Global Daily News
- Randstad buys Torc, aims to increase access to digital talent
Randstad announced today that it has acquired Torc, a talent platform for engaging remote software developers. Terms of the deal were not announced. The acquisition was made by Randstad’s Randstad Digital division. It aims to increase clients’ access to digital talent, including global delivery centers.The seller was private equity firm Recognize. Terms of the transaction were not announced.“As enterprises redefine the digital business model, the demand for specialized skills in AI, cloud, data and CX continues to increase,” Randstad Digital CEO Venu Lambu said in a press release.“The acquisition of Torc is a direct response to this evolution and client needs,” Lambu continued. “It expands our access to a diverse range of talent skill sets and a robust developer community from assessm …
- GEE cites difficult environment, Q2 revenue falls
GEE Group (NYSEAMERICAN: JOB) reported lower revenue in its fiscal second quarter as companies delayed the initiation of projects requiring contingent labor, among other factors. It said it is cautiously optimistic about potential economic and labor improvements in the "near future, ”according to an SEC filing and noted revenue and orders rose in April. Still, results for the current fiscal year will likely be lower than the previous.Revenue fell 27.8% to $28.1 million in GEE’s fiscal second quarter ended March 31.“We are in the midst of a very difficult macroeconomic environment that has severely impacted client demand for the use of contingent labor and permanent hires,” Chairman and CEO Derek Dewan said in a press release.Dewan noted the US staffing industry as a whole has ex …
- TSR strikes deal to be acquired by BCforeward founder
TSR (NASDAQ: TSRI), a Hauppauge, New York-based IT staffing provider, has agreed to be acquired by Justin Christian, the CEO and founder of Bucher and Christian Consulting, dba BCforeward. Christian’s firm is one of the largest Black-owned professional services and workforce management solutions firms in the US, according to the company.BCforward employs more than 5,000 people globally.“We look forward to partnering with the entire team at TSR to continue this journey together by offering our collective clients new and enhanced capabilities,” Christian said in a press release.TSR is being acquired for $13.40 per share in cash, representing an equity value of $29 million. The company’s board has approved the transaction.The companies have little overlap in customers and said the deal offers …
- Biden administration releases AI guidance for employers
The Biden administration released a set of principles on artificial intelligence aimed at providing guidance to employers.“Workers must be at the heart of our nation’s approach to AI technology development and use,” said Acting Labor Secretary Julie Su. “These principles announced today reflect the Biden-Harris administration’s belief that, in addition to complying with existing laws, artificial intelligence should also enhance the quality of work and life for all workers.”According to the Department of Labor, the AI principles include: Centering worker empowerment: Workers and their representatives, particularly those from underserved communities, should be informed of and have genuine input in the design, development, testing, training, use and oversight of AI systems for workplace use. …
- Jobless claims fall by 10,000, still at historically low levels
US initial jobless claims fell by 10,000 in the week ended May 11 to 222,000, the US Department of Labor reported today. The previous week’s level was revised upward by 1,000.The Associated Press noted that fewer Americans applied for unemployment benefits as layoffs remain historically low despite other signs of a cooling labor market.Economists polled by Reuters had forecast 220,000 claims in the latest week.Meanwhile, the four-week moving average of claims rose by 2,500 to a level of 217,750. The previous week’s level was revised upward by 250.
