(Reuters) -PageGroup Plc, a global recruiter with headquarters in London, said on Wednesday that its quarterly gross profit went up by almost 26%. This was because there was more competition for candidates and hiring took less time because of video interviews.
Even though the job market is tight and there is a fierce war for talent, people are moving jobs and employers are looking for new ways to let people work from home.
PageGroup’s second-quarter gross profit increased by 25.5 percent to 280.9 million pounds ($334.21 million) as a result of this and the fact that people were waiting to hire following the COVID-19 pandemic.
Half of the growth came from June, when the company made 100 million pounds in profit.
Steve Ingham, the CEO of PageGroup, said that the company “continues to benefit from favorable trading conditions,” such as rising wages and higher fees because there aren’t enough candidates.
He also said that the time it took to hire people had been cut, which was made possible by “video interviews and investments in new systems.”
Still, businesses all over the world are preparing for a slower second half of the year to protect themselves from the effects of macroeconomic pressures and Russia’s invasion of Ukraine.
Some tech companies, whose stock prices are falling, are planning to cut costs and stop hiring for a while.
PageGroup, which is based in Weybridge, England, thinks that its full-year operating profit will be around 205 million pounds, which is what the company has decided is most likely.
The company’s stock dropped 3%.
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