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Ortoli | Rosenstadt: What Exactly Is a Seller Responsible for When Selling Its Staffing Firm?
Buyers of a business generally expect sellers to be responsible for certain liabilities relating to when the seller owned its business—a concept mergers and acquisitions professionals refer to as indemnification. Indemnification is one of the most heavily negotiated, and potentially most significant, provisions of a purchase agreement, and understanding the terminology common to such agreements is essential when negotiating a deal. Attorney Paul Pincus of Ortoli Rosenstadt LLP explains what sellers are liable for, how a seller’s liability may be limited, and how buyers may seek to fund potential indemnity claims.
Worker Pay Stagnates Amid Meager Productivity Gains
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Small Businesses Stopped Hiring Last Month: NFIB
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In the U.S., IT Skills Command a Premium From Hiring Employers
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RCM Technologies Inc. Announces Third-Quarter Results
Globe Newswire (11/05/15)
RCM Technologies Inc. reported revenues of $45.1 million for the third quarter of 2015, down 2.8% from $46.4 million for the third quarter of 2014. Net income totaled $1 million, down 47.4% from $1.9 million in last year’s third quarter.
More Than 50,000 Jobs Cut in October
Challenger, Gray & Christmas Inc. News Release (11/05/15)
U.S. employers announced plans to eliminate 50,504 workers from their payrolls in October, according to Challenger Gray, & Christmas Inc. More than one-quarter of those were oil-related job cuts, which climbed to a six-month high. October job cuts were 14% lower than the 58,877 cuts announced in September. They were down 1.3% from a year ago, when 51,183 October job cuts were recorded.
Employers have announced 543,935 job cuts so far in 2015, 31% more than the 414,591 cuts announced by this point in 2014.
ManpowerGroup Executive Chairman Receives the French Legion of Honor Award
PR Newswire (11/06/14)
Jeffrey A. Joerres, executive chairman of ManpowerGroup, yesterday accepted his award as Chevalier dans l´ordre de la Légion d´Honneur (Knight in the French National Order of the Legion of Honor) from Benedict Donnelly, president of the Hermione-La Fayette Association. The association is a symbol of the Franco-American friendship. The award, presented to Joerres by decree of the president of France, is the highest decoration granted by the French government.
The award acknowledges Joerres’ accomplishments in the field of employment as well as his personal commitment and contribution to the French economy. In bestowing the award, the French government focused on Joerres’ leadership expertise in the world of work and his pioneering achievements in designing and implementing innovative workforce solutions to connect candidates with meaningful work around the globe.
Welcome New ASA Members
The ASA board of directors and staff welcome the following new members, which joined during the week ending Nov. 1.
Applied Resource Group
Roswell, GA
Austin Nichols Technical Search
Kansas City, MO
Kay and Associates Inc.
Buffalo Grove, IL
KG Staffing Inc.
Dallas, TX
Motus Recruiting & Staffing Inc.
Tigard, OR
PMT Staffing
New Brighton, MN
Professional Recruiters Group
Sterling Heights, MI
Resource Management Systems Inc.
Greenwood Village, CO
TCA Business Services
Rancho Cucamonga, CA
BLS: Staffing Employment Up in October
Staffing firms created 24,500 new jobs in October, up 0.8% from September and 4.1% from October 2014, according to seasonally adjusted data released today by the U.S. Bureau of Labor Statistics. Year-to-year staffing job growth averaged 5.3% over the past 12 months.
Nonseasonally adjusted BLS data, which estimate the actual number of jobs in the economy, indicated that temporary help employment increased 2.2% from September to October. Year-to-year, there were 3.7% more staffing employees in October than in the same month last year.
“Staffing and recruiting firms are reporting increases in demand for direct hire permanent placement orders for talent across several sectors,” said Richard Wahlquist, president and chief executive officer of the American Staffing Association. “This is an encouraging sign that businesses believe that demand for their goods and services will continue to grow.”
Total U.S. nonfarm payroll employment rose by 271,000 jobs in October (seasonally adjusted), BLS reported. Incorporating revisions for August and September, the data show that monthly job gains averaged 187,000 over the past three months, significantly less than the average of 230,000 for the prior 12 months.
The unemployment rate ticked down slightly to 5.0% in October—down 0.1 percentage points from September and down 0.7 percentage points from a year ago.
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