Business Archives - Gi Group Holding

Gi Group Holding Featured in “RPO Global Landscape and Differentiators” Report

vittoriainvernizzi — Tue, 12 Nov 2024 06:00:00 +0000

Business

News - SIA’s RPO Report 2024

Gi Group Holding Featured in “RPO Global Landscape and Differentiators” Report

Milan, Italy – November 12th, 2024

Gi Group Holding is pleased to announce its inaugural feature in the Staffing Industry Analysts’ (SIA) 2024 report, “RPO Global Landscape and Differentiators”. This report delivers an in-depth perspective on the global Recruitment Process Outsourcing (RPO) sector, detailing providers’ unique contributions and market standing worldwide.

We are honoured to be featured in SIA’s report, highlighting Gi Group Holding’s commitment to delivering impactful, globally-scaled recruitment process outsourcing solutions. This milestone reflects our dedication to assisting businesses as they navigate complex talent acquisition challenges and enhance their workforce strategies in today’s dynamic market.

Agnieszka Kaczmarczyk, Global Search & Selection and Professional Practice Director

Report Key Insights

SIA’s report estimates the global RPO market reached USD 8 billion in 2023, a 5% decline from 2022 due to economic and geopolitical challenges. Despite this, the demand for flexible talent solutions has surged, underscoring RPO providers’ role in providing adaptable, scalable services to meet evolving workforce needs.

Economic uncertainty presents both challenges and opportunities, with agility proving essential in recruitment. RPO providers, like Gi Group Holding, enable organisations to enhance their hiring processes, access top talent, and maintain operational resilience through bespoke, data-driven solutions. The continued skills gap has increased demand for multi-channel sourcing strategies, allowing RPOs to become indispensable in achieving clients’ workforce goals.

For insights on how RPO can support this adaptability, see our blog post on 7 Steps to Make Your RPO Partnership Successful, which outlines best practices for building a strong RPO partnership.

The report identifies emerging trends in the RPO market, particularly the integration of advanced technology, such as AI and machine learning, to enhance candidate sourcing and engagement. Gi Group Holding’s proprietary algorithms refine candidate-job matching and facilitate upskilling, resulting in high-quality talent pipelines.

Gi Group Holding’s RPO Offerings

As part of the report, Gi Group Holding’s RPO services are showcased, underscoring our commitment to helping clients achieve recruitment success through the expertise of our dedicated practices, Gi Group and Grafton, alongside tech-driven HR solutions.

Gi Group Holding remains committed to digitalising recruitment through tools like the Applicant Tracking System (ATS), equipped with video interview capabilities and digital assessments, as well as platforms like Jobtome and Hirematic, which boost job visibility and optimise sourcing investments.

For businesses wondering why RPO could be the right fit, read our post on Exploring the WHY of Recruitment Process Outsourcing to understand the unique benefits of RPO for different recruitment needs.

As RPO continues to evolve, Gi Group Holding is poised to shape the future of recruitment by meeting clients’ dynamic needs, driving innovation, and fostering success.

For more on the SIA “RPO Global Landscape and Differentiators 2024” report, please visit Staffing Industry Analysts.

Gi Group Holding Publishes the 2023 Annual Report, Highlighting Strong Growth and Global Expansion

vittoriainvernizzi — Tue, 01 Oct 2024 05:00:00 +0000

News - 2023 Annual Report

Gi Group Holding Publishes the 2023 Annual Report, Highlighting Strong Growth and Global Expansion

Milan, Italy - October 1st, 2024,

Gi Group Holding is proud to announce the release of its 2023 Annual Report, showcasing a year of significant growth and strong financial performance.
The report highlights the company’s continued expansion and resilience across various regions and business lines, driven by strategic initiatives and the dedication of our global workforce.

Financial Performance Overview

In FY 2023, Gi Group Holding achieved a revenue of €3.9 billion, reflecting a 6.4% increase compared to the previous year. This growth was particularly robust in markets outside Italy, which experienced an impressive 11.3% year-on-year increase.

