Monster (MWW) Leads the Downturn
Stifel Nicolaus analyst James Janesky deconstructed the recent crash in staffing stocks in this Dow Jones Newswire article. The article outlines exactly what I’ve been seeing across a broad spectrum of staffing companies, that the uptick which we saw at the start of the second quarter (that would be April) has fizzled out. We’ve reached what Janesky calls "stabilization at depressed levels."
Janesky advises to hold off on buying staffing stocks.
"You generally want to own staffing firms six months ahead of true stabilization or growth in the employment levels," he said. "To own them now seems premature."
I see more to the current stock price downturn than the bad economy. Just as with print media and other industries, public staffing companies can’t change their DNA fast enough to keep up with changing times.
Dutch Staffing Market Drops 28%
It’s not just the USA staffing market that is down. The Dutch market, according to this article, is down a whopping 28% in billable hours.
How to Achieve OFCCP Compliance
At TempWorks, we’re getting calls from staffing companies concerned about OFCCP compliance, a requirement for landing federal contracts - something our clients are very good at.
OFCCP is the department of the ESA in charge of auditing for discriminatory hiring practices, and their website lays out what you need to do to stay in compliance.
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