Global Daily News
- SIA releases 2024 Diversity, Equity and Inclusion Influencers list
Staffing Industry Analysts’ annual Diversity, Equity & Inclusion Influencers US and Canada list is now online. The 2024 list comprises 49 professionals in the workforce solutions ecosystem who stand out in their actions and commitment to advancing DE&I in their organizations and communities.This year’s honorees have developed new models, partnerships and training programs and use speaking engagements, podcasts, blogs, workshops and more to illustrate the importance of DE&I and how to press the movement forward.“Current headlines — and even SIA’s most recent research — show a disappointing decrease in time, attention and resources being spent on diversity, equity and inclusion by businesses and individuals. But our 2024 influencers combat such trends by making DE&I more than …
- NABE forecast: Inflation to continue, labor market will soften
Inflation will continue to be a worry and the labor market will soften this year, according to the National Association for Business Economics’ Outlook survey of economists released today.“The NABE Outlook Survey panel expects inflation to remain a concern throughout 2024,” NABE President Ellen Zentner, chief US economist at Morgan Stanley, said in a press release. “The May forecast calls for inflation to remain elevated at 2.6%, half a percentage point higher than the forecast in the February 2024 survey.”Survey panelists now expect the Federal Reserve’s Open Market Committee to cut rates by half a percentage point instead of three-fourths of a point. The cut will also likely take place later than initially anticipated.In addition, panelists forecast slowing job growth.“Following the stro …
- New Egon Zehnder CEO to take over in November
Executive search firm Egon Zehnder named Francesco Buquicchio as its CEO effective Nov. 1. Buquicchio takes over from Edilson Camara, who will step down effective Oct. 31.Buquicchio is based in Milan, Italy, and currently leads Egon Zehnder’s global leadership advisory services practice. He previously served as country leader in Italy and served on the firm’s executive committee for six years.“As we celebrate our 60th anniversary this year, I am honored and humbled to be a part of this remarkable firm’s history,” Buquicchio said in a press release. “I look forward to writing our future chapters with our extraordinary and vibrant team, spanning many regions and world views, united by our purpose — leadership for a better world.”Buquicchio joined Egon Zehnder in 2007. He previously worked fo …
- Firm to pay a total of $3.6M after safety incidents with temps
Zwanenberg Food Group USA, a supplier of processed foods, agreed to pay $3.6 million — which includes $1.7 million in federal penalties — and invest $1.9 million in safety improvements at its Cincinnati plant, the US Occupational Safety and Health and Administration announced May 15. The agreement comes after injuries were suffered by two temporary workers.In one case, a 29-year-old temporary worker suffered injuries that resulted in a leg amputation. The incident was reported in October 2022. The other case occurred June 23, 2023, when a 29-year-old temporary worker’s finger was amputated.Included in the agreement is a pledge by Zwanenberg to transition most of its workforce to permanent employees within six months.The agreement announced last week resolves citations issued to the company …
- New Colorado law takes aim at AI bias
New Colorado legislation will add protections for consumers from artificial intelligence in a range of areas, including employment, but it has raised concerns. Colorado Gov. Jared Polis signed the bill, SB205, into law on May 17, though he also issued a letter noting reservations about the legislation.The law requires developers of AI to use reasonable care to avoid algorithmic discrimination, though it doesn’t take effect until February 2026. Law firm Seyfarth Shaw noted the Colorado law is the first to be approved when it comes to regulating the use of AI in employment.In his signing letter, Polis wrote the law creates complex compliance and affirmative reporting requirements.“Laws that seek to prevent discrimination generally focus on prohibiting intentional discriminatory conduct,” Pol …
- HeadHunter Q1 revenue and profits show increase
Revenue at HeadHunter Group plc (HHR:NSQ), a Moscow-based job board operator, increased by 55.4% year over year in the first quarter ended 31 March 2024.The group said revenue was mainly driven by the increase in average revenue per customer (ARPC) amid fierce competition for candidates and an increase in the number of paying customers.Controversially, it has been claimed that HeadHunter’s more recent growth has been due to the recruitment of military personnel, privateers and police to take part in the Russian invasion of Ukraine. HeadHunter said it takes the position that the vast majority of “uniformed” vacancies posted on hh.ru are essentially regular jobs that exist in any country in the world at any normal time, such as police officers, security guards, any other …
- Maharah Q1 revenue rises 12.2% as profits improve