USA: +115.5% y/y
Germany: +29.5% y/y
APAC – Switzerland – Baltics: +25.2% y/y
Central Europe: +14.8% y/y
Eastern Europe: +8.0% y/y
LATAM & SW Europe: +5.7% y/y
Italy: +0.7% y/y
North-western Europe: -1.8% y/y

Business Lines Performance

The company’s core business lines also delivered strong results. Temporary and Permanent Staffing, which remains the primary driver of revenue, saw a 6.3% year-on-year increase. Other notable performances included:

Career Transition and Employability: +55.1% y/y
Professional Staffing: +13.0% y/y
Learning and Development: +11.2% y/y
Business Processes Outsourcing: +9.6% y/y
Middle and Senior Managers Search & Selection: -14.3% y/y

Profitability and Financial Health

Despite challenges in specific regions, Gi Group Holding maintained solid profitability. The company reported a gross profit of €559 million, a 10% increase from FY2022, with a gross margin improving to 14.2%. EBITDA stood at €108 million, slightly down from €118 million in 2022, primarily due to market contractions in North-Western Europe and France. The net profit for the year was €36 million, compared to €54 million in the previous year.

The Group’s net financial debt as of December 31, 2023, was €264.4 million, with a net financial debt to EBITDA ratio of 1.94. Total Shareholders’ Equity increased to €215 million, reflecting a solid financial foundation.

Looking Ahead

Gi Group Holding remains committed to driving sustainable growth and enhancing its global impact. The 2023 Annual Report underscores the Group’s resilience and strategic agility, setting a strong foundation for continued success in the years to come.

For a detailed overview of our 2023 performance and future outlook, please dowload the full 2023 Annual Report.

Gi Group Holding announces FY2023 results, confirming its path of unwavering international growth

vittoriainvernizzi — Wed, 26 Jun 2024 12:00:00 +0000

News - Global Banking Day 2024

Gi Group Holding announces FY2023 results

Confirming its path of unwavering international growth

Milan, Italy (26 June 2024)

Gi Group Holding, one of the leading global players in HR services and consulting, today during the Global Banking Day event announced its results for the fiscal year ended December 31, 2023, as well as strategic business developments.
Continuing its constant trajectory of growth and development since the foundation – culminated in its 25° anniversary in 2023 – Gi Group Holding opened 2024 with the acquisition of Kelly’s European staffing business, the 51st and largest M&A operation in its history.
Through the commitment of over 9,000 people, the Group operates in 37 Countries across Europe, APAC, and the Americas, with over 700 branches and more than 25,000 client companies.

2023 has been a pivotal year in our mission to create a sustainable, streamlined, and joyful global market for candidates and companies. Our continuous organic growth, which began more than a quarter of a century ago and has continued uninterrupted since then, was complemented by an intense acquisition strategy culminating in January 2024 with the largest M&A operation in our history—the European staffing business unit of Kelly. This acquisition, covering 14 countries, strengthens our European presence and capabilities, further enhancing our ability to contribute positively to the labor market. The exciting journey we have undertaken so far is built on the exceptional contributions of our people - the greatest asset and value of our Group. Thanks to their work, we face the future with determination as we continue to pursue our goal even in these unprecedented times: to have a positive impact on the evolution of society through work, inspired by our Sustainable Work Manifesto

Stefano Colli-Lanzi, CEO & Founder of Gi Group Holding

Key consolidated results, as of December 31st, 2023

In FY 2023, Gi Group Holding reported revenues of €3.9 billion, marking a 6.4% increase over the previous year, with a further acceleration of performance in foreign countries outside Italy (+11.3% y/y).
In detail, regional performance shows: USA (+115.5% y/y), Germany (+29.5% y/y), APAC – Switzerland – Baltics (+25.2% y/y), Central Europe (+14.8% y/y), Eastern Europe (+8% y/y) and LATAM & SW Europe (+5.7% y/y), Italy (+0.7% y/y), North-western Europe (-1.8% y/y).

Regarding business lines, Temporary and Permanent Staff, which represents the primary driver of revenue and FTEs, saw an increase of 6.3% y/y. Career transition and Employability grew by 55.1% y/y, followed by Professional Staffing (+13.0% y/y), Learning and Development (+11.2% y/y), Business Processes Outsourcing (+9.6% y/y) and Middle and Senior Managers Search & Selection (-14.3% y/y).

