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Recruit Holdings reports mixed financial results

Recruit Holdings Co. Ltd. has announced its financial results for the fiscal fourth quarter ending March 31, reporting a 2.7% increase in revenue year over year in constant currency, amounting to ¥827.7 billion (US$6.24 billion). However, the Tokyo-based global staffing firm experienced a decline in its HR technology segment, including job websites Indeed and Glassdoor, with a 6.7% decrease in revenue when measured in US dollars.

The decline in the HR technology segment continued into April, as revenue fell by 12% year over year on a US dollar basis during the month.

Regarding job openings in the United States, Recruit reported a 13% decline year over year in the fourth quarter on Indeed, while paid job ads were down approximately 30%. However, there was an increase in job seeker traffic.

Focusing on US revenue specifically for the HR technology segment, there was a 10.1% decrease in the fourth quarter when measured in US dollars. On the other hand, revenue outside the US rose by 2.4%.

In the staffing business, Recruit noted that Japanese staffing revenue increased, while revenue in other regions experienced a decline.

The revenue for the “Europe, US, and Australia” segment actually rose by 6.0% year over year, amounting to ¥205.1 billion (US$1.55 billion). However, when measured on a constant currency basis, revenue in this segment decreased by 3.3%. The company attributed this decrease to the uncertain economic outlook, which has led to slower growth.

Recruit’s staffing brands, such as Staffmark Group and The CSI Cos. Inc. in the US, Chandler Macleod Group Ltd in Australia, and RGF Staffing in Europe, are included in its operations.

In its Japanese staffing operations, Recruit reported a significant increase in revenue, rising by 14.0% year over year to ¥178.4 billion (US$1.35 billion).

The matching and solutions operating unit of Recruit witnessed a 12.6% increase in revenue during the fourth quarter. Within this segment, revenue in the HR solutions portion rose by 11.6%. Other areas covered by this segment include non-staffing publishing operations. The HR solutions offered by Recruit include online job matching services like Rikunabi in Japan, specifically designed for new graduates.

Looking ahead, Recruit has provided guidance for the first quarter, expecting revenue to decrease between 1.6% and 5.1% year over year. The company anticipates a contraction in the size of its HR matching market due to the deteriorating economic environment in the US and Europe. However, full-year guidance is not being provided at this time due to the challenge of predicting the extent of market contraction.

For the first quarter, revenue in the HR technology segment is expected to decline between 13.5% and 17.5% in US dollars. On the other hand, HR solutions revenue is projected to increase by 6% year over year.

Recruit foresees an 8% year-over-year decline in staffing revenue for the “Europe, US, and Australia” segment. Conversely, Japanese staffing revenue is expected to grow by 12% year over year.

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Cambridge comes out top for entry-level finance openings per capita 

UK financial services provider CMC Markets analysed data from major job search sites, Indeed and Linkedin, to reveal the UK cities outside of London with the least entry-level vacancies in finance roles. They have also collated cost of living data from Numbeo for these cities to complete the overall picture for decision-making. 

The data revealed, an average of 4,400 searches are made for finance jobs and other related terms in the UK monthly. However, finance graduates in some UK cities may face stiffer competition for entry-level roles in the sector.  

The worst UK cities for entry-level finance roles: 

  • Sheffield has the least entry-level finance opportunities relative to its population, with 0.15 jobs per 100,000 people.  
  • Liverpool, is the 2nd worst city to kickstart a career in finance with 0.23 jobs for every 100,000 people. 
  • Newport is the third worst city, with 0.32 entry level finance roles per 100,000 people. 
  • Swansea, ranks fourth, with 0.33 finance vacancies for every 100,000 people 
  • Cardiff has the fifth lowest entry-level finance jobs per capita, with 0.67 jobs per 100,000 people. 
  • Plymouth, has 0.76 jobs for every 100,000 people and ranks sixth on the list. 
  • Colchester has the seventh least entry-level finance jobs per capita with 0.82 jobs per 100,000 people. It is also the second most expensive city on the list, with the average monthly living costs for one person coming to £1,351.7. 
  • Bradford, is eighth on the list. 
  • Carlisle has the ninth least entry-level finance jobs per capita, with 1 job per 100,000 people.  
  • Bangor; it is also the most affordable city on the list, with average monthly costs of £997.10 for one person. 

 On the opposite end of the spectrum, Cambridge comes out top, with even more entry-level finance openings per capita than the UK’s finance capital, London (7.21 jobs per 100,000), – compared to Cambridge with 13.54 jobs per 100,000 people. However, it’s worth noting that Cambridge has a relatively high cost of living, with the average monthly cost of living for one person coming to £1,765.23, including rent for an apartment outside the city centre.  

 For more information please view:   

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Outside of the tech industry, women accounted for just 14% of executive roles

Recruitment experts have analysed the gender makeup of Chief Information Officers at FTSE 100 companies ahead of International Women’s Day on the 8th of March.