- Veteranpoolen Q1 revenue up 10.8% but profits down
Veteranpoolen AB, a Swedish firm that offers household services and staffing services, and also offers employment to retirees, reported revenue of SEK 100.8 million (€8.67 million) for the first quarter ended 31 March 2024, up 10.8% from the year prior. (SEK thousands) Q1 2024 Q1 2023 Change Q1 2024 (€ thousands) Revenue 100,778 90,957 10.8% 8,678 Operating Profit 1,488 2,558 -41.7% 225.9 Operating Margin 1.5% 2.8% – – Profit after tax 1,283 2,019 -36.4% 178.3 The company said the Q1 period was characterised by a weak market for craft assignments and a somewhat more difficult situation for Veteranpoolen's business customers. Services in the care, help-in-the-home and gardening categories developed well during the period.Operating profit fell by 41.7%. Increased investm …
- Ogunsen Q1 revenue dips 10.6% on lower demand
Swedish staffing firm Ogunsen AB (OGUN B:STO), formerly known as SJR in Scandinavia, reported revenue today for the first quarter ending 31 March 2023 of SEK 128.4 million (€11.0 million), a decline of 10.6% compared to the year prior.The group said low demand continued to impact revenue. Both the ‘consulting hiring’ and recruitment operations reported declines compared to the first quarter of the previous year, which was a strong quarter in terms of both growth and profitability. The slightly lower operating margin during the quarter was affected by a customer loss of SEK 0.9 million (€77,479). (SEK millions) Q1 2024 Q1 2023 Change Q1 2024 (€ millions) Revenue 128.4 143.7 -10.6% 11.0 EBITA 10.4 16.8 -38.1% 0.9 Operating Margin 8.1% 11.7% – – Profit After Tax 8.2 13.2 -37.8% 0.7 …
- Grupa HRC revenue dives 55% as it reports losses
Grupa HRC (HRC:WSE), a staffing firm based in Poland, reported revenue yesterday for the first quarter ended 31 March 2024 of PLN 91,755 (€21,543), down 55.5% from Q1 2023. (PLN) Q1 2024 Q1 2023 Change Q1 2024 (€) Revenue 91,755 206,319 -55.5% 21,543 Operating profit/loss -14,844 70,117 – -3,485 Gross profit/loss -15,190 70,011 – -3,566 Profit/loss from sales -15,222 12,008 – -3,574 Grupa HRC shares traded yesterday at PLN 1.10 (€0.26), no change on the day and 21.99% below its 52-week high of PLN 1.41 (€0.33), set on 20 July 2023. The company has a market cap of PLN 9.28 million (€2.17 million).
- Temporary employment in France down 4.5% in March
The number of temporary workers in France lowered by 4.5% in March 2024 compared to the same period a year ago, according to the latest Prism’emploi barometer.March’s 4.5% annual fall was an improvement over February’s 6.7% year-on-year fall.“This month is marked by a lesser deterioration compared to the month of February, partly due to a more favourable base effect,” Prism’emploi stated.By sector, temporary employment increased in the services sector (0.4%) but this was offset by decreases in transport (-2.4%), construction (-4.8%), commerce (-5.2%) and industry (-7.7%).Temporary employment increased among managers and intermediate professions (1.2%) but decreased among employees (-3.1%), skilled workers (-3.9%) and unskilled workers (-7. 2%).At the same time, most regions saw a fall year …
- Job Solution Sweden Q1 revenue soars through organic and acquisitive growth
Recruitment firm Job Solution Sweden reported first quarter revenue today of SEK 67.70 million (€5.8 million), an increase of 314.6% over the same period a year ago.CEO Viktor Rönn said the group saw a substantial rebound where investments from 2023 turned out to ‘pay off well’ and described it as “our strongest quarter to date.”Last month, the company announced that revenue and profits were projected to grow. (SEK thousands) Q1 2024 Q1 2023 Change Q1 2024 (€ millions) Revenue 67,703 16,330 314.6% 5.8 EBITDA 7,703 4,105 87.6% 0.6 Operating Profit 6,826 3,606 89.3% 0.6 Profit before tax 6,260 3,321 88.5% 0.5 Profit for the Period 4,729 2,554 85.1% 0.4 On December 2023, Job Solution Sweden announced it entered into an agreement regarding the acquisition of 100% of the shares in A-Talent Grou …
- UT Group full-year revenue and EBITDA down
UT Group Co. Ltd. (2146:TYO), a Tokyo-based firm focused on engineering and technical staffing, announced Tuesday that revenue fell 2.1% year over year to JPY 167.03 billion (USD 1.08 billion) in its fiscal first quarter ended 31 March 2024. (JPY millions) FY 2023 FY 2022 Change FY 2023 Revenue 167,030 170,631 -2.1% 1,081.9 Gross profit 30,440 33,101 -8.0% 197.2 Gross margin 18.2% 19.4% – – EBITDA 10,936 15,714 -30.4% 70.8 Operating income 9,344 8,914 4.8% 60.5 Net income 6,361 3,831 66.1% 41.2 UT Group Co., Ltd. is engaged in the indefinite employment and dispatch business for the manufacturing, design, development and construction industry.Revenue in the manufacturing business saw a decrease of 20.3%. The engineering business recorded an increase of 2.9% while the group’s foreign operati …
- Tsunagu H1 revenue edges up 6.4% as profits improve