Saudi Arabia-based recruitment firm Maharah Human Resources published its first quarter results on 15 May 2024 which showed revenue of SAR 518.52 million (USD 138.2 million) for the first quarter ended 31 March 2024, up 12.22% when compared to the prior year.The company's revenue increased due to sales improvements in some of the main sectors, including the corporate segment and hourly services segment (Khidmah), which increased by 18% and 60% respectively.Revenue in these segments saw an uptick due to the increase in average headcount in those segments by 15% and 39% respectively, to match the rising demand of the offered services in those sectors and to meet the strategic contracts signed with the corporate sector customers. (SAR millions) Q1 2024 Q1 2023 Change Q1 2024 (USD million …
- Adcorp forecasts revenue growth of up to 10.2% in FY 2024
Adcorp Holdings Ltd. (ADR:JNB), a staffing provider based in South Africa, today reported that for the year ended 29 February 2024, it expects revenue will increase by between 5.2% and 10.2% when compared to the revenue reported for the year ended 28 February 2023.At the same time, gross profit is expected to decrease by between 1.0% and 3.0% when compared to the gross profit reported for the comparative period.The group said the South African macroeconomic backdrop remained challenging, and global staffing markets have faced headwinds, and Adcorp has not been an exception.“Reduced staffing demand, particularly within white-collar sectors, negatively affected Adcorp,” the company stated in its update. “This impacted our professional services division in South Africa and …
- UK job vacancies down in April but average salaries on the rise
Advertised job vacancies across the UK fell by 18.34% in April 2024 when compared to April 2023, according to the latest UK Job Market Report by Adzuna.Overall advertised vacancies fell 0.94% to 854,171 in April 2024 when compared to March 2024. There were monthly rises in vacancies in key sectors including hospitality & catering, manufacturing and teaching.The majority of the sectors tracked on Adzuna experienced monthly falls in advertised vacancies though there was some positive growth. Hospitality & catering (4.75%), manufacturing (4.34%), teaching (3.85%), logistics & warehouse (3%) and charity & voluntary (2.59%), all experienced monthly increases in vacancies in April. However, this was offset by declines in sectors including PR, advertising & marketing (-13 …
- Wise Group Q1 revenue slides 21.5% with declines across the board
Wise Group (WISE:SS), the Swedish staffing firm, reported revenue today of SEK 183.8 million (€15.7 million) for the first quarter ended 31 March 2024, a fall of 21.5% when compared to the previous year.In November 2023, Wise Group dismissed CEO Ingrid Höög and appointed Tobias Berglund as acting CEO.Berglund said in the quarterly report (translated from Swedish), “The first quarter of the year meant a stabilisation of operations compared to the rapid downward trend we saw at the end of 2023. Demand is now relatively even between months, albeit at a significantly lower level than before." (SEK thousands) Q1 2024 Q1 2023 Change Q1 2024 (€ thousands) Revenue 183,864 234,197 -21.5% 15,763 EBITDA 8,673 16,329 -46.8% 743 EBITDA margin 4.7% 7.0% – – Operating profit/loss 1,972 9,557 -79.3% …
- Malaysia’s online recruitment growth led by retail sector
Online recruitment in Malaysia grew by 8% in March 2024 when compared to March 2023, according to the latest foundit Insights Tracker (fit) for March 2024, formerly published as Monster Employment Index (MEI).Additionally, the tracker recorded a 5% increase over the past six months, with the index rising to 84 in March 2024 from 78 in March 2023. The tracker showed a slight increase month-over-month, with an index of 83 in February. According to foundit, the figures imply that the labour market is improving gradually but steadily and that demand for online jobs will continue to increase in the upcoming months.By industry, the retail market continued to dominate the job market in March 2024, with an annual increase of 173%. The industry's increased adoption of sustainable solution …
- NZ employers cite rising productivity, but employees less sure
The majority of New Zealand employers (70%) said productivity has increased in the last 12 months, according to the 2024 Robert Half Salary Guide.Only 14% said there was a decrease and 15% cited no change.However, employees were less confident, with only 36% agreeing that productivity levels have increased in the last 12 months. Almost four in 10 (39%) believe there has been no change, while a quarter (24%) cited a decrease.“New Zealand’s pursuit of growth has seen most businesses keep up productivity levels at a time when the workplace is undergoing significant change in work environments and business structure,” Megan Alexander, managing director at Robert Half, said in a press release.“In-office mandates are driven by employers’ desire to drive productivity, collaboration and innov …
- Hong Kong workers prioritise stability but crave career progression
While 56% of Hongkongers want to take on more managerial responsibilities, 60% said that they are happy to stay in a job that they like, even if there is no room to progress or develop, according to research by Randstad Hong Kong.The research showed a preference for stability resonates particularly with Baby Boomers, 2 in 3 of whom express their preference of staying in their roles as long as they are happy. Yet, 67% of Baby Boomers expressed a desire for more managerial responsibility. “This suggests a nuanced approach – wanting to hold onto their positions while seeking opportunities to learn and progress within their existing companies,” Randstad stated in a press release.Meanwhile, the study unveils a potential gap in employer support concerning millennials. Imbalance employer sup …