Thanks to successful business management and great effort by employees, profitability improved with a gross profit of €559 million (+10% vs FY2022) and a gross margin of 14.2% (up from 13.8% in 2022).
EBITDA stood at €108 million, compared to €118 million in 2022, due to the reduction of business mainly in North-Western Europe and France. Net profit amounted to €36 million (€54 million in FY 2022).

As of December 31, 2023, the Group’s net financial debt amounts to €264.4 million (vs €256.5 million in 2022) with a net financial debt to EBITDA ratio equal to 1.94. Total Shareholders’ Equity increased to €215 million, compared to €196 million as of December 31, 2022.
The Full Time Equivalent (FTE) stood at 160,000, showing a continuous growth (+11% y/y and a 2015-2023 CAGR of 10%).

ESG Progress

Throughout 2023, Gi Group Holding furthered its commitment to ESG criteria, which are a cornerstone of the Group’s business model. Partnering with Fondazione Gi Group, the company continued its efforts to generate a positive social impact and promote the culture of Sustainable Work globally.

Download the FY2023 Results Preview to discover more.

“International Mobility – Shifts on EU Markets” – a new white paper by Gi Group

vittoriainvernizzi — Mon, 08 Apr 2024 08:00:00 +0000

Business

News - A new white paper by Gi Group

“International Mobility - Shifts on EU Markets” – a new white paper by Gi Group

Milan, Italy – April 8th, 2024

Gi Group, the core business brand of Gi Group Holding, has published a new white paper centred around international job mobility in the present socio-economic scenario.
With a focus on the European markets, the white paper outlines the current framework for job mobility across borders, delving into the shifts of migration trends, the increasingly stricter norms that regulate worker mobility beyond countries’ borders and the growing relevance of return migration.

In such context, the white paper highlights the key origin and destination countries, the most required job profiles and priority industries, comparing the market outlook to Gi Group’s observations as one of the few players in the international job mobility arena. Finally, it explains how Gi Group, through its MoveUp solution, works alongside clients and candidates by managing a wide range of tasks concerning international mobility and workers’ integration, thus leading to better performance and productivity for companies.

From the analysis, sizable opportunities emerge for workers, companies and institutions. Workers have the chance to move to foreign countries, thereby enjoying better working and economic conditions.
In turn, companies in destination countries respond to local skill shortages through a motivated international workforce. At the same time, origin countries may improve the qualifications and expertise of their original talent as those who return enhance the skills pool thanks to their experiences abroad – in this sense international mobility becomes a true upskilling engine, generating new value in the country of origin’s society.

Ultimately, international job mobility emerges as a circular socio-economic model, able to bring value for all stakeholders involved in the ecosystem.

Gi Group, as the core business of Gi Group Holding, remains committed to supporting more fluid, practical worker mobility across EU markets. While economic uncertainty and the impacts of regional conflicts have increased inbound worker-mover flows during the past year, efforts need to be made to find an acceptable happy medium for sourcing jobs domestically and through inflows of qualified, specialised workers who can fill skills gaps. Through our association with the WEC and in consultatory work with EU bodies, Gi Group is committed to ensuring we make this happen.

Antonio Bonardo - Public Affairs Senior Director, Gi Group Holding

For more information, you can consult the dedicated page and download the full Report.

Gi Group Holding discloses FY2022 performance results, confirming its position among the key Global Players in the Labor Market.

vittoriainvernizzi — Thu, 29 Jun 2023 12:30:00 +0000

News - FY2022 Performance Results

Gi Group Holding confirms its position among the key Global Players in the Labor Market

Milan, Italy - June 29, 2023

Gi Group Holding, one of the leading global players in HR services and consulting, during today shared results achieved in the fiscal year ending on December 31, 2022, as well as the strategic business and sustainability developments.

February 2023 marked the 25^th anniversary of Gi Group Holding. During this journey, the company has shown a constant path of growth and development which have allowed the Group to become one of the major global players in the industry, ranking 15^th worldwide and 8^th in Europe among staffing companies (according to SIA – Staffing Industry Analysts report – based on 2021 results).

Counting on the contribution and commitment of over 8,000 people, today, Gi Group Holding operates in 34 countries across Europe, America, and Asia, with over 650 branches and more than 20,000 client companies.

