Global Daily News
- Job openings fall by 1.1 million in August, lowest level since June 2021
The number of job openings in the US fell by approximately 1.1 million, or 10.0%, in August from July, according to seasonally adjusted numbers released today by the US Bureau of Labor Statistics. Total job openings was 10.0 million in August, the lowest number since June 2021.Year over year, the number of job openings was down 5.4%.“Job openings took a major dive in August, falling by more than about 1 million, but they still total more than 10 million. That and other data point to a jobs market that’s still challenging for employers,” Robert Frick, corporate economist at Navy Federal Credit Union, told CNBC. “But judging by the drop in openings and the high number of Americans who entered the labor force in August, almost 900,000, the worst of the tight labor market is over.”The number o …
- Cross Country closes acquisitions of Mint and Lotus Medical
Cross Country Healthcare Inc. (NASDAQ: CCRN) announced today that it closed its acquisitions of Mint Medical Physician Staffing LP and Lotus Medical Staffing LLC. Cross Country had first announced the acquisitions of Mint and Lotus Medical last month.Houston-based Mint provides locum tenens staffing, while Lotus Medical, based in West Palm Beach, Florida, provides locum tenens and permanent placement staffing.“We are pleased to have Mint and Lotus join the Cross Country team as we continue to build our locum tenens platform,” Cross Country President and CEO John Martins said. “Their wealth of expertise will help support the growing demand we have seen in the rapidly evolving locum tenens landscape.”Cross Country ranks as the sixth-largest US healthcare staffing firm, according to Staffing …
- Focus Search Partners acquires Minneapolis-based search firm
Focus Search Partners, a Vaco company, acquired Brad Martin & Associates, a Minneapolis-based boutique executive search firm founded in 1983.Firm principals Brad and Andy Olson will continue to operate from their offices in Minneapolis as managing partners for Focus Search Partners.“We saw an opportunity to broaden our reach, smartly scale our practice and be an additive part of a company and culture whose values align with ours,” said Brad Olson, founder and principal of Brad Martin & Associates. “This partnership will do all of that while allowing Andy and I to focus on what we do best — delivering a high-touch, high-service experience to our clients.”This is the seventh acquisition by Focus Search Partners since being acquired itself by Vaco in 2014.“Brad Martin & Associates …
- Dempton Consulting to acquire St. Louis-based IT staffing provider
IT solutions firm Dempton Consulting struck a deal to acquire Norton Staffing, a boutique IT staffing firm based in St. Louis.“This deal is part of our North American growth strategy and will allow us to reach our objectives sooner than expected,” Dempton founder and CEO Jean-Francois Sauve said. “We immediately connected well with everyone on the NSI team, as we share the same core values and are all dedicated to build strong personal relationships with customers and create win-win situations for all.”Dempton was founded in 2005 and is based in Montreal.Norton Staffing President Christina Norton will play a role in the combined company.“This will help NSI get to the next level and provide an enhanced focus on technology expertise for our clients on a global scale,” Norton said. …
- Employer-of-record firm Globalization Partners rebrands as G-P
Employer-of-record provider Globalization Partners announced today it is rebranding as G-P.“We are in an environment where our category, customers, competitors and culture are all shifting rapidly,” said Heidi Arkinstall, chief marketing officer, G-P. “It’s critical that our brand acts as a signal of who we are and serves as a lighthouse to where we’re going.”The Boston-based company had announced a $200 million investment in January and a new CEO in April.The new brand identity is inspired by the concept of borderless business and the ability to access diverse talent to work across time zones and location.“We want to reflect our next phase of growth as we continue to see the demand for our technology solution accelerate around the world,” G-P CEO Bob Cahill said.G-P had also recentl …
- World – New global gig economy revenue estimate at $5.4 trillion: SIA
Staffing Industry Analysts released a new estimate of the value of the global gig economy in the wake of last month’s Collaboration in the Gig Economy conference: The global gig economy posted an estimated USD 5.4 trillion in revenue in US dollars during 2021.The lion’s share of revenue was generated by independent contractors, who earned an estimated $3.0 trillion in 2021. It represented 56% of the total amount.Temporary workers sourced directly (without the use of a staffing firm) posted the next-largest percentage of revenue at nearly USD 1.05 trillion in 2021, or 20% of the total.Temporary workers assigned through staffing firms totalled USD 528.0 billion, for 10% of the global estimate.Rounding out the list were temporary workers using talent and work services platforms with …
