Recruitment company Robert Walters reports significant profit losses, with earnings plummeting from £20.8 million to £500,000 in a challenging job market. CEO Toby Fowlston indicates that recovery may not occur until late 2025, leading to workforce reductions by 700 roles, reflecting a 17% cut. Rival firm PageGroup also cites decreased earnings and has trimmed 500 jobs. Both companies are responding to tough trading conditions marked by low client confidence and extended hiring processes, especially in European markets, amid ongoing macroeconomic uncertainty.
The conversion of interviews to accepted offers remains the most significant area of challenge as ongoing macro-economic uncertainty continues to impact candidate and client confidence, which extends the time-to-hire.
Market conditions remained challenging across all regions in 2024, with worsening sentiment and reduced confidence in Europe during the second half of the year.
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