Global Daily News
- ManpowerGroup revenue down 5.5% as key markets stabilize
ManpowerGroup Inc. (NYSE: MAN) said labor employers in North America and Europe remain cautious as it announced its first-quarter results today. Revenue at the Milwaukee-based global staffing firm fell 5.5% year over year in constant currency to $4.40 billion. “Employers in North America and Europe remain cautious as they wait for signs that the economic environment is on a sustainable path of improvement,” ManpowerGroup Chairman and CEO Jonas Prising said in a press statement. “In some of those markets, demand for staffing and permanent recruitment stabilized at lower levels, while demand across Latin America and Asia Pacific Middle East remained solid. We continue to prioritize the execution of our strategic initiatives and are accelerating sales activities to drive profitable growt …
- Hudson RPO buys Dubai-based Striver
Hudson RPO, a recruitment process outsourcing provider that is part of Hudson Global Inc. (NASDAQ: HSON), announced the acquisition of Striver, a Dubai-based executive search organization. The announcement follows Hudson RPO’s acquisition last month of Dubai-based Executive Solutions, which provides recruitment process outsourcing. Hudson RPO said the new acquisition of Striver strengthens the group’s executive search function on a global scale. The firm’s executive search efforts in the region will be led by Striver’s founder and current CEO, Toby Simpson, who will take on the role of managing director, executive search at Hudson RPO. Simpson has extensive experience in executive and non-executive searches in investment banking, asset management and private equit …
- Infosys reports Q4 revenue flat, announces $485 million in-tech acquisition
Global IT services provider Infosys Ltd. (NYSE: INFY) reported revenue today of $4.56 billion for the fourth quarter ended March 31, an increase of 0.2% on a reported basis and flat on a constant currency basis. The Bengaluru, India-based firm also announced today that it signed a definitive agreement to acquire in-tech, an engineering R&D services provider focused on German automotive industry for $485 million. “We delivered the highest-ever large deal value in the financial year 2024. This reflects the strong trust clients have in us. Our capabilities in generative AI continue to expand. We are working on client programs leveraging large language models with impact across software engineering, process optimization and customer support,” Salil Parekh, CEO and managing direct …
- US economy sees slight expansion: Beige Book
The US economy posted a slight expansion since late February, according to anecdotal data from the US Federal Reserved Beige Book report released April 17. Ten of the 12 Federal Reserve districts reported either slight or modest economic growth. That’s up from eight in the previous report. Employment also rose at a slight pace. Nine districts reported slow to modest increases, while the remaining three reported no changes in employment. Most districts reported an increase in labor supply and in the quality of job applicants. Skills shortages still persisted, but wage growth rates recently returned to their historic average. “On balance, contacts expected that labor demand and supply would remain relatively stable, with modest further job gains and continued moderation of wag …
- US Leading Index points to ‘fragile’ though not recessionary outlook
The Conference Board Leading Economic Index for the US declined by 0.3% in March to a reading of 102.4. The decline follows a 0.2% increase in February, pointing to a fragile outlook for the US economy. “February’s uptick in the US Leading Economic Index proved to be ephemeral as the Index posted a decline in March,” Justyna Zabinska-La Monica, senior manager of business cycle indicators at The Conference Board, said in a press release.“ Negative contributions from the yield spread, new building permits, consumers’ outlook on business conditions, new orders and initial unemployment insurance claims drove March’s decline.” The LEI contracted 2.2% over the six months between September 2023 and March 2024, a smaller decrease from the 3.4% decline over the previous six months. …
- UK Supreme Court rules employers cannot discipline staff for striking
