The Labor Market’s So Wobbly Even Head Hunters Can’t Forecast Recovery
- Employers increasingly unwilling to pay for job listings
- Uncertainty sees recruitment companies withhold guidance
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Recruitment companies are abandoning annual earnings forecasts, squeezed by a softening labor market in which employers are paying for fewer job listings.
ZipRecruiter Inc. withdrew its annual guidance citing “atypical hiring patterns” in the first half after cutting 20% of its staff in May. Recruit Holdings Co., the owner of Indeed and Glassdoor, warned it was “not sure yet” when growth would return despite expecting $500 million of annual cost savings after chopping about 2,400 jobs, including about 15% of Indeed’s workforce.