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Hays reports a drop in gross profits as recruitment market slows down

Filed under: Cyber Security — Jonathan on January 18, 2012

The challenging economic environment has affected the recruitment market with fewer employers offering new vacancies and fewer candidates available. This is according to Hays, a large UK recruitment agency which has revealed a significant fall in revenues domestically as well as a drop in growth in international markets.

Hays has been a large player for many years offering positions in the accountancy, administration and IT sectors and recently announced that its gross profit grew by 8 percent in the last quarter which is a 7 percent drop when compared to the previous one.

Paul Venables, the recruitment agency’s finance director commented:

“Over the last two to three months the economy and markets have got more uncertain, the discussions we have with our clients on a daily basis are more cautious than they were two or three months ago and therefore we are going to run our business the same. We are in a different position than we were six months ago. Then both our client base and as an industry we were full steam ahead and now we are in a cautious position.”

The company’s market for permanent recruitment has suffered greatly by the recession as many people are reluctant to move jobs in a troubled economy. Other recruitment companies such as Robert Walters are also approaching 2012 cautiously.
However, there are some job sectors that remain steady. Cyber security jobs are still in high demand with well qualified candidates being snapped up to fill IT security vacancies. Although for many sectors it remains prudent to sit tight until the economy picks up, for those agencies specialising in information security recruitment the market remains optimistic.

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