UK employers will no longer be able to discipline their staff for taking part in legal strike action after a UK Supreme Court ruled yesterday that the UK breached its duties over the right to take part in lawful strikes.Employees who are dismissed for taking part in lawful strike action have some statutory remedies for unfair dismissal; however, there is no express statutory (or other) protection in domestic law against action taken by an employer short of dismissal for participation in lawful strike action.The question in the appeal case is whether section 146 of. The Trade Union and Labour Relations (Consolidation) Act 1992 (TULRCA) can be interpreted to provide such protection, and if not, what is the consequence.The judgment follows a two-day hearing in Decembe …
- Hudson RPO buys UAE executive search firm Striver
Hudson RPO, part of Hudson Global, Inc., announced the acquisition of Striver, a Dubai-based executive search organisation.The announcement follows Hudson RPO’s March 2024 acquisition of Dubai-based Executive Solutions, a firm focused on Recruitment Process Outsourcing (RPO).Hudson RPO said that, with the new acquisition of Striver in the UAE, the company is “strongly equipped to partner with new and existing clients for their senior talent acquisition needs in the rapidly growing Middle East region.”The firm’s Middle East executive search efforts will be led by Striver’s founder and current CEO, Toby Simpson, who will take on the role of managing director, Executive Search at Hudson RPO.Simpson has extensive experience in executive and non-executive searches in investment banking, asset m …
- HeadFirst reports 21% full year turnover growth
Netherlands-based HR tech service provider HeadFirst Group reported record turnover of €2.6 billion in 2023, an organic increase of 21% compared to 2022. Underlying gross profit increased by 20% to €76 million, which led to an EBITDA conversion of 50%. Underlying EBITDA stood at €38 million.The group said these results form the perfect basis for further growth in 2024, in which the organisation will continue the 'tech enables touch' strategy and at the same time want to make a social impact.CEO at HeadFirst Group Marion van Happen said, “Financial results are important so that we can continue to do what our customers need, but we also take the lead on the path to a fair, diverse and inclusive labour market. This is where our main impact lies, in line with our purpose …
- Workwell acquires PGC Group
Workwell, a UK-based provider of tech-enabled, compliant employer of record and workforce management solutions, announced it is merging with PGC Group, a provider of employer of record services in North America.The transaction sees the two businesses become one global company. According to Workwell, this is by far the largest of the acquisitions made by the company to date and represents a significant step change in presence and capability.The transaction brings combined financial strength with a combined turnover in excess of £1.4 billion, fee incomes in excess of £50 million, and more than 40,000 contingent workers served globally.The combined group will have in-country operations across North America, the UK and the majority of Europe, with further solutions covering the rest of the wor …
- Euro area unemployment rate improves to 6.5% in February
In February 2024, the seasonally-adjusted unemployment rate in the euro area was 6.5%, down from 6.6% in February 2023. The EU unemployment rate was 6.0% in February 2024, also stable compared with February 2023, according to figures published by Eurostat, the statistical office of the EU. When compared to the prior month, both the EU and euro area rates were stable.Eurostat estimates that 13.249 million persons in the EU, of whom 11.102 million in the euro area, were unemployed in February 2024. Compared with February 2023, unemployment increased by 156,000 in the EU and decreased by 30,000 in the euro area. Czechia had the lowest unemployment rate in February at 2.6%, while Spain recorded the highest at 11.5%. Further data from the Eurostat showed that, in February 2024, t …
- Infosys Q4 revenue flat, acquires in-tech
Global IT services provider Infosys Ltd. (NYSE: INFY) reported revenue today of $4.56 billion for the fourth quarter ended 31 March 2024, an increase of 0.2% on a reported basis and flat on a constant currency basis.The Bengaluru, India-based firm also announced today that it signed a definitive agreement to acquire in-tech, an engineering R&D services provider focused on German automotive industry for €450 million.“We delivered the highest ever large deal value in the financial year 2024. This reflects the strong trust clients have in us. Our capabilities in Generative AI continue to expand. We are working on client programs leveraging large language models with impact across software engineering, process optimization, and customer support,” said Salil Parekh, CEO and MD. “I would lik …
