After a rocky year, Monster saw a slight uptick in revenue in the fourth quarter of 2020. That’s in line with a broader trend at Randstad, the recruitment giant that owns Monster.
In Q4, the Global Business category, which is mainly driven by Monster, posted €265 million ($321.5 million U.S.) in revenues, down 7% year-on-year. Randstad didn’t break down how much Monster made, though it did note that the recruitment site’s revenue was down 26% year-on-year.
Full-year revenues in the Global Business category, which is mainly driven by Monster, were down by 15% year-on-year. The segment pulled in €990 million ($1.2 billion U.S.) in 2020.
Randstad continued to recover from its revenue decline earlier in the year and gained market share in the U.S. and France. Randstad’s Q4 organic growth was (3.6%), up from (13.1%) in Q3. Total revenue came in at €5.7 billion ($6.9 billion U.S.).
At the start of 2021, volumes had already hit pre-pandemic levels. On the investment side, Randstad’s return on invested capital was up 10.4% year-on-year. In North America, revenue actually went up 1%, after dropping 10% in Q3.
CEO Jacques van den Broek said that, while 2020 was a unique and challenging year, Randstad was able to respond well and gain momentum enough to grow and offer services digitally.
“Our digital transformation strategy helped us to pivot quickly to a virtual working environment and continue to support our clients with digital tools and safety protocols through our #newways program,” he said. “We remained focused on talent, seamlessly moving people from declining sectors to those in high-demand through reskilling and redeployment.”
Randstad’s projections for Q1 2021 are modest but hopeful. Volume development is expected to reach pre-pandemic levels. The company is also implementing a €120 million cost-reduction plan.