Key findings from the unique research include:

• Between 2018 – 2022, only 42 women held CIO positions compared to 138 men
• In 2022, there were only 10 more female CIOs than there were in 2018

As we approach Women’s Day, it’s noted that equality is no longer enough and can be exclusionary. Simply put, equality means each individual or group of people is given the same resources or opportunities, but this only works if everyone has a level playing field to begin with.

Whereas equity recognises that each person has different circumstances and allocates the specific resources and opportunities needed to reach the same outcome.

While there has been a bigger discourse around the gender disparity at leadership level in tech over the past few years, research carried out by Frank Recruitment Group shows that progress is slow, as last year, there were only 10 more female CIOs at FTSE 100 companies than there were in 2018.

The findings are consistent with other recent research into diversity and inclusion at FTSE 100 companies. Outside of tech executive positions, Ernst & Young reported that women accounted for just 14% of executive directorships last year. Even looking at management roles as Statista did in 2020, women made up less than 35%.

According to Revolent, it’s a similar story at Fortune 500 companies, where women hold just 19% of CIO roles and have a shorter average tenure.

This all begs the question, is the slow progress due to the tech industry’s failure to embrace equity in its efforts to achieve equality?

Find the full report, including some strategies for increasing female representation in senior roles and methodology, here:

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Year over year, job openings are down 6.9%.

According to seasonally adjusted data released by the US Bureau of Labor Statistics, the number of US job openings fell 3.3% in October to 10.3 million. Year over year, job openings are down 6.9%.

However, Reuters noted that job openings remained significantly high in October, which points to continued labor market resilience despite the Federal Reserve’s efforts to cool demand by aggressively raising interest rates and were in line with economists’ expectations.

Hires were down 1.4% in October from September and fell 6.9% year over year. The number of separations, which includes quits, layoffs and discharges, rose 0.3% month over month.

Quits, which are included in separations and are voluntarily initiated by employees, fell by a scant 0.8% in October compared to September. Layoffs and discharges, which come under involuntary separations, rose 4.4% in October from September.

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Hires and quits decrease

US job openings rose 4.3% in September from August, and they were up 0.4% year over year, according to data released today by the US Bureau of Labor Statistics. However, the number of hires fell and fewer people quit their jobs in September.

Julia Pollak, Chief Economist at ZipRecruiter said: “The JOLTS report says that job openings rose to 10.7 million, but other measures in the report suggest the labor market is cooling. Hires fell from 6.3 million to 6.1 million and quits from 4.2 million to 4.1 million.”

Hires were down 4.0% in September compared to August and were down 6.5% year over year.

The number of quits — which are included in separations and are voluntary on the part of employees — fell by 2.9% from the previous month and were down 4.5% year over year.

Layoffs and discharges fell as well by 10.9% from the previous month and by 5.5% year over year.

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The number of hires rose by 0.6% month over month

According to seasonally adjusted numbers released by the US Bureau of Labor Statistics, the number of job openings in the US fell by approximately 1.1 million, or 10.0%, in August from July. 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%.

Robert Frick, Corporate Economist at Navy Federal Credit Union said: “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. 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 of hires rose by 0.6% month over month, while the number of separations rose 3.1%.

BLS data showed that quits — which are included in separations and are voluntary on the part of employees — fell by 1.2% in August compared to July but were up 3.6% year over year. Layoffs and discharges (involuntary separations), however, rose 7.9% in August compared to July, with the number up 0.9% year over year.

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Manchester, Birmingham, and Leeds offer the most job opportunities outside London

Opportunities for new jobs are on the rise in Manchester, Birmingham, Leeds, and beyond, according to global recruitment specialists Michael Page. Their insights reveal that while London is still in first place during the first half of 2022, Manchester is the UK’s top job hotspot outside the capital, with more than twice the national average number of job opportunities.

New data has revealed that 83% of jobs are being advertised outside London, showing businesses are looking outside the capital to find talent. This means job seekers no longer need to move to London to find their dream job.

Aside from London, the UK’s top eight job hotspots, in order of total jobs advertised, during the first six months of this year, are:

  1. Manchester, job opportunities up 18% on H1 2021
  2. Birmingham, job opportunities up 27% on H1 2021
  3. Leeds, job opportunities up 24% on H1 2021
  4. Bristol, job opportunities up 24% on H1 2021
  5. Glasgow, job opportunities up 40% on H1 2021
  6. Edinburgh, job opportunities up 40% on H1 2021
  7. Cambridge, job opportunities up 39% on H1 2021
  8. Reading, job opportunities up 36% on H1 2021

Prior to the pandemic, there was growth in the job market in the North and Midlands, but the recent insights from Michael Page show that these regions now offer great opportunities for job seekers.

In Manchester, a thriving tech scene is fuelling the job market, with the city becoming known globally as one of the best places for tech jobs.

In Scotland, Glasgow and Edinburgh show the largest growth in job creation outside of London compared to 2021, increasing by 40%.

