Global Daily News
Business activity in the US picked up speed in May, according to the S&P Global Flash US PMI Composite Outlook Index. It rose to a level of 54.4 in May, its highest level in more than two years.“The US economic upturn has accelerated again after two months of slower growth, with the early PMI data signaling the fastest expansion for just over two years in May,” Chris Williamson, chief business economist at S&P Global Market Intelligence, said in a press release.“The data put the US economy back on course for another solid GDP gain in the second quarter,” Williamson continued.Leading the upturn was the services sector, although manufacturing also showed growth. Along with the Flash US PMI Composite Output Index: The S&P Flash US Services Business Activity Index rose to a reading …
- Freelance worker revenue rises to $191B in largest markets: Fiverr
Freelancers in the 30 largest US freelancing markets saw their revenue rise by projected 6.1% to $191 billion in 2023, according to a report by Fiverr International (NYSE: FVRR).New York City freelancers earned the most revenue at $30.36 billion in 2023, according to Fiverr’s estimates.The Big Apple was followed by Los Angeles, where freelancers earned nearly $22.20 billion, and Miami, with freelancer revenue of $15.69 billion.The top 30 markets for freelancers represent 57% of all freelancers in the US and account for 63% of revenue, according to Fiverr.New York City had the most freelancers of any of the large metros at 574,989. Again following were Los Angeles at 417,685 and Miami at 291,321.In total, the top 30 had 4.0 million freelancers in 2023, up 2.4% from the previous year.Fiverr …
- 70% of job seekers secure roles in 3 months
A majority of recently employed individuals, 70%, said they landed a job within three months, according to a survey by ResumeBuilder.Breaking the results down, more than a quarter, 26%, found their new job within a single month; however, it took some longer. Twenty-two percent secured employment within four to six months, 5% within seven to 11 months and 3% took a year or longer. The report also revealed the duration it took to secure employment across various industries. Food, hospitality, retail, construction, computer and information technology sectors were the most likely to report they successfully landed a job within three months. Meanwhile, workers in the education, business and finance industries were the least likely to report finding employment within three months. …
- Jobless claims fall by 8,000; total claims lower than forecast
US initial jobless claims fell by 8,000 in the week ended May 18 to 215,000, the US Department of Labor reported today. The previous week’s level was revised upward by 1,000.Economists polled by Reuters had forecast 220,000 claims in the latest week.The Associated Press reported the number of people applying for unemployment fell as layoffs remained historically low despite the Federal Reserve's efforts to loosen the labor market.Meanwhile, the four-week moving average of claims rose by 1,750 to a level of 219,750. The previous week’s level was revised upward by 250.
- Florida receives $3.8M hurricane cleanup temp job grant
The US Department of Labor announced it has awarded $3.75 million to Florida on May 23 to continue temporary employment and workforce training initiatives, aiding cleanup and recovery efforts following Hurricane Ian’s impact on the state.On Oct. 17, 2022, the department initially awarded a National Dislocated Worker Grant of $15 million to the Florida Department of Commerce, followed by an additional $7.5 million in incremental funding on Oct. 2, 2023, to provide temporary employment for eligible individuals, assisting in debris removal, humanitarian aid and cleanup work.The grant also supported career and training services for area workers.Administered by the department’s Employment and Training Administration and supported by the Workforce Innovation and Opportunity Act of 2014, National …
- Grupa Pracuj Q1 revenue rises 5.7% as profits improve
Grupa Pracuj (GPP: WSE), the parent company of several Eastern European job board brands, reported consolidated revenue today for the first quarter of 2024 of PLN 196.0 million (€45.9 million), an increase of 5.7% when compared to the same period a year ago.Revenue growth came primarily from higher prices of recruitment projects on the platform Pracuj.pl and the increasing number of customers using services offered in a subscription model in Poland and Germany.The group restated the comparative figures in connection with the completion of the purchase price allocation process related to acquiring Spoonbill Holding GmbH in 2022. (PLN thousands) Q1 2024 Q1 2023 Change Q1 2024 (€ millions) Revenue 196,008 185,370 5.7% 45,961 Operating Profit 75,200 73,219 2.7% 17,633 Profit before tax 75,781 …
- UK General Election: REC and APSCo called for focus on growth
The recruitment trade bodies the Recruitment and Employment Confederation and the Association for Professional Staffing Companies called on economic and skills growth and employment to be at the heart of the election campaign.It follows UK Prime Minister Rishi Sunak's announcement that the next general election will take place on 4 July 2024,In a press release, REC Chief Executive Neil Carberry said, "Economic growth and competitiveness need to be at the heart of this election campaign. A vibrant economy is the only way to higher wages, better public services, and lower taxes.""Any plan for competitiveness is fundamentally about the talent and application of our British workforce," Carberry continued. "In the next few weeks, politicians must show that the …
