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Swiss temp agency Adecco sees ‘challenging’ Q3 as growth slows

Slowing demand for casual workers in Europe crimped revenue growth at the world's biggest temporary staffing agency Adecco, the Swiss firm said on Tuesday.

Swiss temp agency Adecco sees 'challenging' Q3 as growth slows
France was a bright spot for the firm in quarter 3, Adecco said. File photo: AFP

But net profits more than doubled in the three months through September, compared with a year earlier, to €270 million ($310 million), bolstered by the sale of its remaining stake in management services provider Beeline. 

The company, which saw revenues climb 2 percent on a year earlier to €5.9 billion, said outperformance in its largest market France had partly helped cushion the effects of softer demand elsewhere in Europe in the quarter.    

“As we communicated during our September investor seminar, trading in (the third quarter) was challenging, with growth slowing in a number of European markets. Against this backdrop, overall the Group delivered a solid performance,” said the firm's chief executive Alain Dehaze.

The performance of temporary employment agencies can show trends in demand in other sectors as they seek additional staff to meet orders.

Revenues in France grew 5 percent to 1.5 billion, slowing from 8 percent in the previous quarter, with the firm saying manufacturing and automotive demand helped drive its performance in the quarter.

Combined revenues for the German and Austrian markets fell 6 percent in the quarter, with a constriction in the automotive sector, regulation changes and consolidation in its operations, the firm said. 

Net profits were supported by the one off sale of Adecco's remaining 43 percent ownership interest in Beeline, which completed in August and netted €113 million. 

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WORKING IN SWITZERLAND

Which countries does Switzerland have working holiday visa agreements with?

Switzerland has made reciprocal agreements regarding working holiday visas with several countries. Here's what you need to know.

Which countries does Switzerland have working holiday visa agreements with?

Over the past few decades, countries around the globe have rolled out ‘working holiday visa’ agreements.

These visa schemes, largely targeted at young people, allow people to work and live in a particular country, usually for a set period of time and pursuant to certain conditions.

In recent years, Switzerland has expanded its own form of a ‘working holiday visa’, although there are some important differences to be aware of.

Unlike some of the better known schemes like those in place in Australia, applicants are discouraged from moving around and are generally required to stay with the one employer for the duration.

The goal of the visa scheme is to allow applicants to “expand their occupational and linguistic skills in Switzerland”.

The visa scheme runs for 18 months and cannot be extended.

Which countries does Switzerland have working holiday visa agreements with?

The agreements are made between countries, meaning your fate will depend on whether your government has at some point struck a deal with Switzerland.

EXPLAINED: What’s the difference between permanent residence and Swiss citizenship?

If you are from the European Union or an EFTA country (Iceland, Liechtenstein, Norway and Switzerland), then you will be able to live and work in Switzerland as is – and will not need to go through this process.

If you come from outside the EU, you will only be able to apply for this visa if you are a citizen of the following countries:

Australia, Argentina, Canada, Chile, Indonesia, Japan, Monaco, New Zealand, the Philippines, Russia, South Africa, Tunisia, Ukraine and the United States.

What does ‘reciprocal’ mean in this context? 

Where these agreements have been struck, they have entitled citizens of both countries to certain rights and permissions in the other country. 

However, while these arrangements might be reciprocal, they are not identical. 

For instance, while citizens of Australia can enter Switzerland and work, the rules for Swiss citizens in Australia are significantly different. 

Therefore, if considering each program, be sure to study all of the relevant details as these will change from country to country and from agreement to agreement. 

More information is available at the following link. 

EXPLAINED: How to get a working holiday visa in Switzerland

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