The global employment market is facing its longest downturn in over two decades, as noted by Dirk Hahn, CEO of Hays. Current macroeconomic uncertainty is discouraging both employers and potential hires. Hays reported a 15% decline in net fees and a 67% drop in pre-tax profits, signaling a concerning trend especially in Europe. Despite the UK labor market being relatively stable with few mass layoffs, there is a noticeable reluctance among companies to expand their workforce. Recruitment markets that were expected to recover sooner are now being pushed back for an upturn.
The ongoing macroeconomic uncertainty is keeping both employers and prospective hires on the sidelines, resulting in the longest downturn in the global employment market in over 20 years.
Hays reported a 15% slip in net fees and a 67% drop in pre-tax profits, indicating severe pressure in key European markets.
Despite the challenges, the UK's labour market shows resilience with few mass redundancies; however, companies show little appetite for new hires.
Recruitment groups expected an earlier rebound, but the recovery continues to be pushed back, with an upturn now not anticipated until later.
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