Gi Group Holding's growth strategy aims to evolve the labor market by creating sustainable, social, and economic value. This approach is reflected in our constant commitment to build a more effective and efficient HR ecosystem by promoting a work culture that satisfies the interests of businesses, individuals, and society. Our journey, started 25 years ago, has proven to be successful, and it was supported by continuous financial and economic growth. 2022 distinguished itself for being a year full of changes and innovation, including the Group’s reorganization, rebranding, digital transformation, and ESG projects. Furthermore, our external growth strategy went forward, and, in January 2023, with the 50th M&A operation, we achieved an important milestone. The goal for the future is to maximize overall value and internal synergies, streamline business management and cash flow, improve the Group's recognition, and promote internationalization. The success of our Group is the result of the collaborative work of all our people who contribute every day to the wellbeing and development of our company and our society, worldwide.

Stefano Colli-Lanzi, Gi Group Holding Founder & CEO

Key consolidated results, as of December 31st, 2022

For Gi Group Holding, fiscal year 2022 confirmed significant double-digit growth compared to 2021: revenues amount to €3.6 billion, showing a 12.3% increase compared to the previous year, with positive performance in all regions outside Italy, particularly Eastern Europe (+51% vs FY21), Latin America and Southern Europe (+41% vs FY21), Asia, Switzerland, and the Baltic countries (+28% vs FY21), Central Europe (+9% vs FY21), and Italy (+7% vs FY21). This positive performance is also evident in the business lines. Representing the main driver of revenue and FTE (Full Time Equivalent) growth, Temporary & Permanent Staffing increased by 12% compared to the FY 2021, followed by Business Processes Outsourcing (+29% vs FY21), Middle & Senior Manager – Search & Selection (+26% vs FY21), and Learning & Development (+29% vs FY21).

Profitability also increased, with a gross profit of €508 million (+20% vs FY2021), EBITDA of €139 million (+21.1% vs FY2021), and a net profit of €54 million (+33.4% vs FY2021).

As of December 31, 2022, the Group’s net financial debt amounts to €256 million (vs €207 million in 2021), maintaining a solid IFN/EBITDA ratio of 1.85x (vs 1.81x in 2021).

The Group’s net equity increased to €196 million compared to €144 million as of December 31, 2021.

Key events during the FY 2022 and subsequent events

2022 has been a year of substantial changes culminating in the renewal of the Group that aimed to seize growth opportunities and adapt to the changing market needs, as well as to optimally respond to the Group’s scale. This process began with the corporate restructuring and the establishment of Gi Group Holding S.p.A. as the head of the entire Group. The objective was to create a new structure capable of simplifying hierarchical levels and governance, managing central functions, coordinating the activities of Italian and foreign subsidiaries, and defining the Group’s strategies.

In line with the strategy of enhancing global identity and visibility, in 2022, the Group launched its Corporate Brand to represent all business lines, countries, and people, thereby strengthening brand awareness.

The two-year digital transformation plan for 2022-2023, marked by the establishment of the new “Global Digital, Innovation and Analytics” function, has been set into motion. Its primary objective is to turn Gi Group Holding into a data-driven organization, enabling informed decision-making through descriptive, diagnostic, and predictive analysis. Moreover, the plan seeks to streamline the recruitment process by incorporating automation. In this scenario, the Group invested in the cutting-edge Gi-Suite tool, a multi-product application for daily activity management. To ensure the smooth implementation of the transformation process and foster its adoption, in 2023, the Global Digital, Innovation and Analytics function established the Adoption & Change unit, aiming to support and guide resources throughout the operational phases, from initial preparation to monitoring selected KPIs, and the Database Monetization project to leverage the database’s potential.

During 2022, the M&A strategy has remained one of the key drivers to speed up the Group’s development and growth. With the successful acquisition of The Bridge Social, finalized in January 2023, Gi Group Holding completed its 50^th M&A operation, accomplishing a significant milestone. The fruitful external growth strategy also led to significant achievements. Indeed, Gi Group Holding earned the prestigious “Finance for growth” award at the “M&A Award 2023” promoted by KPMG Italy and Fineurop Soditic.