- France – Mare Nostrum H1 revenue rises 11%, Q3 outlook bullish
Mare Nostrum (ALMAR:PAR), a France-based staffing firm, published its report for the six months ended 30 June 2022 yesterday after markets closed.On July 2022, the group reported second quarter revenue of €40.5 million. H1 revenue totalled €84.6 million, an increase of 11.7% over the previous year. (€ millions) H1 2022 H1 2021 Change Revenue 84.6 75.7 11.7% Operating profit 0.5 0.5 – Net profit attributable to the Group -0.8 -0.9 – The growth in revenue and the diversification of the business portfolio enabled the group's gross margin to increase by €2.2 million, driven in particular by the ramp-up of the Training division.On 30 September 2022 the group announced the resignation of Frank Hueber from his position as Deputy Managing Director and Director of the Group.Nicolas C …
- Netherlands – Temporary workers’ hours slip 7% but turnover edges up slightly
The total amount of hours worked by temporary workers in the Netherlands decreased by 7% in the ninth period of 2022, which began on 15 August, compared to the same period last year, according to the Dutch Federation of Private Employment Agencies (ABU).Turnover increased by 1% when compared to the same period last year.ABU noted that the period had the same number of workable days as in the same period last year, no correction has been made.In the administrative sector, the number of hours decreased by 18% and turnover decreased by 6% compared to the same period last year.In the industrial sector, the number of hours remained the same and turnover increased by 9% compared to the same period last year.In the technical sector, the number of hours decreased by 13% and turnover decreased by 3 …
- UK – Linear Recruitment becomes employee-owned
Linear Recruitment, a UK-based recruitment firm, announced that the current owners of the company have just completed a deal to move its ownership into an Employee Ownership Trust.The company specialises in jobs in the construction, rail, power, highways and infrastructure industries, on a temporary and permanent basis.Linear stated that it wanted to reward its ‘loyal and hardworking employees’ and the move to an Employee Ownership Trust gives the company stability moving forward with ‘ownership succession that preserves the business and its culture’. Furthermore, Linear added that this gives its employees ‘a voice on the board enabling a clear and collaborative way of working’.“We started off in 2001 with a simple, honest and direct approach to recruitment, and a people-first ethos and th …
- Europe – Euro area and EU unemployment rates show improvement in August
The euro area seasonally-adjusted unemployment rate stood at 6.6% in August 2022, down from 7.5% in August 2021. At the same time, the EU unemployment rate was 6.0% in August 2022, down from 6.8% in August 2021, according to data published by Eurostat, the statistical office of the European Union.The euro area seasonally adjusted unemployment rate was stable compared with July 2022. The EU unemployment rate was also stable when compared to the previous month.Eurostat estimates that 12.92 million men and women in the EU, of whom 10.96 million in the euro area, were unemployed in August 2022. Compared with July 2022, the number of persons unemployed decreased by 52,000 in the EU and by 30,000 in the euro area. Compared with August 2021, unemployment decreased by 1.682 million in the EU and b …
- Japan – S-Pool revenue edges up 11% with profits on the rise
S-Pool Inc. (2471:TYO), a Tokyo-based staffing provider, reported revenue rose 11.0% in the first nine months of its fiscal year, which ended 31 August 2022. Net income was up 14.0%. (JPY millions) 9 months 2022 9 months 2021 % change 9 months 2022 (USD millions) Revenue 20,019 18,031 11.0% 138.3 Gross profit 6,470 5,280 22.5% 44.7 Gross margin 32.3% 29.3% – – Operating Income 2,274 1,932 17.7% 15.7 Net income 1,444 1,267 14.0% 9.9 The group said that while sales in the human resources outsourcing service have been on an upward trend for a long time, the slowdown in the recovery of the sales support business combined with the reduction in spot projects in the sales centre business ‘put the brakes on expansion.’Looking ahead the company forecasted revenue of JP …
- Japan – Career Bank revenue slips 2.5% as impact of pandemic continues to weigh in
Japanese staffing firm Career Bank (4834: JP) reported revenue today for the first quarter ended 31 August 2022 of JPY 1.69 billion (USD 11.7 million), a decrease of 2.5% compared to last year. (JPY millions) 9 months 2022 9 months 2021 Change 9 months 2022 (USD millions) Revenue 1,691 1,735 -2.5% 11.7 Gross Profit 362 351 3.1% 2.5 Gross Margin 20.2% 20.2% – – Operating Profit 24 63 -61.3% 0.1 Net Income 31 58 -46.5% 0.2 The group said the Covid-19 pandemic continued to have an impact on its results. Career Bank reported a decrease in revenue for its temporary staffing business and recruitment business.In the job support business, revenue and profit exceeded the results for the same period of the previous fiscal year due to an increase in the outsourced business.In the BPO business, …
