Slower activity in the corporate jobs market saw a 15% year-on-year drop in net fees at recruitment agency Hays, with losses felt across all key regions.

Temporary placements fared comparatively better, posting an 11% decrease, while permanent placements experienced a sharper 21% drop of 21%.

“Net fees in the quarter were down as expected reflecting the tough market conditions, particularly the longer time to hire and low levels of confidence which we expect to continue,” said Dirk Hahn, chief executive of the FTSE 250 company.

He added: “Given this backdrop, we remain resolutely focused on operational rigour through business line prioritisation, resource allocation, and efficiency initiatives and, due to our actions, group consultant productivity increased by 5% (in the first quarter).”

Hays reduced its headcount by 2% during the quarter, with an 18% reduction year-on-year.