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Jobs market stable after sharp drop post-Brexit vote, says recruiter Hays

Published 18/10/2016

Hays revealed a sharp drop in hiring across London and the wider UK
Hays revealed a sharp drop in hiring across London and the wider UK

Recruitment giant Hays has revealed a sharp drop in hiring across the UK and London after the Brexit vote, but said Britain's jobs market had now "stabilised".

The group said net fees fell 10% across the UK in the third quarter, with the biggest impact felt in London, where fees tumbled by 17%.

It said the fall came as "continued concerns about the economic outlook impacted client and candidate confidence".

Permanent recruitment fees fell 10%, while its temporary recruitment business was down by 11% in the three months to the end of September.

The UK and Ireland accounts for 27% of group-wide revenues at Hays.

Alistair Cox, chief executive of Hays, said : "F ollowing a step-down in p erm recruitment activity immediately after the referendum, the business stabilised, and followed the normal seasonal pattern through the remainder of the quarter."

He added: "In the UK we have a strong, market-leading and diverse business, led by a world-class management team who are highly experienced in managing through fast-changing and uncertain times."

Net fees rose 3% on a like-for-like basis across the group, with the UK hit offset by a better performance across Asia Pacific and its Continental Europe and rest of world division, where fees lifted 5% and 13% respectively.

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