A WEE DRAM
CHRIS GILMOUR: Diversification pays off at Workforce Holdings
Company adapts and moves into health care, training and financial services
Faced with hostility to its recruitment and staffing activities — from organised labour and elements within government — Workforce Holdings has adapted and set about diversifying its activities to incorporate health care, training and financial services in addition to its recruitment operation. Like all “labour brokers”, it has had to contend with opposition from unions that fear such services pose a threat to jobs. The irony of this self-preservation agenda followed by organised labour is regrettable — in a country with an official unemployment rate higher than 27% (narrowly defined) and a more broadly defined figure of almost 40%, one would expect political and labour bodies to welcome companies that can reduce these appalling employment levels. The outcome of the company’s diversification strategy is a growing proportion of profits being generated from its various segments and a reduced reliance on income from staffing and recruitment. The diversified businesses tend to have ...