Heidrick & Struggles Reports Fourth Quarter and 2012 Financial Results
Heidrick & Struggles International Inc. News Release
Heidrick & Struggles International Inc. on Feb. 26 announced financial results for the fourth quarter and 2012. Consolidated net revenue was $103.9 million in the fourth quarter, down 18.3% from $127.2 million in the 2011 fourth quarter. The company reported a net loss in the 2012 fourth quarter of $0.4 million, compared with a net loss of $4.1 million for the same period in 2011. Net revenue in the Americas declined $11.6 million or 16.7% year-over-year in the fourth quarter.
For all of 2012, consolidated net revenue of $443.8 million declined 15.9% (approximately 14% on a constant currency basis) from $527.8 million in 2011. Exchange rate fluctuations negatively impacted net revenue by $7.7 million. Net income for 2012 was $6.2 million, compared with a net loss in 2011 of $33.7 million. Net revenue decreased $32.1 million or 11.2% in the Americas region.
Jacobson and ejsSearch Merger Creates Leading International Insurance Search and Staffing Firm
The Jacobson Group—a U.S.-based staffing firm—and ejsSearch—a London-based insurance executive search firm—have announced a worldwide merger.
Barbara Schönhofer, chief executive of ejs, will join the Jacobson Group’s executive management team as senior vice president and chief executive officer, global executive search. The merged companies will operate under the Jacobson Group brand with Greg Jacobson and Richard L. Jacobson continuing to serve as its co-chief executive officers. The merger is expected to close during the second quarter of 2013.
Mass Layoffs—January 2013
U.S. Bureau of Labor Statistics
According to the U.S. Bureau of Labor Statistics, there were 1,328 mass layoff actions involving 134,026 workers in January, down by 181 mass layoffs from December. Of the 19 major industry sectors in the private economy, eight reported year-over-year increases in average weekly initial claims, with the manufacturing industry reporting the biggest increase and temporary help services recording the most initial claims due to mass layoffs. By region, the South had the most initial claims due to mass layoffs, and among states, California, North Carolina, Alabama, and New York were at the top of the list.
Austerity Kills Government Jobs as Cuts to Budgets Loom
New York Times
(02/27/13) Binyamin Appelbaum
Federal, state, and local governments have smaller work forces than they did just prior to the recession in 2007. Governments now employ 500,000 fewer people, and if the sequestration goes into effect as scheduled on March 1, government employment could shrink further. U.S. growth could also shrink by 1.5 percentage points this year. Tyler Cowen, an economist at George Mason University, says military contractors and personnel may find new jobs fairly easily, because unemployment rates are relatively low for well-educated employees.
Free ASAPro Webinar Tomorrow—Minimize Distractions at Your Firm
Teamwork and good communication are essential for a staffing firm to be able to recruit candidates, sell to prospects, and serve clients. Tomorrow, learn how to build a successful team and eliminate conflict during the ASAPro
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for ASA members and qualifies for continuing education hours toward ASA certification renewal. Register online at americanstaffing.net
ASA Staffing Law Conference—Secure Your Seat Today
The political balance of power in Washington did not shift as a result of November’s elections, but the regulatory and legislative environment for staffing firms is sure to change this year. What will federal departments’ enforcement agendas be? Where will Congress and state legislatures focus their efforts in the year ahead?
You can get expert advice on these questions and other legal issues that affect the staffing industry at the 2013 ASA Staffing Law Conference, May 7–8 in Washington, DC. It’s designed to benefit staffing company owners, executives, and managers; certified staffing professionals; human resource professionals; and staffing industry lawyers.
Note that this event is nearing capacity, so visit americanstaffing.net/lawconference
today for details and to register.