Latest news with #MorganMcKinley
RTÉ News
15-05-2025
- Business
- RTÉ News
Irish professional services firm Org Group buys Venturi
Cork headquartered Irish multinational professional services company Org Group has acquired technology recruiting business Venturi. Org Group employs over 3,000 people in 10 countries worldwide with subsidiaries including recruitment firm Morgan McKinley and business process managed services company Abtran. Venturi is headquartered in Manchester with offices in New York, the US and Germany. Venturi's founder, Brad Lamb, and the company's leadership team and staff will remain with the business within the Org Group after the deal. "Venturi has a leading presence in key technology sectors including technology consulting, fintech, and e-commerce with long established and high growth clients," said Seb O'Connell, Org Group's chief executive. "This strategic combination of our companies will add further value and scale to our offering and capabilities," Mr O'Connell said. Brad Lamb, Managing Director of Venturi, said the business is entering a new chapter of growth and innovation. "This partnership represents a powerful alignment of shared values and ambition where we will continue to deliver exceptional talent solutions to our clients worldwide," Mr Lamb said.
Observer
23-04-2025
- Business
- Observer
'Quiet redundancies' to scale back workforce
There is growing concern in the states of the European Union (EU) about the economy with companies being cautious in plans of recruitment and staffing levels. In Ireland – part of the EU – employers are resorting to 'quiet redundancies' to scale back their workforces as economic uncertainty has begun to hit hiring plans. The latest Morgan McKinley Ireland Quarterly Employment Monitor reveals a growing trend of 'stealth job cuts' as caution has crept in amid global turmoil following Donald Trump's tariff rhetoric and the potential impact of artificial intelligence (AI). It also reveals growing concerns about AI generated CVs as some job candidates fail to meet expectations. 'Quiet redundancies, or stealth job cuts are referring to discreet changes in workforce structures that aren't formally announced, which include non-renewal contracts, rescoping of roles or silent phasing out of certain positions,' said Trayc Keevans, an FDI director at Morgan McKinley. As well as the non-renewal of contracts, she said employers might merge roles without announcing it publicly, or decide against replacing workers who had left. Office workers take a lunch break outside the Bank of England, in London, Britain. — Reuters Supply-chain and procurement hiring dipped slightly in the first three months of the year. This was driven by the return of some operations to the US, according to the report. Keevans said some life-sciences employers were evaluating their supply-chain and procurement operations, and what would make sense in light of the tariff plans. 'While we can't definitely link all cautious hiring behaviour to the timing of the US tariff announcements, it's clear that many employers anticipated disruption and opted for a more measured approach to workforce planning with global supply-chain and procurement roles being the most visibly impacted areas,' she said. 'In addition to a decline in virtual supply-chain hub operations being established here, we are seeing some multi-national firms repatriate elements of their supply-chain functions to the US, leading to the displacement of senior professionals in Ireland. These individuals are now facing longer periods of unemployment than would typically have been the case in previous market cycles.' Keevans added: 'Despite having extensive experience many are finding it challenging to re-enter the workforce at the same level as companies remain cautious in their hiring strategies and prioritise transformation readiness over like-for-like replacements.' She said several factors were influencing this cautious hiring approach, including global economic uncertainty, regulatory changes and the adoption of AI-driven transformation. Despite the subtle shift in workforce strategy in relation to shedding staff, the report said that, overall, the professional jobs market had been holding firm in the face of economic headwinds. Professional job opportunities rose by 2pc in 2024 and by 7pc on the previous quarter. The number of professional job seekers rose by 16pc compared with the same quarter last year. However, this represented a 4pc drop compared with the final three months of 2024. The report noted that the national unemployment rate dropped to 3.9pc by the end of last month, down from 4.5pc at the close of last year. Keevans said the employment picture was increasingly complex – the data showed clear evidence of hiring confidence in sectors including technology, financial services and construction. 'The combination of global economic uncertainty , AI led transformation and anticipation around US tariffs suggests companies are shifting from reactive hiring to more cautious, long-term workforce planning', Keevans said. Many candidates were using AI to enhance or create CVs, but employers had raised concerns that they did not always accurately reflect the individuals encountered at interviews. 'Reports of mismatches between CV and candidate performance are becoming more common, placing pressure on screening processes and the assessment of authenticity,' Keevans said. Meanwhile, the recruitment firm reported that organisations were, 'adjusting' how they talk about diversity and inclusion. The report said multi-nationals had quietly pulled back on formal DEI budgets or job titles. (The writer is our foreign correspondent based in the UK)
Yahoo
14-04-2025
- Business
- Yahoo
UK bosses to slash hiring at fastest rate since Covid over tariff fears
Britain's biggest businesses are preparing to slash hiring and scale back investment plans to stave off the threat posed by Donald Trump's trade war. Plans are being drawn up for the deepest hiring cuts since 2020, according to Deloitte's quarterly survey of finance chiefs, which will see workers bear the brunt of aggressive savings. To cope with the impact of the US president's global tariffs, companies are set to water down planned pay rises to an average of 3pc, despite predicting that inflation will rise to 3.1pc over the course of next year. This presents the possibility of a renewed squeeze on households – as wages fail to keep pace with the cost of living. Two-thirds of executives said their priority will be to cut costs this year, according to the survey, which was carried out on the eve of Mr Trump's Liberation Day tariffs announcement on April 2. Only one in 10 said their aim is to invest more. It comes amid fears that Mr Trump's trade war is damaging confidence among UK businesses, as many fear the long-term impact of tariffs on growth and investment. Despite Mr Trump watering down his trade war last week, the UK is still subject to a baseline 10pc levy on all goods imported to the US. Amanda Tickel, head of tax and trade policy at Deloitte, said: 'Previous periods of uncertainty over future terms of trade have resulted in a prolonged squeeze on investment. 