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TWST: Matt, please give us an overview of your coverage in this whole
human capital management space?
Mr. Litfin: Recruitment is a vast and fragmented industry. I focus my
coverage on interesting companies in defensible niches with
differentiated strategies. Examples include professional staffing
companies such as Robert Half International (RHI) and Hudson Highland
Group (HHGP), online recruitment companies like Monster Worldwide
(MNST), and executive search firms such as Heidrick & Struggles (HSII). TWST: What are the key trends that you see going on at this point that
affect these companies?
Mr. Litfin: Domestically, we have experienced fairly robust job growth
over the past three to four years; the backdrop domestically remains
reasonably strong. The United States continues to evolve into a
services and knowledge economy, and so the availability of human capital
is becoming increasingly important. Companies are willing to pay for
the services of recruitment firms that can help them target the right
human capital, and by that I mean the workers with the knowledge to best
address their evolving needs. That is the overarching trend
domestically. International markets obviously vary by country, but
generally there is job growth and tightening overseas as well,
especially in Europe and parts of Asia, although Australia appears to be
softening a bit after a protracted period of job growth.
Tickers included in this excerpt: HHGP, HSII, MNST, RHI, YHOO
For more information call (212) 952 7433. The
Wall Street Transcript does not endorse any of the comments made by interviewees, and does
not make stock recommendations.
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