- India – Info Edge acquires majority stake in Coding Ninjas
Indian job board Info Edge announced that its Board of Directors have approved a further investment into Coding Ninjas, an online learning platform in India owned by Sunrise Mentors Private.Info Edge is investing INR 1.35 billion (USD 16.6 million) in Coding Ninjas. The investment takes Info Edge’s stake from 26% to 51% and makes Coding Ninjas a subsidiary of Info Edge.The Investment is subject to fulfilment of certain customary conditions precedent and other terms and conditions agreed under the relevant agreements. Info Edge added that this investment would help the company to explore and maximise business synergies between the two platforms, Naukri and CodingNinjas.According to Info Edge, there is also an option to increase its stake in CodingNinjas in the future subject to fulfilment o …
- New Zealand – Thousands of university staff to stage half-day strike as pay negotiations stall (Stuff.co.nz)
Thousands of staff across New Zealand’s eight universities will stage a half-day strike this Thursday as part of strike action over failed pay increase negotiations, reports Stuff.co.nz. An estimated 7,000 academics, researchers and general staff from Auckland, Auckland University of Technology (AUT), Canterbury, Lincoln, Massey, Otago, Victoria and Waikato universities will take part in the strike action. It does not include polytechs. This marks 20 years since the first and only time all universities have held strikes in unison and comes just weeks out from the end of term and students’ exams.Tertiary Education Union (TEU) members say they are angry and worried about the future of the sector, with the union calling for an 8% payrise for its members amid concerns of a widening gap between …
- Singapore – HRnetGroup to acquire majority stake in fintech startup Octomate
HRnetGroup Ltd. (HRNET:SP), a Singapore-based recruitment firm announced that HRnetGroup has entered into a sale and purchase agreement to acquire a 49% stake in fintech startup Octomate Pte Ltd from an independent seller.The acquisition is expected to complete on or about 10 October 2022, when HRnetGroup will also separately acquire an additional 2% of Octomate from its CEO and Co-Founder Zoey Tong, bringing the total interest of HRnetGroup in Octomate to a majority stake of 51%.The total consideration for the acquisition is SGD 676,530.61, to be satisfied by way of a cash payment of SGD 650,000 (USD 452,819) to the independent seller. The consideration to be paid to Tong will be announced when the sale and purchase agreement with Tong is entered into.Founded in 2019, Octomate is a cloud- …
Latest Research
- The Talent Platform Landscape
Platform-related work is an expanding group of digital marketplaces that facilitate direct, digitally-enabled contingent work arrangements, from sourcing through to payment. They comprise both talent platforms (which enable a direct legal relationship between a manager and freelancer, primarily B2B) and work services platforms (which organize and manage the delivery of services performed by workers, primarily B2C). These platforms processed more than $449 billion of spend worldwide in 2021. B2C platforms, such as Uber, Lyft and DoorDash, accounted for most of the spend, generating $434 billion, by our estimates, with B2B platforms producing $13.8 billion in spend. If we were to include temporary staffing platforms, the B2B figure nearly doubles to $26 billion. The worldwide market for …
- SIA | Bullhorn Staffing Indicator – September 30, 2022
Staffing hours edging up year-on-year, driven by Professional Staffing Week ending Sep 24, 2022 Indexed Value Y/Y W/W US Staffing 105 1% 3.4% Commercial Staffing 91 0% 3.6% Professional Staffing 137 3% 3.0% IntroductionReleased weekly, the SIA | Bullhorn Staffing Indicator comprises two sets of analyses; a Year-over-Year comparison showing how the most recent week compares to the same week 12 months previously and an indexed value that has been benchmarked against data from the week ending January 19th, 2019.Year-over-year changes for the week ending September 24thTemporary staffing hours worked last week (the week ending September 24th) were up 1% compared to the corresponding week a year ago, according to the Indicator.Temporary staffing hours completed in commercial occupations (industr …
- Online Job Advertising: 2022 Market Update
The global online job advertising market increased revenue by 36% in 2021 to $31.4 billion Revenue growth rates in 2021 varied by business model, and the surprise standout performance was by the online classifieds segment Notably, the traditional job board model has continued to lose ground compared to more nimble competitors, achieving 14% revenue growth overall in 2021 While both market leaders achieved very strong revenue growth in 2001, Recruit’s powerful brands (Indeed, Glassdoor and SimplyHired to name a few) outpaced LinkedIn to make them market leader with revenue of $7.8 billion. The market is quite consolidated with the two largest firms having a combined market share that represents almost half of the market while the combined top ten represents 64% of the global market. Outside …
