A tough hiring market in 2023 has continued into the early weeks of 2024, with both candidate and employer confidence remaining weak, British recruiters Robert Walters and PageGroup said on Thursday.
British employers advertised the fewest jobs in nearly three years in January, with numbers down 15 % from a year ago, according to figures from recruitment data firm Adzuna last month, adding to signs of a cooling labour market.
Robert Walters, which reported a 55 % drop in profit for 2023, said that while activity in the early weeks of 2024 remained "muted," there were "isolated pockets" of growth.
Meanwhile, PageGroup CEO Nicholas Kirk said in a statement that the company saw a slower end to 2023 due to macro uncertainty impacting candidate and client sentiment, which has continued into January and February.
However, "they are two of the smallest months of the year from a trading perspective," he said.
The comments echoed that of larger rival Adecco which said last week that 2024 had begun with a weaker hiring trend.
Hiring has been tough over the last year, with workers avoiding job changes and reluctant to accept offers amid broader economic woes.
Profits at PageGroup and Robert Walters were also hit by a slower recovery in China. PageGroup's annual profit fell nearly 40 % in 2023.
"Given momentum was improving in the second half of last year (in China), we would expect that to continue through to this year," Robert Walters CEO Toby Fowlston said on China in an interview to Reuters.
"Whilst COVID restrictions were eased, the recovery was slower than anticipated," PageGroup said of hiring in China.
Robert Walters' operating profit for the twelve months ended Dec. 31 fell 55 % to 26.3 million pounds, while PageGroup's operating profit was down nearly 40 % down from the previous year at 118.8 million pounds.
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