- Renrui Human Resources full year revenue climbs 23%
Renrui Human Resources Technology (6919: HKG), a China-based flexible staffing services provider announced its results on 27 March for the year ended 31 December 2023. Total revenue of the group amounted to approximately RMB 4.47 billion (USD 617.8 million), a year-on-year increase of 22.9%. The group's revenue and profits resumed growth during the year, mainly due to high service premiums and high profit margins in the digital and information technology talent business which recorded rapid growth during the year. (RMB millions) FY 2023 FY 2022 Change FY 2023 (USD millions) Revenue 4,472.2 3,638.2 22.9% 617.8 Gross Profit 422.5 184.7 128.7% 58.3 Gross Margin 9.4% 5.1% – – Operating Profit 82.8 11.4 623.4% 11.4 Profit for the year 67.8 6.9 888.7% 9.3 Adjusted profit …
- Australia’s March unemployment rate ticks up to 3.8%
Australia’s seasonally adjusted unemployment rate in March 2024 increased by 0.3% year-on-year to 3.8%, according to the latest data from the Australian Bureau of Statistics.Month-on-month data showed the seasonally adjusted unemployment rate rose by 0.1%.Overall, the number of unemployed persons totalled 569,900, up 57,300 over the year (11.2%) and up 20,600 (3.7%) over the prior month. By state, the lowest unemployment rate (seasonally adjusted) was seen in the Australian Capital Territory with 2.9%. The highest was seen in Victoria with 4.1% and Queensland (also 4.1%).In trend terms, the unemployment rate remained unchanged from February at 3.9% but increased by 0.3% year-on-year.Further labour market data showed the seasonally adjusted employment figures stood at 14,25 …
- Layoffs planned by Google and Toshiba
Google is reportedly laying off an unspecified number of employees, according to Reuters, citing a company spokesperson. This marks the latest cuts at the technology giant as it cracks down on costs. The Google spokesperson said the layoffs are not company-wide and that affected employees will be able to apply for internal roles but did not specify the number of employees impacted nor the teams involved.A small percentage of the impacted roles will move to hubs the company is investing in, including India, Chicago, Atlanta and Dublin. "Throughout the second half of 2023 and into 2024, a number of our teams made changes to become more efficient and work better, remove layers and align their resources to their biggest product priorities," the spokesperson added.Employees across sev …
- More women to work in Indian Global Capability Centres
The proportion of women in technology roles within global capability centres (GCCs) in India is poised to rise from 25% of the workforce to 35% by 2027, reports The Business Standard, citing a recent report by TeamLease Digital. GCCs are essentially the in-house technology outposts of multinational corporations, some of which have commercial operations in India. There are approximately 1,600 GCC’s in the country.The report highlighted a significant gender disparity, with an estimated 2.05 million women compared to 3.61 million men in the tech industry as of 2024. This disparity is attributed to various challenges women face, including low educational enrolment, lack of quality opportunities, gender pay gap, safety concerns, societal norms, discriminatory workplace practices, and a lack of …
Latest Research
- SIA | Bullhorn Staffing Indicator – April 16, 2024
US Staffing Holding Roughly Stable During Spring Break Week ending Apr 6, 2024 Indexed Value Y/Y W/W US Staffing 82 -13% -1.3% Commercial Staffing 68 -13% -1.2% Professional Staffing 117 -12% -1.5% 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 April 6thTemporary staffing hours worked for the week ending April 6th (“last week measured”) were down -13% compared to the corresponding week a year ago, according to the Indicator.Temporary staffing hours completed …
- April 2024 Jobs Report
