Hays Director Sees Further Fallout From UK Public Sector Cuts
July 08 2010 - 3:00AM
Dow Jones News
U.K. recruiter Hays PLC (HAS.LN) expects a further fallout from
spending cuts in the U.K. public sector, and is waiting for the
government to announce how many jobs will go in its Autumn spending
review.
Finance Director Paul Venables said on a conference call it
won't be easy to transfer public sector employees into the private
sector, as they lack a natural skill set and the working pace is
too fast in the private sector.
"It's not an easy transfer so it will take a couple of years,"
he said.
The company saw a fallout in the public sector about 15 months
ago, when authorities made a decision not to replace people who
left and those who had secure positions wouldn't move jobs, but
Venables said this accelerated three months ago.
Hays benefits from people changing jobs but doesn't expect to
find masses of new clients once public sector jobs are cut.
However, Venables said the private sector in the U.K. is
recovering and Hays' international divisions are performing
strongly. Hays plans to expand its U.S. business through a
pharmaceutical subsidiary, and to enter Mexico this year.
-By Anita Likus, Dow Jones Newswires; +44 20 7842 9407;
anita.likus@dowjones.com
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