Tsunagu Holdings (6551:JP), a Japan-based company offering recruitment related services, reported revenue today for the six months ended 31 March 2024 of JPY 7.86 billion (USD 50.8 million), an increase of 6.4% when compared to the same period last year. (JPY million) H1 2024 H1 2023 % change H1 2024 Revenue 7,860 7,388 6.4% 50.8 Gross profit 3,513 3,332 5.4% 22.7 Gross margin 44.7% 45.1% – – Operating Income 406 255 59.0% 2.6 Net income 332 169 95.5% 2.1 Tsunagu engages in staff su …
- PA Co Q1 revenue sees growth as profits climb
Japanese temporary staffing firm PA Co (4766: JP) reported revenue yesterday for the first quarter ended 31 March 2023 of JPY 453 million (USD 3.09 million), an increase of 7.0% compared to the same period last year. (JPY millions) Q1 2024 Q1 2023 Change Q1 2024 (USD thousands) Revenue 453 423 7.0% 2,927 Gross Profit 191 182 4.9% 1,234 Gross Margin 42.3% 43.1% – – Operating Profit 10 5 115.5% 64.6 Net Income 6 2 220.8% 38.7 PA Co operates Information Services and Temporary Staffing Services. The Information Services segment publishes free job information magazines and sales promotion information publications; offers sales promotion tools through mobiles, as well as recruitment websites for full-time employers focusing on mobile sites. The group also operates a nursery business.Revenue for …
- Careerindex revenue rises 12.7%, but profits down
Careerindex Inc.,(6538: TYO), a Japan-based company which operates a number of recruitment sites, reported revenue yesterday of JPY 3.76 billion (USD 24.4 million) for the full year ended 31 March 2024, an increase of 12.7% when compared to the prior year period. (JPY millions) FY 2023 FY 2022 Change FY 2023 Revenue 3,767 3,343 12.7% 24.4 Gross Profit 2,800 2,854 -1.9% 18.1 Gross Margin 74.3% 85.3% – – Operating Profit 65 533 -87.7% 0.4 Net Income -1,601 262 – 10.3 Careerindex Inc. operates a number of websites including the career change information site CareerIndex, the part-time job dispatch information site Lacotto, the school information site CareerIndex School, and the fashion industry career change information site FashionHR. It also provides marketing solution services.Revenue in t …
- Recruit Holdings Q4 revenue declines 4%
Japanese staffing giant Recruit Holdings (6098: JP) reported revenue today for the fourth quarter ended 31 March 2024 of JPY 843.7 billion (USD 5.41 billion), an increase of 1.9% when compared to the same period last year but down 4% excluding the positive impact of exchange rate fluctuations. (JPY billions) Q4 2023 Q4 2022 Change Q4 2023 (USD millions) Revenue 843.7 827.7 1.9% 5,415.5 Adjusted EBITDA 111.9 109.1 2.6% 718.2 Operating Income (Loss) 55.7 19.4 186.3% 357.5 Profit before tax 44.2 31.6 39.5% 283.7 Profit for the Period 34.0 22.3 52.6% 218.3 Operating income for Q4 2023 increased 186.3% year-over-year compared to the same period in the previous year when the costs related to a workforce reduction in HR Technology of JPY 17.6 billion (USD 112.99 million) were recorded.Adjus …
Latest Research
- SIA | Bullhorn Staffing Indicator – May 14, 2024
Professional Staffing Hours Up Slightly, Remaining Below March Levels Week ending May 4, 2024 Indexed Value Y/Y W/W US Staffing 83 -12% 0.2% Commercial Staffing 69 -12% 0.1% Professional Staffing 120 -12% 0.7% IntroductionReleased weekly, the SIA | Bullhorn Staffing Indicator comprises two sets of analyses; a Year-over-Year comparison showing how the week that ended ten days ago (“last week measured”) compares to the same week 12 months previously and an indexed value that has been benchmarked against data from the week ending January 13th, 2019.Year-over-year changes for the week ending May 4thTemporary staffing hours worked for the week ending May 4th (“last week measured”) were down -12% compared to the corresponding week a year ago, according to the Indicator.Temporary staffing hours c …
- Online Job Advertising Market: 2024 Update
The worldwide market for online job advertising decreased 5% in 2023 to $34.4 billion, representing its first down year since SIA began sizing the space in 2015. Despite the slowdown, the sector has grown at an impressive 12% compound annual growth rate since 2015. Growth varied by business model in 2023. Of the three primary segments, social media job sites outpaced the market with 5% y/y growth. All other segments declined year-over-year. We have identified 32 companies earning at least $100 million in online job advertising revenue in 2023, down from 34 such companies in 2022. The 10 largest vendors represent 62% of the market and the combined share of the top 25 providers account for 72% of the market, worldwide. Online job advertising vendors are harnessing AI a …
- Most Complex Contingent Markets Globally 2024
This report analyses 75 contingent markets across 12 different criteria. These measures cover various subjects to comprehensively evaluate the challenges expected in each market. They range from staffing industry specifics, such as market maturity and regulations, to broader measures, like economic uncertainty and labour shortages. Together, these rank the relative complexity of establishing and operating a contingent workforce program in each country. Egypt is the most complex contingent market globally. Russia and Argentina rank second and third, respectively. Kazakhstan (4th) is the most complex market in the Asia-Pacific (APAC) region. Denmark and the Netherlands are the least complex contingent markets. European countries performed exceptionally well, accounting for seven of the ten b …