Within Gi Group Holding’s business model, the ESG growth factors, which include the commitment to constantly generate not only economic but also social value, represent the key drivers to achieve true “Sustainable Work.”

To pursue this commitment, the Group partners with the Gi Group Foundation, which in 2022 obtained the status of an Italian “Third Sector Entity” designation. The Foundation supports the dissemination of the culture of Sustainable Work by implementing projects and providing targeted support for inclusion, targeting individuals facing difficulties in accessing or being excluded from the labor market.

Gi Group Holding statement about Gi Group Poland (former Work Service)

vittoriainvernizzi — Mon, 28 Nov 2022 05:01:00 +0000

Business

News - Work Service update

Gi Group Holding statement about Gi Group Poland (former Work Service)

Milan, 28 of November 2022

Regarding some disputes involving Mr. Tomasz Misiak and covered by different medias in which, directly or not, Gi Group Holding has been mentioned, Gi Group Holding states as follows:

The facts mentioned in the interview given by Mr. Misiak on Puls Biznesu the 18th of November for which Mr. Misiak, with other managers of Work Service, has been accused of defrauding PFRON of PLN 42 million in subsidies, happened before the entering of Gi Group Holding as shareholder; as a consequence of that Gi Group Holding has nothing to do with these topics. Nevertheless, Gi Group Holding is ready to take all necessary steps to fully cooperate with Polish authorities and to take all the needed actions to preserve the reputation and honorability of its subsidiary Gi Group Poland (former Work Service).
Regarding the part of the above mentioned interview in which Mr. Misiak claims that “…she (his former wife) played a significant role in my conflict with the company that took over Work Service, as I was threatened with her testimony in order to force a lower share sale price. And this happened, and Eva remains to this day in cooperation with my opponents.” Gi Group Holding totally rejects to be in any kind of cooperation with Eva Mantziou, former wife of Mr. Misiak and former employee of Work Service. Gi Group has instead 3 court proceedings with Eva Mantziou, for topics referred to the period in which she was an employee of Work Service before the entering of Gi Group Holding.
Gi Group Holding denies that the purchasing of Work Service was made in connection with any threats made against Tomasz Misiak. This has been confirmed by the final judgment of the ICC Arbitration Court which found that T. Misiak had freely entered into the contract without any threats, and condemned Mr. Misiak to pay 5.9 m PLN to Gi Group Holding for not complying with his commitment to sell his shares. The same conclusion – namely that there is no evidence suggesting the alleged threat – was reached by all (three) panels of the Regional Court of Warsaw, which ruled in second-instance injunction proceedings on the claims of T. Misiak. These claims relating to the alleged threats have already been subject of rulings of five different bodies (3 panels of state courts, the prosecutor and an arbitration tribunal), none of which gave credence to them.
Despite the final ICC Arbitral Award, Gi Group Holding has not received any payment by Mr. Misiak who declared that he does not own any assets nor properties. For this reason, Gi Group Holding has opened a civil proceeding against T. Misiak including proceedings to declare the enforceability of the award of the arbitration. At the same time the court has come to doubt for Mr. Misiak’s assertions of his financial situation and is conducting an investigation about that.
Regarding the article published by Radio Zet on 25.11.2022, GI Group Holding notes that there are no legal grounds allowing to set aside the Arbitral Award issued by the ICC Tribunal. This Award was issued by three of the most respected arbitrators, in accordance with the ICC procedural rules, international standards and after an in-depth examination of the case by the ICC Tribunal. In particular, all the arbitrators were selected in a standard procedure in which both parties had the opportunity to challenge each arbitrator. Mr. Misiak began challenging one of the arbitrators only after the ruling unfavorable to him was issued. Regarding the same article published by Radio Zet, GI Group Holding has no knowledge of any criminal proceedings initiated by T. Misiak relating to the notification of GI International S.R.L. of a crime, which was allegedly not committed. In any case, Gi Group Holding notes that all the proceedings started by Gi Group have been based on true facts and legal merits.
Determination of guilt and possible conviction of all the individuals involved is in the hands of the Polish courts. Gi Group Holding will use all possible ways, legal actions included, in the respect of the law as well as of the internal corporate regulations, to protect its business and reputation.