Event: The March Employment Situation, released today by the US Bureau of Labor Statistics (BLS), indicates that total nonfarm employment rose by +303,000 in March on a seasonally adjusted basis, while temporary help services employment declined by -1,300 jobs. The temporary agency penetration rate was 1.74% in, down from a revised February rate of 1.75%. The national unemployment rate declined to 3.8%, from 3.9%.Employment expanded in most industry groups. The group with the largest gain was again Health and social assistance, which added +81,300 jobs; followed by Government, which added +71,000 jobs; and Leisure and hospitality, which added 49,000 jobs. Employment was unchanged in both the Manufacturing and Information sectors. The only monthly decline was in the Temporary help serv …
- Directory of Suppliers to Staffing Firms (Americas)
This interactive report identifies and categorizes specialist Americas headquartered suppliers to staffing firms. Members can use this report to identify suppliers by both category and by geography. With 25 different categories and over 850 firms, the Directory provides a comprehensive range of solutions and services that staffing firms may require to operate their businesses more efficiently and more effectively. Our categories include: Advisors & Consultants Analytics & Benchmarking Candidate Assessment Candidate Engagement Compliance, Payroll & Umbrella Front & Back Office Software Online Job Advertising Recruitment Marketplaces Sourcing Automation Staffing Platform-as-a-Service (SPaaS), full list of categories can be found on the directory tab. If you believ …
- US Staffing Industry Forecast: March 2024 Update
Key Findings: We forecast the US Staffing Industry will decline 3% in 2024 to reach a size of $184.6 billion, as the industry continues to pull back from prior peak levels. If we exclude the nurse staffing segments (that continue to normalize down steeply from pandemic levels), the remaining staffing industry is expected to be roughly flat this year, in aggregate. We forecast industrial staffing to decrease 5% in 2024 while office/clerical holds stable. We project IT staffing to decline 3% and healthcare staffing to decrease 11%, as both pull back from prior peak levels. As brighter spots in the 2024 outlook, we project mid-single-digit growth this year for engineering, life sciences, marketing/creative, and education staffing, as well as for place & search. Looking ahead to 2025, we f …
- Temporary Staffing Platform Update
Staffing platforms marry technology and processes found in talent platforms (e.g. two-sided digital labor marketplace, ratings systems, algorithmic recruiting, management, and matching) with traditional staffing firm pricing models. The list of major staffing companies with a platform component has rapidly expanded since the pandemic. Today, 12 of the 15 largest staffing firms worldwide have a staffing platform, up from just four in 2019. The worldwide market for temporary staffing platforms reached a scale of $18.0 billion in 2023, a decline of 17% y/y. Despite the decline in 2023, temporary staffing platforms have achieved a 55% CAGR since 2019. Temporary staffing platform segment mix differs considerably from the overall global temporary staffing market. Most notable is the outsized pla …
- How To Retain Internal Staff
Staff satisfaction is the key to retention. Among staff giving their firm a net promoter “likelihood to recommend” satisfaction score of 0-4, the share saying they were open to quitting was 100%; that share declined with subsequent score increments, and above a score of 7 the share open to quitting was less than 10%. What drives staff satisfaction? Staff repeatedly emphasize two factors. In multiple survey questions respondents indicate that quality of senior leadership and work environment/culture are top drivers of job satisfaction. Staff offered advice on how management can perform well with regard to each. What else matters? Future opportunities and fairness also ranked relatively highly. Allowing at least some remote work time is important to staff satisf …
- How to Recruit UK Internal Staff
What to emphasize in recruiting: The top three criteria used by UK internal staff to evaluate potential staffing firm employers are: company culture/work environment, career advancement potential, and financial stability. Who to recruit: What matters most in staff candidates is industry experience, energy, cooperation, and personal connections. How to recruit: While active measures account for about half of new recruits, personal recommendations were also very important. And too, a good website helps. Where to recruit: Two-thirds of internal staff were recruited from just six industries. To access the complete report, please select the link below: UK Internal Staff Survey 2024 Recruiting internal staff 20240409 – You do not have permission to view this object.