- Approach Personnel acquires Simon Nicholas Associates
Approach Personnel, a UK-based recruitment firm, announced it has acquired Simon Nicholas Associates, a Nottingham-based construction sector recruitment firm.Financial terms of the transaction were not disclosed.Founded in 2009, Simon Nicholas Associates supplies construction professionals, skilled trades, and labour to clients across the UK.Founder Simon Pearce commented on the acquisition, said, " I am excited about the future and the opportunities this acquisition brings. We are buying into the vision that Approach Personnel's Directors have for their business, and I am eager to become a part of it. The professionalism and ease with which this acquisition was handled have been remarkable, and I am confident that this partnership will drive further success for myself at Approac …
- Randstad: 41% of LGBTQI+ workers say they've faced bias
There have been positive strides toward more inclusive workplaces, but 41% of LGBTQI+ workers say they have faced discrimination at work, according to a report by Randstad. And 29% have quit because of it. Bias also prompted 32% to pursue alternative career paths."As a member of the LGBTQI+ community, I've seen throughout my career the positive strides companies have taken to create more inclusive and equitable workplaces, but the journey is not over," Randstad CEO Sander van 't Noordende said in a press release. "A concerning proportion of LGBTQI+ workers are still facing discrimination and experience consequences on their career progression due to just being themselves."Randstad's report also found that a third of LGBTQI+ workers believe their sexuality …
- What companies need to know following EU’s CSRD directive: CWS Summit Europe 2024
Developing an environmental, social and governance strategy for your contingent workforce programme is “not for the faint hearted.” With that warning, SIA’s Workforce Solutions Director Matt Norton dove into the challenges and best practices of such programmes in a panel discussion on the topic held at SIA’s CWS Summit Europe conference this week. Following the European Union’s EU Corporate Sustainability Reporting Directive (CSRD) last year, embarking, on an ESG strategy now requires a more effort than simply crafting a corporate social responsibility statement. Why? The directive demands specificity targets as well as performance measures. “It is not enough anymore for companies to simply say that they are an ethical company that act with integrity,” Norton said. “No …
- TeamLease Q4 revenue climbs 19.9%, staffing segment up
TeamLease Services Ltd. (TEAMLEASE:NSI), a Bangalore, India-based staffing provider, reported that consolidated revenue rose 19.9% yesterday in its fiscal fourth quarter, which ended 31 March 2024.Overall, group headcount was up 13.0% over the year. (INR millions) Q4 2024 Q4 2023 % change Q4 2024 (USD millions) Revenue from operations (net of taxes) 24,319 20,272 19.9% 292.1 Other income 90 98 -8.1% …
- Hong Kong's unemployment rate unchanged at 3% in April quarter
Hong Kong's seasonally adjusted unemployment rate stood at 3.0% in the period from February – April 2024, unchanged from 3.0% during the same period a year ago, according to the latest labour force statistics published by the Census and Statistics Department.The unemployment rate was also the same from January to March 2024. Comparing February – April 2024 with January – March 2024, movements in the unemployment rate (not seasonally adjusted) and underemployment rate in different industry sectors varied, but the magnitudes were generally not large.The number of unemployed persons (not seasonally adjusted) increased by around 2,000, from 111,700 in January to March 2024 to 113,700 in February to April 2024. The 113,700 figure was below the 1 …
- Singapore maintains 2024 GDP Growth Forecast at 1% to 3%
According to Singapore's Ministry of Trade and Industry, Singapore's GDP growth forecast for 2024 has been maintained at 1.0% to 3.0%.In the first quarter of 2024, the Singapore economy grew by 2.7% on a year-on-year basis, extending the 2.2% expansion in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 0.1%, moderating from the 1.2% growth in the preceding quarter.On a year-on-year basis, GDP growth in the first quarter was primarily driven by the finance & insurance, transportation & storage and wholesale trade sectors.Singapore's manufacturing and trade-related sectors are expected to see a gradual pickup in growth over the year. Within the manufacturing sector, the electronics cluster is projected to recover gradual …
- China launches university graduate employment promotion campaign