- The Global Gig Economy – 2022 Edition
Introduction SIA estimates the global gig economy was worth over 5 trillion in 2021. Within the broad definition of the gig economy, we group the contingent workforce market into five categories. Temporary workers assigned through a staffing agency. Temporary workers sourced directly (no staffing agency). Self-employed with no employees (independent contractors). Statement of Work (SOW) consultants employed by consulting firms. Temporary workers via talent and work services platforms. In this insight, we present a global estimate derived from 18 countries representing approximately 90% of global contingent spend. You should read this research report in conjunction with our US Gig Economy –2022 report. To download the full report, please click below: The Global Gig Economy 20220923 – You do …
- The US Gig Economy – 2022 Edition
Executive Summary SIA estimates that, in 2021, there were 33 million contingent workers in the US, representing just under 22% of all workers, generating $1.7 trillion in revenue, approximately $1.2 trillion billion from organizations (B2B; the more relevant portion for our readership) and $550 billion from individual consumers (B2C). By our definition, a contingent worker is anyone earning money by performing work with a limited tenure from the client’s perspective, whether a summer intern or an outside consultant brought in for a project. SIA treats the gig economy as synonymous with contingent work, as we see no reason to limit the concept of a “gig” solely to transactions mediated online. In this report, we group the contingent workforce into five categories: temporary workers assigned …
- The Talent Platform Landscape
Platform-related work is an expanding group of digital marketplaces that facilitate direct, digitally-enabled contingent work arrangements, from sourcing through to payment. They comprise both talent platforms (which enable a direct legal relationship between a manager and freelancer, primarily B2B) and work services platforms (which organize and manage the delivery of services performed by workers, primarily B2C). These platforms processed more than $449 billion of spend worldwide in 2021. B2C platforms, such as Uber, Lyft and DoorDash, accounted for most of the spend, generating $434 billion, by our estimates, with B2B platforms producing $13.8 billion in spend. If we were to include temporary staffing platforms, the B2B figure nearly doubles to $26 billion. The worldwide market for …
- Online Job Advertising: 2022 Market Update
The global online job advertising market increased revenue by 36% in 2021 to $31.4 billion Revenue growth rates in 2021 varied by business model, and the surprise standout performance was by the online classifieds segment Notably, the traditional job board model has continued to lose ground compared to more nimble competitors, achieving 14% revenue growth overall in 2021 While both market leaders achieved very strong revenue growth in 2001, Recruit’s powerful brands (Indeed, Glassdoor and SimplyHired to name a few) outpaced LinkedIn to make them market leader with revenue of $7.8 billion. The market is quite consolidated with the two largest firms having a combined market share that represents almost half of the market while the combined top ten represents 64% of the global market. Outside …
- Europe Remote Work Trends: Temporary Workers And Internal Staff
Key Findings: Trend in temporary workers working remotely. European staffing firms reported a median 10% of their placed temporary workers were working remotely in 2022. That share is projected to rise to a median 20% in the next five years. Trend in internal staff working remotely. A median 23% of internal staff were reported to be working remotely in 2022. That share is projected to remain at roughly the same level over the next five years. Remote work an overall slight boon for staffing firms. Twenty-one percent of firms said the overall effect of remote work by temps was favorable, 70% said the effect was neutral, and just 9% said it was negative. Likewise, twenty-four percent of firms said the overall effect of remote work by internal staff was favorable, 60% said the e …
- UK Remote Work Trends: Temporary Workers And Internal Staff
Key Findings: Trend in temporary workers working remotely. UK staffing firms reported a median 30% of their placed temporary workers were working remotely in 2022. That share is projected to rise just slightly to a median 35% in the next five years. Trend in internal staff working remotely. A median 38% of internal staff were reported to be working remotely in 2022. That share is projected to rise to a median 48% in the next five years. Remote work an overall boon for staffing firms. Thirty-five percent of staffing firms said the overall effect of remote work by temporary workers was favorable, 65% said the overall effect was neutral, and none said the overall effect was negative. Likewise, fifty-five percent of staffing firms said the overall effect of remote work by internal staff w …