- Sri Lankan employment firm owner arrested over trafficking scam
The owner and manager of a licenced foreign employment agency located in Sri Lanka that had sent Sri Lankans to serve in the Russian Army have been arrested, reports MSN. The two suspects have been arrested by officers of the Foreign Employment Bureau’s Special Investigation Division last week during a special raid carried out, the Foreign Employment Bureau said in a statement released.After recording the statements of the two suspects, they were then processed before the Negombo Magistrate’s Court and they have been held in custody until 30 May. Steps have been also taken to temporarily suspend the licence of the foreign employment agency in question.The agency has sent Sri Lankans forcibly to the Russian-Ukrainian war front by initially falsely claiming that they will send them for …
- Info Edge Q4 revenue rises 7.9% as recruitment business ticks up
Info Edge India Ltd, the Indian job board, reported today standalone revenue from operations for the fourth quarter ended 31 March 2024 of INR 6.08 billion (USD 72.9 million), an increase of 7.9% compared to the same period last year. (INR millions) Q4 2024 Q4 2023 Change Q4 2023 (USD millions) Net Revenue from Operations 6,082.9 5,639.5 7.9% 72.9 Total Income 6,811.0 6,076.5 12.1% 81.7 Profit before exceptional items and tax 2,976.0 2,500.3 19.0% 35.7 Net Profit 2,109.4 1,789.3 17.8% 25.3 Hitesh Oberoi, managing director and CEO said “I'm encouraged to see a slight rebound in our recruitment business after several weak quarters.”Billing for the company on a standalone basis for the quarter grew by 10.5% year on year.Segment by Revenue (INR millions) Q4 2024 Q4 2023 Change Q4 2024 (US …
Latest Research
- History of the Staffing Industry
While there have been other histories written about the staffing industry, this is the first to address the topic from a comprehensive global perspective and the first to trace developments from its beginnings until the present day. The origins of the modern staffing industry do, in fact, have many international strands and owes its success to a number of pioneering entrepreneurs in North America, Europe and Asia Pacific. Previous histories are also flawed in that they have been written by academics hostile to the staffing industry or by individual companies with, possibly, an inflated view of their own role in the development of the industry. Many ‘histories’, especially those with a business focus, tend to be dominated by men but the history of the staffing industry is notable for …
- Temp Training by Staffing Firms
Importance of communicating to temps the types of training resources available. Among temporary workers who said they had been walked through the training resources offered by their company, 64% said they subsequently used the training and found it helpful. However, among temps who had not been walked through the available training, only 6% said they had used it and that it had helped; another 91% didn’t use it at all and 3% used it but didn’t find it helpful. Notably, nearly half or more in every temporary worker demographic reported not having received an introduction to available training. The most common types of training temps reported receiving. Responses were analyzed to identify patterns, revealing five categories of training: health and safety, nurse/healthcare support training, s …
- 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 …
- History of the Staffing Industry
While there have been other histories written about the staffing industry, this is the first to address the topic from a comprehensive global perspective and the first to trace developments from its beginnings until the present day. The origins of the modern staffing industry do, in fact, have many international strands and owes its success to a number of pioneering entrepreneurs in North America, Europe and Asia Pacific. Previous histories are also flawed in that they have been written by academics hostile to the staffing industry or by individual companies with, possibly, an inflated view of their own role in the development of the industry. Many ‘histories’, especially those with a business focus, tend to be dominated by men but the history of the staffing industry is notable for …
- 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 …
- History of the Staffing Industry
While there have been other histories written about the staffing industry, this is the first to address the topic from a comprehensive global perspective and the first to trace developments from its beginnings until the present day. The origins of the modern staffing industry do, in fact, have many international strands and owes its success to a number of pioneering entrepreneurs in North America, Europe and Asia Pacific. Previous histories are also flawed in that they have been written by academics hostile to the staffing industry or by individual companies with, possibly, an inflated view of their own role in the development of the industry. Many ‘histories’, especially those with a business focus, tend to be dominated by men but the history of the staffing industry is notable for …
- 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 …
