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Adecco earnings fall short of expectations

Swiss-based Adecco, the world's biggest temporary staffing agency, on Thursday reported a rise in third-quarter profits, which missed expectations as business took a hit in its main market, France, and slowed in Germany.

Adecco earnings fall short of expectations
Photo: AFP

The group, headquartered in Glattbrugg, near Zurich, said its net profit had risen four percent in the July-September period to 198 million euros ($248 million), on sales up three percent at 5.1 billion euros.
   
That was slightly lower than the expectations of analysts polled by financial news agency AWP, who had anticipated a net profit of 200 million euros on sales of 5.2 billion euros.
   
Following the news, Adecco saw its share price fall 2.02 percent to 63.20 francs in mid-morning trading, as the Swiss stock exchange's main SMI index eased just 0.22 percent.
   
"Revenue growth slowed compared to the first half, mainly driven by weaker growth in France and Germany," company chief Patrick de Maeseneire said.
   
After two quarters in the black, Adecco's main market, France, once again was hit by sliding sales, with revenues there falling three percent to 1.2 billion euros.
   
Growth also slowed in several other European markets, with Germany and Austria seeing just a one-percent rise in revenues from the same quarter last year.
   
In the industrial sector, which accounts for about 70 percent of the revenues in those two countries, Adecco said income grew only two percent, compared to 11 percent in the second quarter, amid "weaker demand from clients in the automotive and equipment manufacturing sectors."
   
Sales, meanwhile, swelled elsewhere on the continent, with the Nordic countries and Adecco's home market Switzerland seeing revenues swell by six percent.
   
The United States, the company's second largest market, also saw sale grow five percent from the same quarter in 2013.
   
Despite its overall slower growth, Adecco still aims for its earnings before interest, taxes, depreciation and amortization (EBITDA) to make up more than 5.5 percent of its total revenue next year, de Maeseneire said.
   
He said he "remain convinced we will achieve our target," since the global economy was expected to pick up next year "despite the recent softening of the economic environment."
   
The temporary employment sector is considered a good indicator of economic activity as a whole, since companies adjust their temporary staffing in accordance with economic growth expectations.

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What are the best ways to search for your next job in Switzerland?

Looking for a new job in Switzerland? We've put together some tips on where to search for that new role.

What are the best ways to search for your next job in Switzerland?

The good news is that, as a country that serves as a world centre of finance, pharmaceuticals, and research, Switzerland offers an environment very friendly to English speakers. Unlike some European countries, hiring is a flexible and open process. 

That said, some hints will help you in your Swiss job search. 

Know where to look 

Before beginning your job search, knowing where most of your industry’s jobs are is essential. 

As The Local Switzerland has previously discussed, Zurich is Switzerland’s financial capital, whereas most pharmaceutical players are based in Basel. 

The life sciences are concentrated in ‘Health Valley’, stretching from Geneva to Montreaux. 

Geneva, Zurich, Lausanne, Bern, Basel, and St Gallen also have large universities that employ many researchers from abroad. 

Knowing where jobs are based will allow you to concentrate your search, and give you the time to more fully research and understand the needs of particular companies.

READ MORE: Where are the jobs in Switzerland for English speakers?

Develop your Xing as well as your LinkedIn profile

Most job seekers within professional working environments will have a LinkedIn profile to share with prospective employers. 

Xing is also a significant player in Switzerland, Germany, and Austria, and it’s normal for German-speaking professionals to have an accompanying profile on that platform. 

Developing your presence on Xing can demonstrate that you are gaining a greater understanding of the Swiss working environment and establishing yourself as a long-term investment. 

READ MORE: Can you find a job in Zurich if you don’t speak German?

Use specialised job boards 

While many of the big job boards operate in Switzerland—Indeed and Monster, for example—several job boards focus on Swiss jobs specifically or service a key segment of the job market. 

Jobs.ch, jobup.ch, and Jobscout24 are popular sites within Switzerland and are often the first port of call for job seekers. Each has an English version and a user-friendly interface.

Several specialist job boards exist for specialised roles, such as those in the IT or medical research sectors.

Using a profession-based job board allows employers to draw from a more concentrated talent pool while offering job seekers a more significant opportunity to showcase their knowledge and skills. 

SwissDevJobs.ch is a popular destination for IT professionals, whereas Praxisstellen.ch specialises in pharmaceutical and medical research jobs. SwissTopJobs.ch is an excellent place to look for C-suite jobs in the finance and banking sectors. 

Networking is essential 

While there is often a perception that job hunting in Switzerland is very process-oriented, you may be surprised to learn that many positions are filled via word of mouth. 

Suppose you have friends or former colleagues already found a position within a Swiss firm. In that case, asking what positions are opening and whether you could apply is not unreasonable or rude. 

Word of mouth and hiring through connections are common in the Swiss IT field, but they are also common within several other industries, particularly among startups. 

Read More: Where are Switzerland’s biggest international companies?

Use your initiative 

You may also be surprised to hear that simply applying to a firm with your resume isn’t looked down upon in Switzerland (or the German-speaking world). 

This is known as an Initiativbewerbung (or simply ‘application on the initiative’), and employers often regard it very favourably.

To make an Initiativbewerbung, you’ll need your Anschreiben or lettre de motivation (cover letter), Lebenslauf or resume (curriculum vitae or CV), testimonials from other employers, and copies of any relevant certificates or qualifications. 

When naming these files, remember to use the German terms—it will help when they are searched for later!

It’s worth taking the time to identify and address your application directly to the head or manager of the particular department you’re looking to work within. This will create a stronger impression, and there’s less chance of losing it in the daily flow of emails and information. 

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