- The Global Gig Economy – 2022 Edition
Introduction SIA estimates the global gig economy was worth over 5 trillion in 2021. Within the broad definition of the gig economy, we group the contingent workforce market into five categories. Temporary workers assigned through a staffing agency. Temporary workers sourced directly (no staffing agency). Self-employed with no employees (independent contractors). Statement of Work (SOW) consultants employed by consulting firms. Temporary workers via talent and work services platforms. In this insight, we present a global estimate derived from 18 countries representing approximately 90% of global contingent spend. If your SIA membership covers the Americas region, you should read this research report in conjunction with our US Gig Economy –2022 report. To download the full report, please cl …
- The Talent Platform Landscape
Platform-related work is an expanding group of digital marketplaces that facilitate direct, digitally-enabled contingent work arrangements, from sourcing through to payment. They comprise both talent platforms (which enable a direct legal relationship between a manager and freelancer, primarily B2B) and work services platforms (which organize and manage the delivery of services performed by workers, primarily B2C). These platforms processed more than $449 billion of spend worldwide in 2021. B2C platforms, such as Uber, Lyft and DoorDash, accounted for most of the spend, generating $434 billion, by our estimates, with B2B platforms producing $13.8 billion in spend. If we were to include temporary staffing platforms, the B2B figure nearly doubles to $26 billion. The worldwide market for …
- Online Job Advertising: 2022 Market Update
The global online job advertising market increased revenue by 36% in 2021 to $31.4 billion Revenue growth rates in 2021 varied by business model, and the surprise standout performance was by the online classifieds segment Notably, the traditional job board model has continued to lose ground compared to more nimble competitors, achieving 14% revenue growth overall in 2021 While both market leaders achieved very strong revenue growth in 2001, Recruit’s powerful brands (Indeed, Glassdoor and SimplyHired to name a few) outpaced LinkedIn to make them market leader with revenue of $7.8 billion. The market is quite consolidated with the two largest firms having a combined market share that represents almost half of the market while the combined top ten represents 64% of the global market. Outside …
- Largest Staffing Firms in Japan and Market Overview 2022
We estimate that the Japanese staffing market was worth JPY 10 trillion (USD 90.8 billion) in 2021 and increased by 11% when compared with 2020. According to 2021 revenue, Japan is the second-largest staffing market in the world after the US but with a higher penetration rate. Like the US, the Japanese staffing market is quite fragmented when compared to most other major staffing markets. We estimate that the top 50 largest Japanese staffing firms had a 38% share of total market revenue in 2021. Recruit is the market leader with a share of 8%, followed by Persol Holdings (6%) and, in third place, Outsourcing with 3% of the market. We have ranked companies by 2021 revenue, according to industry custom, but this should not be taken to imply that a firm with a higher rank provides …
- The Global Gig Economy – 2022 Edition
Introduction SIA estimates the global gig economy was worth over 5 trillion in 2021. Within the broad definition of the gig economy, we group the contingent workforce market into five categories. Temporary workers assigned through a staffing agency. Temporary workers sourced directly (no staffing agency). Self-employed with no employees (independent contractors). Statement of Work (SOW) consultants employed by consulting firms. Temporary workers via talent and work services platforms. In this insight, we present a global estimate derived from 18 countries representing approximately 90% of global contingent spend. If your SIA membership covers the Americas region, you should read this research report in conjunction with our US Gig Economy –2022 report. To download the full report, please cl …
- Asia Pacific Legal Update Q3 2022
In this report, we round up the legal developments affecting the workforce solutions ecosystem across the Asia Pacific region in Q3 2022:Australia Court considers the meaning of employment agent for payroll tax Queensland proposals for gig worker protections Cambodia Implementation of national pension scheme from October 1, 2022 China Trend as authorities crack down on false employment through staffing firms India Government portal open for one-stop contract labour registration and licensing …