'This is still a rapidly evolving environment, and businesses will need to be proactive in mitigating the effects of tariffs. However, they will be unlikely to actually reconfigure their global supply chains or production until they see the results of negotiations or responses by other nations. 'Right now, businesses will be modelling the potential impacts, assessing whether their customs operations are prepared and ensuring they have as much flexibility as possible to source and supply.' Higher levels of tax have also climbed up bosses' lists of worries, as Rachel Reeves's increased employer National Insurance rates kicked in this month to pile more pressure on businesses. Mr Trump's trade war focuses on imported goods, but it is not only manufacturers that are suffering. Hiring in the financial services industry is also struggling, with Morgan McKinley's London Employment Monitor reporting a slump in job vacancies during the first three months of the year. 'The 11pc year-on-year decline in job availability points to underlying structural pressures within the industry,' said Mark Astbury, director at the recruitment firm. 'Persistent inflation, elevated interest rates and geopolitical tensions are fostering a conservative, risk-averse approach to hiring. 'Now that tariffs have been enacted, firms with international exposure are reassessing strategy and headcount plans, especially those tied to cross-border finance and trade.' These latest findings are the first real indicator of how Mr Trump's trade war will damage investment across Britain, with KPMG predicting last week that it could deliver a £22bn blow to the UK economy. The US president has in recent days sought to row back from some of his tariffs, including by introducing an exemption over the weekend for tech goods, such as smartphones and computers. However, Howard Lutnick, America's Commerce Secretary, said on Sunday that this reprieve could only last a month or two. His warning is likely to trigger yet more stock market turbulence this week, as tech companies such as Apple had surged amid hopes they would be spared the worst of Mr Trump's tariffs. While Mr Trump has suspended higher tariffs on most countries, he has targeted China with a 145pc levy. Beijing, which has hit back with 125pc tariffs of its own, urged Mr Trump on Sunday to abandon his trade war. 'We urge the US to take a big step to correct its mistakes, completely cancel the wrong practice of 'reciprocal tariffs' and return to the right path of mutual respect,' a commerce ministry spokesman said. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
Telegraph
14-04-2025
- Business
- Telegraph
UK bosses to slash hiring at fastest rate since Covid over tariff fears
Britain's biggest businesses are preparing to slash hiring and scale back investment plans to stave off the threat posed by Donald Trump's trade war. Plans are being drawn up for the deepest hiring cuts since 2020, according to Deloitte's quarterly survey of finance chiefs, which will see workers bear the brunt of aggressive savings. To cope with the impact of the US president's global tariffs, companies are set to water down planned pay rises to an average of 3pc, despite predicting that inflation will rise to 3.1pc over the course of next year. This presents the possibility of a renewed squeeze on households – as wages fail to keep pace with the cost of living. Two-thirds of executives said their priority will be to cut costs this year, according to the survey, which was carried out on the eve of Mr Trump's Liberation Day tariffs announcement on April 2. Only one in 10 said their aim is to invest more. Trade war damaging business confidence It comes amid fears that Mr Trump's trade war is damaging confidence among UK businesses, as many fear the long-term impact of tariffs on growth and investment. Despite Mr Trump watering down his trade war last week, the UK is still subject to a baseline 10pc levy on all goods imported to the US. Amanda Tickel, head of tax and trade policy at Deloitte, said: 'Previous periods of uncertainty over future terms of trade have resulted in a prolonged squeeze on investment. 'This is still a rapidly evolving environment, and businesses will need to be proactive in mitigating the effects of tariffs. However, they will be unlikely to actually reconfigure their global supply chains or production until they see the results of negotiations or responses by other nations. 'Right now, businesses will be modelling the potential impacts, assessing whether their customs operations are prepared and ensuring they have as much flexibility as possible to source and supply.' Higher levels of tax have also climbed up bosses' lists of worries, as Rachel Reeves's increased employer National Insurance rates kicked in this month to pile more pressure on businesses. Mr Trump's trade war focuses on imported goods, but it is not only manufacturers that are suffering. Hiring in the financial services industry is also struggling, with Morgan McKinley's London Employment Monitor reporting a slump in job vacancies during the first three months of the year. 'The 11pc year-on-year decline in job availability points to underlying structural pressures within the industry,' said Mark Astbury, director at the recruitment firm. 'Persistent inflation, elevated interest rates and geopolitical tensions are fostering a conservative, risk-averse approach to hiring. 'Now that tariffs have been enacted, firms with international exposure are reassessing strategy and headcount plans, especially those tied to cross-border finance and trade.' Britain to suffer £22bn hit These latest findings are the first real indicator of how Mr Trump's trade war will damage investment across Britain, with KPMG predicting last week that it could deliver a £22bn blow to the UK economy. The US president has in recent days sought to row back from some of his tariffs, including by introducing an exemption over the weekend for tech goods, such as smartphones and computers. However, Howard Lutnick, America's Commerce Secretary, said on Sunday that this reprieve could only last a month or two. His warning is likely to trigger yet more stock market turbulence this week, as tech companies such as Apple had surged amid hopes they would be spared the worst of Mr Trump's tariffs. While Mr Trump has suspended higher tariffs on most countries, he has targeted China with a 145pc levy. Beijing, which has hit back with 125pc tariffs of its own, urged Mr Trump on Sunday to abandon his trade war. 'We urge the US to take a big step to correct its mistakes, completely cancel the wrong practice of 'reciprocal tariffs' and return to the right path of mutual respect,' a commerce ministry spokesman said.
