"Hays has unveiled deep workforce cuts as it intensifies cost-saving efforts amid a prolonged downturn in the global jobs market, reducing consultancy headcount by 14%."
"The firm said its consultancy workforce is now 'appropriate for current market conditions' and is expected to remain broadly stable in the near term."
"Despite the downturn, investors reacted positively, with Hays shares rising 7% after the update, as the decline in fees was less severe than the 10% fall recorded in the previous quarter."
"Mark Dearnley, interim chief executive of Hays, said: 'We remain mindful of heightened global macro-economic uncertainty and the impact this could have on the wider economy.'"
Hays has reduced its consultancy headcount by 14% and non-consultancy staff by 7% to save £45 million annually by 2028-29. The company aims to deliver £30 million in savings this financial year, with £15 million achieved in the third quarter. Consultant numbers fell by 16% in the UK and Ireland, and fees dropped by 10%. Despite the downturn, Hays shares rose 7% as fee declines were less severe than previously. The company plans to continue reducing costs to prepare for a challenging labor market.
Read at London Business News | Londonlovesbusiness.com
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