- May 2024 Jobs Report
Event: The April Employment Situation, released today by the US Bureau of Labor Statistics (BLS), indicates that total nonfarm employment rose by +175,000 in April on a seasonally adjusted basis, while temporary help services employment declined by -16,400 jobs. The temporary agency penetration rate was 1.73% in April, down from a revised March rate of 1.74%. The national unemployment rate increased to 3.9%, from 3.8%.Employment expanded in most industry groups. The group with the largest gain was again Health and social assistance, which added +87,000 jobs; followed by Transportation and warehousing, which added +21,800 jobs; and Retail trade, which added 20,100 jobs. Employment declined in two sectors, Natural resources and mining, which declined by -3,000; and Information, which de …
- Protections for Gig and Platform Workers
Key Findings Several governments in Europe and Latin America have introduced or are proposing measures to provide a legal framework for the operation of digital labour platforms The EU recently agreed on a Platform Workers Directive which follows Spain, Portugal and Belgium by introducing an EU-wide presumption of employment for those doing “platform work” Legal issues arising from the digital labour platform model include worker misclassification, AI and data protection risk, enforcement of tax and labour rights, and the ease of carrying out supply chain due diligence for staffing firms and buyers Legal Disclaimer: This update is provided solely for the purposes of information and should not be considered legal advice. It is always recommended to seek the advice of qualified leg …
- EMEA Financial Results Q4 2023
Revenue in the reported 33 publicly traded staffing firms in the EMEA region was flat during Q4 2023 when compared to the same period in 2022. Among the companies included in this report, 16 firms reported a decrease in revenue. Gross margin fell by a median of by -0.8% when compared to last year. Median net income decreased by 33.1%. Due to the varying nature of financial reporting styles across EMEA, some companies reported their revenue in only half years and other varying periods. Several firms had not yet announced their results for the period at the time of publication of this report. UK – The report includes 12 UK-based staffing companies. The UK companies reported a year-on-year median revenue increase of 0.5%. Sweden – All six listed Swedish staffing firms report …
- Online Job Advertising Market: 2024 Update
The worldwide market for online job advertising decreased 5% in 2023 to $34.4 billion, representing its first down year since SIA began sizing the space in 2015. Despite the slowdown, the sector has grown at an impressive 12% compound annual growth rate since 2015. Growth varied by business model in 2023. Of the three primary segments, social media job sites outpaced the market with 5% y/y growth. All other segments declined year-over-year. We have identified 32 companies earning at least $100 million in online job advertising revenue in 2023, down from 34 such companies in 2022. The 10 largest vendors represent 62% of the market and the combined share of the top 25 providers account for 72% of the market, worldwide. Online job advertising vendors are harnessing AI a …
- EMEA Staffing Market Estimates and Forecasts May 2024
We believe that global staffing market revenue fell by 5% in 2023, while revenue in EMEA remained static. We forecast that 2024 should be better, with a growth of 2%. However, the forecasting process has been particularly complicated due to the high levels of inflation and other post-Covid economic factors. We estimate the staffing industry generated USD 626 billion (EUR 579 billion) of revenue worldwide in 2023. The EMEA region accounted for 41% of this, split between Europe (94%) and the Middle East/Africa (6%). In EMEA, staffing revenue comprises 86% temporary staffing and 14% place & search. Ten staffing markets in Europe have revenue above USD 6 billion, and four have revenue greater than USD 25 billion. Readers should not simply equate a market's size or growth to its …
- Companies Looking to Acquire Staffing Firms 2024
This report details the preferences of 28 companies looking to acquire a staffing firm. We list and analyse their ideal targets regarding segments, markets, and other criteria. Those interested in selling staffing firms can use this report to see whether they match the desired criteria. The most desired segment is Industrial, with 29% of the companies looking at it for an acquisition. It is followed by Information Technology (25%) and Engineering (18%). Almost half (43%) of the companies in this report listed the US as their ideal country for an acquisition, making it the most-targeted market. The United Kingdom is Europe’s most targeted staffing market and second-most globally. All the information included in this report was self-reported by firms in our Largest & Fastest Growing Staf …
