Home Money MARKET REPORT: Global hiring slowdown takes toll on recruiters

MARKET REPORT: Global hiring slowdown takes toll on recruiters

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Slowdown: Hays and Robert Walters were the latest headhunters to warn that conditions in the recruitment sector remain difficult

Recruiters have been hit by a slowdown in global hiring.

As stock markets around the world reeled from rising global tensions and concerns about inflation and interest rates, Hays and Robert Walters became the latest headhunters to warn that conditions remain tough.

The updates came just a day after Page Group revealed it had cut jobs as clients tightened their belts and took longer to hit the button to hire staff.

All three recruitment companies reported that trust between companies and workers was low, while job changers can no longer expect bumper paydays.

Hays specializes in finding employment for those who want to work in the technology, life sciences, engineering, construction and property sectors, with salaries ranging from £30,000 to £150,000 a year.

Slowdown: Hays and Robert Walters were the latest headhunters to warn that conditions in the recruitment sector remain difficult

Group rates fell 17 percent in the third quarter through the end of March. The group said it is too early to determine whether there will be a “significant rebound” in the final quarter.

Rates at Robert Walters fell 21 per cent to £81.3m in the three months to the end of March.

The group, which hires professionals in sectors such as accounting and finance, engineering and health, closed the period with 3,812 employees.

This was 13 percent less than the same period last year. In the UK, its commission income fell 20 percent, although it rose in London for the first time in five quarters.

Hays shares fell 4.3 per cent, or 4 pence, to 88.5 pence, Robert Walters fell 4.9 per cent, or 19 pence, to 371 pence and Page Group fell 0. 5 per cent, or 2p, to 438p.

Stock markets plunged as Israel vowed to retaliate following Iran’s drone strikes over the weekend.

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Stock Watch – Alphawave

1713332707 627 MARKET REPORT Global hiring slowdown takes toll on recruiters

An Anglo-Canadian semiconductor company has warned that its decision to move away from China has hit its revenue and profits.

Alphawave’s sales amounted to between £256 million and £260 million in 2023, well below its original target of £273 million to £290 million.

It also expects to make between £277m and £294m of revenue this year and a profit of around £56m after its “deliberate decision to deprioritise growth in China”.

The shares fell 25.3 per cent, or 42p, to 124p.

In London, the FTSE 100 fell 1.8 percent, or 145.17 points, to 7,820.36 and the FTSE 250 lost 1.8 percent, or 354.35 points, to 19,344.54.

A gloomy note from JP Morgan dragged mining stocks lower.

Anglo American lost 3.4 per cent, or 74 pence, to 2,095 pence, Rio Tinto fell 2.9 per cent, or 156 pence, to 5,254 pence, Glencore fell 3.1 per cent, or 15.05 pence , to 466.6 pence and Antofagasta was down 3 per cent, or 67 pence, to 2,095 pence. 2208p.

Auction Technology Group, which operates online marketplaces that allow bidders to access items such as paintings, sofas and antiques, lowered its revenue forecast for this year.

The company reported weaker performance in its North American division, which sells everything from farm machinery to classic cars. The shares fell 15.6 per cent, or 97 pence, to 526 pence.

Equipment lender Ashtead Technology failed to improve its guidance for this year despite reporting stellar performance in 2023.

Revenue rose 51.1 per cent to £110.5 million last year alongside a 68.9 per cent rise in profits to £27.5 million.

The group, which also carries out maintenance and repair work, said its expectations for 2024 “remain unchanged.” The shares fell 9.4 per cent, or 71 pence, to 687 pence.

Everyman Media, the UK’s fourth-largest film company, saw admissions rise 9.7 per cent to 3.75 million in the year to December 28.

Per capita spending on food and beverages increased 10.2 percent. Average ticket prices increased by 3.2 percent. The shares gained 4.4 per cent, or 2.5p, to 59p.

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