Global Daily News
- Helping place North Korean IT workers leads to criminal charges
Two people were arrested on criminal charges in two connected schemes for allegedly enabling North Korean IT workers to obtain remote positions at more than 300 US firms using false identities, the US Department of Justice announced May 16.“Using the stolen identities of US citizens is a crime by itself, but when you use those identities to procure employment for foreign nationals with ties to North Korea at hundreds of US companies, you have compromised the national security of an entire nation,” Chief Guy Ficco of IRS-Criminal Investigation, said in a press release.In one case, Christina Marie Chapman, 49, of Litchfield Park, Arizona, has been indicted.Chapman ran a “laptop farm,” hosting computers inside her home which workers could use to appear they were working in the US, according t …
- The Conference Board index indicates waning growth but not recession
The Conference Board’s US Leading Economic Index in April pointed to weaker growth ahead but did not signal a recession. The measure contracted 0.6% in April to 101.8 after decreasing by 0.3% in March.“Another decline in the US LEI confirms that softer economic conditions lay ahead,” Justyna Zabinska-La Monica, senior manager, business cycle indicators at The Conference Board, said in a press release.Consumers’ waning optimism about business conditions, a decline in new business permits and a negative yield spread were among the factors that led to April’s slide, Zabinska-La Monica added.However, for the second consecutive month, the index did not signal a recession because of an improvement in the six-month growth rate. In the six-month period between October 2024 and April 2024, the inde …
- The Dakotas post lowest jobless rates in April
North Dakota and South Dakota tied for the lowest jobless rate among all states in April at 2% each, according to seasonally adjusted data released today by the US Bureau of Labor Statistics. The state with the next-lowest level was Vermont at 2.1%.Mississippi’s jobless rate was at its lowest level since 1976 at 2.8%.On the flip side, California posted the highest jobless rate among states at 5.2%. It was followed by the District of Columbia at 5.2% and Nevada at 5.1%.Only five states had decreases in their unemployment rates in April; Arizona, Maine, Mississippi and Montana each saw their unemployment rates fall by 0.2 percentage points. Virginia’s unemployment rate fell by 0.1 point.Rates increased in two states — Florida and Maryland. Both showed their unemployment rates rise by 0.1 per …
- Smith + Howard makes third acquisition in 12 months
Smith + Howard, a tax, accounting and advisory firm based in Atlanta, acquired VIP Search Group and VIP Solutions Group, a Dallas-based executive search, staffing and management consulting services provider focused on accounting and finance.The deal closed April 30. It marks Smith + Howard’s third acquisition in the last 12 months.“We are thrilled to welcome the VIP team to Smith + Howard,” CEO Sean Taylor said in a press release. “This transaction represents a continued realization of Smith + Howard’s strategic vision to aggressively expand our service offering and geographic reach.”VIP founders Mike Haynes, Eric Foerster and Jess Padek are expected to remain in leadership roles.“Combining our unique skill sets and areas of focus is sure to create a more well-rounded team capable of provi …
- 86% of business leaders have already deployed AI: TCS
More than three-quarters of senior business leaders globally, 86%, have already deployed artificial intelligence to bolster revenue, according to a survey by IT solutions giant Tata Consultancy Services.Senior executives are also generally positive about the impact of AI, with 57% reporting excitement or optimism about its impact on business.Up to half of employees will use GenAI to do their jobs in three years, according to 45% of the business leaders surveyed, with 65% saying AI will augment and enhance human capabilities and enable people to focus on higher-value activities that require creativity and strategic thinking.“When calibrated for accuracy and harnessed responsibly, GenAI makes the computational power of the data, cloud, and AI come alive,” Sivaraman Ganesan, head of the AI cl …
- 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% …
- Randstad buys Torc, aims to increase access to digital talent
Randstad announced yesterday 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 centres.The seller was private equity firm Recognize. Terms of the transaction were not announced.Torc connects remote developers with jobs, provides career growth opportunities for its community and a secure, AI-driven talent sourcing experience for companies.“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 respo …
- Reed Global acquires Code Nation to tackle tech skills gap