China's Ministry of Education has announced the launch of a 100-day campaign to promote the employment of new university graduates, reports China Daily. The ministry said the campaign, which will last until August 2024, features activities at various universities nationwide, such as large-scale campus recruitment, policy promotions, and visits to enterprises.Special recruitment events will be organised on a national employment service platform for university students to enhance information sharing and targeted recommendations. Furthermore, the ministry called for greater efforts to help students from families with financial difficulties and those with disabilities to find jobs, noting that each such student should be kept on record and that assistance plans should be tailored to their …
- Kanzhun Q1 revenue climbs 33.4%, online recruitment up
Revenue for Chinese recruitment platform Kanzhun Limited (Nasdaq: BZ), increased year-on-year by 33.4% to RMB 1.70 billion (USD 233.8 million) for the first quarter ended 31 March 2024. The group, which posted its results yesterday, said revenue from online recruitment services to enterprise customers was up 33.6% over the year. (RMB thousands) Q1 2024 Q1 2023 Change Q1 2024 (USD thousands) Total revenue 1,703,753 1,277,546 33.4% 233,819 Loss/income from operations 103,593 (77,299) – 14,382 Net (loss)/income 241,724 32,663 640.1% 33,561 Adjusted first-quarter net income was RMB 530.7 million (USD 73.6 million), an increase of 116.6% from the same quarter …
Latest Research
- US Pulse Survey Report: May 2024 Selected Highlights
Respondents in this month’s Pulse Survey reported a median 1% y/y decrease in their US temporary staffing revenue in April, up from a 5% decrease in February. On aggregate, staffing revenue was down 13% y/y, with larger companies performing comparably worse than smaller companies. Of note, however, median growth was positive or flat in all segments outside of healthcare. Median revenue growth was positive in locum tenens (+21%), engineering (+3%), and industrial (+2%) skill segments. Growth was flat in four staffing segments as well as direct hire and retained search. The biggest declines were in the travel nurse staffing (-21%) and per diem nursing (-3%) skill segments. This month, we asked participants about the actions their firms had taken in response to current challenges. Overall, th …
- Staffing and Workforce Solutions Mergers and Acquisitions Database
AboutThis tool contains a database of mergers and acquisitions related to companies in the staffing and workforce solutions industry. Flexible search and filtering were top of mind when designing this tool.In addition to the database, this tool also provides interactive visualizations regarding the underlying data.For each transaction, the database provides a row of information that includes the date of the acquisition announcement, the names and locations of both the acquirer and target company, notes on the acquisition price, if any, and a link to the corresponding news item in Staffing Industry Analysts’ Daily News, or another source if the transaction was not covered in the Daily News.The tool can be accessed using the link below:Staffing and Workforce Solutions Mergers & Acqu …
- SIA | Bullhorn Staffing Indicator – May 21, 2024
US Staffing Hours Remain Below Year-To-Date Peak in February Week ending May 11, 2024 Indexed Value Y/Y W/W US Staffing 83 -12% 0.3% Commercial Staffing 70 -12% 0.5% Professional Staffing 119 -12% -0.4% 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 11thTemporary staffing hours worked for the week ending May 11th (“last week measured”) were down -12% compared to the corresponding week a year ago, according to the Indicator.Temporary staffing hours comple …
- 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 …
- Staffing and Workforce Solutions Mergers and Acquisitions Database
AboutThis tool contains a database of mergers and acquisitions related to companies in the staffing and workforce solutions industry. Flexible search and filtering were top of mind when designing this tool.In addition to the database, this tool also provides interactive visualizations regarding the underlying data.For each transaction, the database provides a row of information that includes the date of the acquisition announcement, the names and locations of both the acquirer and target company, notes on the acquisition price, if any, and a link to the corresponding news item in Staffing Industry Analysts’ Daily News, or another source if the transaction was not covered in the Daily News.The tool can be accessed using the link below:Staffing and Workforce Solutions Mergers & Acqu …
- 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 …
- Staffing and Workforce Solutions Mergers and Acquisitions Database
AboutThis tool contains a database of mergers and acquisitions related to companies in the staffing and workforce solutions industry. Flexible search and filtering were top of mind when designing this tool.In addition to the database, this tool also provides interactive visualizations regarding the underlying data.For each transaction, the database provides a row of information that includes the date of the acquisition announcement, the names and locations of both the acquirer and target company, notes on the acquisition price, if any, and a link to the corresponding news item in Staffing Industry Analysts’ Daily News, or another source if the transaction was not covered in the Daily News.The tool can be accessed using the link below:Staffing and Workforce Solutions Mergers & Acqu …
- 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 …