- Most Complex Contingent Markets Globally 2024
This report analyses 75 contingent markets across 12 different criteria. These measures cover various subjects to comprehensively evaluate the challenges expected in each market. They range from staffing industry specifics, such as market maturity and regulations, to broader measures, like economic uncertainty and labour shortages. Together, these rank the relative complexity of establishing and operating a contingent workforce program in each country. Egypt is the most complex contingent market globally. Russia and Argentina rank second and third, respectively. Kazakhstan (4th) is the most complex market in the Asia-Pacific (APAC) region. Denmark and the Netherlands are the least complex contingent markets. European countries performed exceptionally well, accounting for seven of the ten b …
- Online Job Advertising Market: 2024 Update
The worldwide market for online job advertising decreased 5% in 2023 to $34.4 billion, representing its first down year since SIA began sizing the space in 2015. Despite the slowdown, the sector has grown at an impressive 12% compound annual growth rate since 2015. Growth varied by business model in 2023. Of the three primary segments, social media job sites outpaced the market with 5% y/y growth. All other segments declined year-over-year. We have identified 32 companies earning at least $100 million in online job advertising revenue in 2023, down from 34 such companies in 2022. The 10 largest vendors represent 62% of the market and the combined share of the top 25 providers account for 72% of the market, worldwide. Online job advertising vendors are harnessing AI a …
- APAC Financial Results Q4 2023
Revenue in the reported 50 publicly traded staffing firms in the APAC region increased by a median of 5.75% during Q4 2023 compared to the same period in 2022. Among the companies included in this report, 18 firms reported a decrease in revenue. The median gross margin stood at 0.0% compared to last year. Median net income grew by 1.6% Due to the varying nature of financial reporting styles across APAC, some companies reported their revenue in only half years and other diverse periods. Japan – The report includes 35 Japanese-based staffing companies. The Japanese companies reported a year-on-year median revenue increase of 5.9%. Australia – The report included job board SEEK, which reported a revenue decrease of 5.0%. The remaining companies are headquartered in China, India, Hong Kong, Ne …
- APAC Staffing Market Estimates and Forecasts May 2024
We believe the global staffing market fell by 5% in 2023, while revenue growth in APAC was slightly up by 2%, the only region to see positive revenue growth. We forecast that 2024 should be better, with growth of 2% worldwide and a healthy 8% increase for APAC. We estimate the staffing industry generated USD 626 billion (EUR 579 billion) of revenue worldwide in 2023; APAC accounted for 25% of this. Temporary staffing continues to dominate the global market, accounting for a significant 84% of staffing revenue. The remaining 16% is attributed to place and search services. However, the distribution varies by region, with APAC having a slightly lower proportion of temporary staffing at 76%. Five markets in the APAC region have revenue above USD six billion, and Japan is the second large …
- Companies Looking to Acquire Staffing Firms 2024
This report details the preferences of 28 companies looking to acquire a staffing firm. We list and analyse their ideal targets regarding segments, markets, and other criteria. Those interested in selling staffing firms can use this report to see whether they match the desired criteria. The most desired segment is Industrial, with 29% of the companies looking at it for an acquisition. It is followed by Information Technology (25%) and Engineering (18%). Almost half (43%) of the companies in this report listed the US as their ideal country for an acquisition, making it the most-targeted market. The United Kingdom is Europe’s most targeted staffing market and second-most globally. All the information included in this report was self-reported by firms in our Largest & Fastest Growing …
- Most Complex Contingent Markets Globally 2024
This report analyses 75 contingent markets across 12 different criteria. These measures cover various subjects to comprehensively evaluate the challenges expected in each market. They range from staffing industry specifics, such as market maturity and regulations, to broader measures, like economic uncertainty and labour shortages. Together, these rank the relative complexity of establishing and operating a contingent workforce program in each country. Egypt is the most complex contingent market globally. Russia and Argentina rank second and third, respectively. Kazakhstan (4th) is the most complex market in the Asia-Pacific (APAC) region. Denmark and the Netherlands are the least complex contingent markets. European countries performed exceptionally well, accounting for seven of the ten b …