Reed Global announced it has acquired Code Nation, a UK-based independent digital and technical training provider.Financial details were not disclosed.The group said the acquisition will complete Reed’s total tech talent solution, streamlining the process for businesses to find the technology talent they need in a competitive recruitment market.Reed added the acquisition will enable it to offer specialised tech training. This will help to widen the talent pool available for businesses, by reskilling those with an interest in the sector, as well as offering opportunities for businesses to upskill their current employees to support talent retention and development.The acquisition will also allow Reed to drive better inclusivity in the technology sector. Reed added that it will be able to use …
- Number of Dutch temp workers down in Q1
The number of people working for a temporary employment agency in the Netherlands saw a decrease in the first quarter of 2024, when compared to Q1 2023, according to the latest data from Statistics Netherlands and the Netherlands Organisation for Applied Scientific Research (TNO).The data showed there were 357,000 temporary workers in Q1 2024, down 5% from 376,000 in Q1 2023.When broken down by age, the number of temporary workers increased in the age groups of 55 years and over and decreased among workers aged 15-54 years.Overall, 28% of the employed labour force in Q1 2024 were classified as being in flexible employment. This represents 2.7 million people in the age category 15-74 years, 30,000 fewer than in Q1 2023.The decline was mainly among employees on a fixed-term contract, but the …
- UK job ads down 20.3% in April following Easter break
The UK saw 769,469 new job postings in April 2024, a 20.3% decline from the year before (April 2023), according to the latest Recruitment & Employment Confederation (REC) and Lightcast Labour Market Tracker. April’s 769,469 new job postings were down 9.9% from the month before, reflecting the slowdown seen through the recession and the impact of the Easter break.The pattern of new postings is the same as 2023, where similarly the number of postings declined in April as compared to March before increasing in May reflecting the Easter break and firms kicking off their hiring after the holidays have finished. Recent figures from the Office for National Statistics showed the UK is officially out of recession after the figures showed the economy grew by 0.6% in the first three mon …
- 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 …
- South Korea’s temporary workers up 4.3%, jobless rate up
The number of temporary workers in South Korea increased by 4.3% year over year to approximately 4.81 million in April 2024, according to data released by Statistics Korea.When compared to March 2024, the number of temporary workers increased by 2.8% in April 2024. The temporary employment data is not seasonally adjusted.South Korea’s seasonally adjusted unemployment rate was 2.8% in April, up 0.2% year-on-year and no change over the prior month.Meanwhile, on a non-seasonally adjusted basis, South Korea’s unemployment rate stood at 3.0% in April, up 0.2% year-on-year and flat over the month.The number of unemployed persons totalled 885,000 people in April, which increased 81,000 persons or 10.0% year-on-year.The number of employed persons totalled 28.69 million persons in April, which went …
- AI adoption in key Indian sectors hits 48% in FY24
The rate of artificial intelligence (AI) adoption in key industries across India reached approximately 48% in FY 2024, with expectations to expand by an additional 5%-7% in FY25, reports The Economic Times, citing data from Teamlease Digital. “Nearly 75% of organisations across various sectors are actively considering integrating AI into their operations within the next year,” Krishna Vij, business head, Teamlease Digital, told the Economic Times.The banking and financial services (BFSI) industry led the pack with a 68% AI adoption rate in FY24, followed by the tech industry at 60-65%. It estimated that the AI market size was $6 billion in 2023, projected to reach $20 billion by 2028, at a compound annual growth rate of 26%. Additionally, 60% of the AI market share is held by IT service pr …
- China’s employment stable as urban jobless rate falls in April
China's employment situation remained generally stable in April with a falling jobless rate, reports Xinhua, citing the National Bureau of Statistics. The surveyed urban unemployment rate in China stood at 5% in April, down 0.2% from a month ago. The rate was also lower than the 5.2% reading a year ago.The surveyed unemployment rate in 31 major Chinese cities was 5% last month, and the rate for rural migrant workers was 4.5%.Meanwhile, for the January-April period, the average surveyed urban unemployment rate came in at 5.2%, down from 5.4% in the same period of 2023.Employment has been a priority in government work. This year, China aims to create over 12 million jobs in urban areas and keep the surveyed urban unemployment rate at about 5.5%. The government has rolled out multiple me …
- 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 …
Latest Research
- 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 …
- 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 …
- 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 …
