Recruiter Hays reports slowing hiring activity in UK and US

Oct 13 (Reuters) – British recruitment agency Hays Plc (HAYS.L) said on Thursday client and candidate activity had slowed in some markets, including the United Kingdom and the United States, due to macroeconomic uncertainties.

The recruitment industry is facing downside risks due to soaring inflation and a sharp economic downturn after experiencing meteoric growth over the past two years on the back of rising salaries and high job turnover in a context of intense competition for talent.

“Our forward-looking business levels for our clients and candidates remain overall good, particularly in Germany and EMEA, but have declined slightly in a number of other markets,” Chief Executive Alistair Cox said, noting reference to the United Kingdom and Ireland, Australia and New Zealand and the United States where activity slowed.

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“That said, our core markets continue to be characterized by severe skills shortages and wage inflation,” he added.

Rival PageGroup (PAGE.L) said on Wednesday it saw a “slight weakening” in employer confidence in most markets, leading to job cuts and slowing hiring at the end of the third quarter.

Hays, London’s largest listed scout, said the weakening of the pound against its main trading currencies the euro and the Australian dollar was currently a tailwind to its annual operating profit .

The London-based company, which is largely focused on white-collar hiring, said net fees rose at a slower pace of 19% in its first quarter ended September 30, compared with an increase 36% a year earlier.

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Reporting by Amna Karimi in Bengaluru; Editing by Subhranshu Sahu

Our standards: The Thomson Reuters Trust Principles.

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