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Dutch recruitment firm Randstad (RAND: NA) announced today that Randstad Belgium has reached an agreement with the employee representative partners in Belgium concerning a restructuring plan it announced in June.
The plan aims to create a more efficient and client-oriented organisation, and the new organisational structure helps to maintain our solid competitive position in the Belgian market. The organisational changes only occur in management and support functions and involve 114 jobs.
The company had initially announced that the organisational changes would affect 165 jobs. In their most recent financial statement, the company reported a marginal fall in revenue but a big increase in net income. It is not clear whether the reduction in the number of jobs impacted by the restructure was as a result of negotiations with the employee representative partners or due to the company’s improved performance.
Randstad anticipates a restructuring provision of approximately €24 million, which will lead to annual cost savings of around €16 million.
According to research from Staffing Industry Analysts, Randstad is the biggest staffing firm in Belgium with double the market share of its nearest competitor.