashFriday, payroll and finance provider to the recruitment industry, the figures donít make clear enough the 2.93 billions of financial support given by temp agencies to British business by funding the 50 days that firms took on average to pay agencies for temp workers.

ëWith agencies supplying over 1 million temps per working day throughout 2003 and shouldering the 50 days that companies take to pay them for temps, agencies effectively gave British businesses 2.93 billions of credit last year. If businesses had paid those temporary workers directly every Friday their cash flow would have suffered.í

Atkinson added, ëThe UK temp recruitment market needs to promote itself better and show how it not only provides a flexible workforce and but helps finance UK businesses.í

CashFriday is a specialist division of Lloyds TSB Commercial Finance Ltd.