Doug Rode, UK MD at Michael Page, commented: “The UK’s job landscape is changing and there has been a notable increase in companies moving out of London due to cheaper rents and greater access to untapped talent pools, just look at the BBC and Channel 4 as key examples. The Government’s levelling up agenda has also seen many government departments partly relocate across the country, which has been a great driver of jobs to other cities, with many departments heading north to Manchester, Birmingham, Leeds and Sheffield.”

“Big companies moving into new regions naturally creates more local jobs and therefore there is more competition for the best talent. Now that people realise that they don’t have to move to London to fast track their careers, employers are also starting to view regional offices and hires as a long-term investment.”

“Booms in growing industries, such as tech, are creating thousands of jobs in cities across the country. The rise of hybrid and remote working has levelled the playing field and unlocked huge talent pools nationwide, which is great news for employers and workers alike. People no longer need to feel the pressure of having to move to London to get the job they want. The working world is changing. Candidates can afford to shop around for the best job, wherever that might be in the country.”

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London remains a hiring hotspot

The Recruitment & Employment Confederation (REC)’s latest Labour Market Tracker has revealed that in the last week of July, the number of active job adverts in the UK hit a new record high for this year at 1.85 million

The number of new job adverts posted each week has been relatively stable during late June and July, at between 180,000 and 200,000 per week. However, in the last week of July, 182,000 new postings were recorded. This is 22% below this year’s highest figure of 234,000 new postings recorded at the beginning of March.

The increase in active postings indicated that job adverts are being left open for longer as employers across the country still struggle to attract candidates for their vacancies. Clearly, despite labour shortages, rising inflation, and energy costs, there is no sign that the jobs market is shrinking.

In terms of the types of jobs advertised, there was an increase in adverts in the last week in July for:

  • actors and entertainers (+13.0%)
  • driving instructors (+12.4%)
  • dancers (+11.1%)
  • water and waste (+9.5%)

Probation officers saw the biggest weekly decline in active job adverts at -10.4%). The health and social care sector also showed notable decreases:

  • hospital porters (-8.3%)
  • childminders (-6.6%)
  • paramedics (-5.3%)

London saw an increase in job postings in the week of 25-31 July –  three of the top ten hiring hotspots in the capital city. The local area with the highest increase in job adverts was Newry, Mourne, and Down in Northern Ireland (+8.3%), followed by Haringey and Islington (+7.1%) and Chorley and West Lancashire (+7.0%).

At the bottom end of the scale, five out of the bottom ten local areas for growth in active job postings were in Scotland. Moray (-9.8%), Orkney Islands (-6.6%), and Highland (-5.1%) saw the biggest drops.

Kate Shoesmith, Deputy CEO of the REC, said: “This new data shows the continued strength of the jobs market, despite any wider economic uncertainty. The number of job adverts being posted each week is stable. It’s a great time to be looking for work as a jobseeker, as employers are having to think more about the pay, benefits, conditions and development opportunities they offer both new starters and current staff as they compete for talent.

“There is a danger that with costs soaring, employers will have to reprioritise – as there is still no viable support package for businesses to meet these rising costs. We know that employers’ confidence in the broader economy has started to drop. Government must play its role, both in supporting people and businesses through the current crisis, and also by working with industry to create a sustainable labour market. We need a long-term workforce strategy that encompasses skills, immigration and makes childcare and local transport part of the infrastructure of our labour market.”

John Gray, Vice President, UK Operations at Lightcast, said: “Whilst the economic headlines appear to be very gloomy at the moment, with the Bank of England forecasting inflation of more than 13% and a contraction in GDP until the end of 2023, this bleak picture does not appear to have dented employer hiring activity as yet. Not only have we just seen another 180,000 new job postings being placed in the last week of July, but the total number of active job postings is now at a record high of more than 1.8 million.

“This situation of a contracting economy, high inflation, yet employer hiring activity hitting record highs, is highly unusual. Whilst we are likely to see a slowdown in hiring activity, the big questions hovering over the labour market in the coming months are how significant this slowdown will be, and whether we will also start to see employers laying off staff. So far we are not seeing any signs of either, and the labour market remains surprisingly tight given the adverse economic circumstances we are hearing about.”

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But decreased in transportation and warehousing sectors

According to data released by the US Bureau of Labor Statistics, job openings and quits in the US reached record highs in March.

Job openings were up by 205,000 to 11.5 million, the highest since records began in December 2000 while job openings in March increased in a number of industries, led by increases of 155,000 in “retail trade” and 50,000 in “durable goods manufacturing.”

However, the opposite happened in certain industries with the number of job openings decreasing in transportation, warehousing, and utilities by 69,000; in state and local government education by 43,000; and in federal government by 20,000.

Separations rose by 239,000. However, the quits component of separations reached a record high of 4.5 million. Quits increased by 88,000 in “professional and business services” and by 69,000 in the construction sector, fuelling the Great Resignation debate even further.

Meanwhile, according to released stats, the figures for hires hardly changed at 6.7 million while those for total separations edged up to 6.3 million.

There is much churn in the US market but still a large number of job openings which indicates the talent shortages are far from over.

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