Adds details on tech sector, background
April 6 (Reuters) – Robert Walters Plc RWA.L said on Thursday recruitment in the technology industry was hit by lay-offs but forecast broader hiring conditions to bounce back when inflationary pressures start to decline.
A slew of major U.S.-based technology firms have started or are set for massive lay-offs, as companies look to rein in costs to ride out an economic downturn.
After an initial boost from staff shortages in the post-pandemic market, the global recruitment industry has been battling a slowdown as high inflation and macroeconomic uncertainties push companies to cut jobs or freeze hiring.
Robert Walters, which specialises in recruitment of staff in the legal, accountancy and tech sectors, said market fundamentals such as vacancy levels and salary inflation remained relatively robust.
Last month, Robert Walters said market uncertainty seen in the second half of last year had tipped over into early months of 2023.
The company, which operates in more than 30 countries, said net fee income rose 4% to 102.4 million pounds ($127.5 million) in the first quarter ended March 31, even as mainland China saw a 44% slump, hurt by continued impact from COVID-19 disruptions.
($1 = 0.8031 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Subhranshu Sahu)
((abyjose.koilparambil@thomsonreuters.com; +917483275231;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
