Dive Brief:
- International staffing firm Randstad is reporting a 9% gain in revenues for the third-quarter of 2016, CNBC reports. Earnings represent gains of $294 million for 3 months until the end of September.
- Last year, Randstaf's earnings during Q3 were $249 million. Permanent placement fees were also up by 7% in 2016. CEO Jacques van den Broek said that there has been a steady growth of between 4 to 5% in 2016.
- Meanwhile, the firm's purchase of recruiting site Monster is still on the table, even with the slight delay caused by MediaNews Group, the largest shareholder of Monster stock, which has been trying to block the deal.
Dive Insight:
The temporary staffing industry remains strong, as indicated by Randstad's above-average earnings this quarter. These numbers have put them in a good position to offer $429 million to buy job board Monster.
Randstad is in a unique position, having branches all over the world. It can take advantage of fluctuations in the British Pound during Brexit, and the firm's U.S. base should have access to more talent searching for new career opportunities at the end of the year.
What can we learn from this? Keep an eye on international staffing firms as they align with smaller firms in the coming year. The growth of new job board technology should give this industry even more support.