- Use Of Technology By UK Internal Staff
About half of UK internal staff said they had used AI in their staffing job over the last year. Of those staff that had used AI in the last year, 33% rated it very helpful; 53% rated it moderately helpful; and 14% rated it not very helpful. Internal staff listed seven tasks for which they were using AI: writing emails and texts; writing job descriptions and job postings; resume writing and editing; research, ideas, and brainstorming; search strings; marketing, market research, and content creation; and sourcing/recruiting. Some staff need more technology training. While the majority of staff are confident that they have been fully trained in use of their assigned technology, a significant minority – 18% – say that while technology is key to doing their job well, they are not confident that …
- Directory of Suppliers to Staffing Firms (EMEA)
This interactive report identifies and categorizes specialist EMEA headquartered suppliers to staffing firms. Members can use this report to identify suppliers by both category and by geography. With 25 different categories and over 800 firms, the Directory provides a comprehensive range of solutions and services that staffing firms may require to operate their businesses more efficiently and more effectively. Our categories include: Advisors & Consultants Analytics & Benchmarking Candidate Assessment Candidate Engagement Compliance, Payroll & Umbrella Front & Back Office Software Online Job Advertising Recruitment Marketplaces Sourcing Automation Staffing Platform-as-a-Service (SPaaS), full list of categories can be found on the directory tab. If you believe yo …
- UK Internal Staff Survey 2024: Internal staff training: what staff want and importance of explaining resources available
Importance of communicating to staff the types of training resources available. Among UK internal staff who said they had been walked through the training resources offered by their company, 90% said they subsequently used the training and found it helpful. However, among internal staff who had not been walked through the available training, only 44% said they had used it and that it had helped; another 52% didn’t use it at all; and 4% used it but didn’t find it helpful. Two types of training scored the most widespread interest. These are: “management/leadership training,” and “sales/marketing tactics.” Six additional categories of training scored lighter but also widespread interest. Otherwise, demand for types of training tended to follow the needs of specific job titles. Many need more …
- Directory of Suppliers to Staffing Firms (APAC)
This interactive report identifies and categorizes specialist APAC headquartered suppliers to staffing firms. Members can use this report to identify suppliers by both category and by geography. With 25 different categories and over 150 firms, the Directory provides a comprehensive range of solutions and services that staffing firms may require to operate their businesses more efficiently and more effectively. Our categories include: Advisors & Consultants Analytics & Benchmarking Candidate Assessment Candidate Engagement Compliance, Payroll & Umbrella Front & Back Office Software Online Job Advertising Recruitment Marketplaces Sourcing Automation Staffing Platform-as-a-Service (SPaaS), full list of categories can be found on the directory tab. If you believe yo …
- Temporary Staffing Platform Update
Staffing platforms marry technology and processes found in talent platforms (e.g. two-sided digital labor marketplace, ratings systems, algorithmic recruiting, management, and matching) with traditional staffing firm pricing models. The list of major staffing companies with a platform component has rapidly expanded since the pandemic. Today, 12 of the 15 largest staffing firms worldwide have a staffing platform, up from just four in 2019. The worldwide market for temporary staffing platforms reached a scale of $18.0 billion in 2023, a decline of 17% y/y. Despite the decline in 2023, temporary staffing platforms have achieved a 55% CAGR since 2019. Temporary staffing platform segment mix differs considerably from the overall global temporary staffing market. Most notable is the outsized pla …
- Renewable Energy Staffing Global Market Assessment
Globally, employment in the renewable energy industry is estimated to expand 8% in 2024, 9% in 2025, and a further 40% through 2030. We estimate the industry will add close to 10 million new jobs over the next seven years, and many roles will require workers with skillsets that are highly specialized or in high demand, providing great opportunities for companies operating in the workforce solutions ecosystem. Strong demand growth for renewable energy workers stems from ongoing support from both public and private sectors for the transition away from fossil fuels toward electricity with lower carbon footprints. This report analyses the renewable labor market as a whole as well as the markets for specific renewable technologies. Labor markets in the renewable energy sector vary in terms of t …
- Workforce Solutions Buyer Survey 2024: Initial Findings
This report contains initial findings of the 2024 Workforce Solutions Buyer Survey, including survey questions and summary statistics. The survey was conducted in early 2024 and reflects the opinions of respondents from 165 companies with contingent workforce and/or workforce solutions programs globally. A map and table summarizing participant regions appears on page 16. To qualify for the survey, a company must have 1,000 or more full-time equivalent employees (not including contingent workers). Only one respondent per company was used. More detailed analyses of survey responses will be released in separate reports. To access the complete report, please select the link below: Workforce Solutions Buyer Survey 2024 Initial Findings Global 03202024 – You do not have permission to view this o …
- Asia Pacific Legal Update Q1 2024
In this report, we round up the legal developments affecting the workforce solutions ecosystem across the Asia Pacific region in Q1 2024:Australia Changes to classification of employees, casual workers and platform workers in Closing Loopholes No.2 Act Paid parental leave increase from 1 July 2024 Hong Kong Gradual increases to statutory holidays introduced Rule “418” for determining continuous employment set to change Japan Employers’ obligations to notify terms and conditions of employment to change …
