THE COMPANY RECRUITER Hays, run by chief executive Alistair Cox placed 68,000 people in permanent jobs last year, across sectors such as legal, accounting and healthcare. Expansion overseas delivered 17% overall fee growth in the spring quarter. At home, demand in construction and banking has been slowing. Valued at £1.1 billion, Hays argues its temps division is busier when bosses face uncertainty. However, its shares have fallen 33% so far this year.

THE ISSUE TO what extent has the credit crunch and waning consumer confidence hit the recruitment sector? Investors will find the answer when Hays and Michael Page International issue trading statements, on Thursday and tomorrow, respectively. The likelihood is that permanent work placements will carry on deteriorating into 2009 as employers delay boosting their workforces, and growth slows in emerging markets.

THE SOLUTION INVESTORS have high hopes for Cox, who replaced long-serving founder Denis Waxman last November. He joined from outsourcing group Xansa, which failed to match his ambition. Cox is aiming to step up the company’s expansion drive into markets that have made little use of recruiters in the past. With some technological know-how, he can streamline processes, such as putting Hays’ endless paperwork on computer.

THE BOARD BOB LAWSON, chairman since 2001, spent 10 years as chief executive of distributor Electrocomponents. Paul Venables arrived from logistics firm DHL two years ago. He recently sounded a bearish note with analysts. Senior independent director Lesley Knox, a Kleinwort Benson veteran, founded corporate financier British Linen Advisers. She is chairman of Dundee fund manager Alliance Trust and also sits on the board of music retailer HMV and jeweller Signet.

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