Jeff Silber: Okay, that’s helpful. And if we can switch over to gross margins; I think you stated it was a little bit weaker than you expected but it was mostly because of a lower perm. Can we focus just on the temp business from a gross margin perspective? If you could talk about bill rates and spreads; and I’m just curious, are you seeing any pushback on pricing either from competitors or from clients?
Jonas Prising: Overall, Jeff, I would say that pricing remains competitive but rational. And the overall pricing environment, as you can tell from our staffing margin essentially holding stable is good. And I think that reflects a continued, although softer, still a continued demand for our services in the tight labor market and where companies are still looking for great talent. And I think we are seeing that as a positive indicator of about the quality of our service, the level of skill sets that we’re placing with our clients and we feel good about the pricing environment at this time.
Operator: Our next question comes from Tobey Sommer with Truist Securities.
Tobey Sommer: And I wanted to ask a question about your outsourcing businesses, RPO, MSP, et cetera. Are you — are clients responding from this slower economic period in the same way they have in the past to sort of look at their internal cost structures and maybe choose to outsource more. I understand that sales may not be great right now because hiring activity is lower. But in terms of sort of the sales and revenue opportunity, maybe you could speak to that.
Jonas Prising: Well, I think what tends to happen is when things are going well for a long time, companies consider in-sourcing and taking things back in-house and then you have an economic cycle that evolves and all of the recruiters they thought they needed for their own needs, suddenly are a lot less productive. And that is clearly the value proposition that our RPO offering addresses. So whilst we’re seeing the activity today getting impacted by the hiring levels from the perm recruitment side on the RPO side, from a business model and value proposition perspective, we feel very good about the opportunities that we have in RPO because when hiring starts up again and you need to increase your recruiters from 10 to 100, we can do that very, very quickly.
And our customers appreciate the flexibility, both operational and strategic flexibility that provides to them in one particular country or in our case across the world to one organization. And really, the same is true from an MSP perspective. We feel very good about our offering there. And the evolution that we’ve seen with our clients in our MSP business is really the value of the insights that we derive from the significant data sets that we look at and advise our clients on how they should think about their workforce. And if you look at the expansion of our offerings beyond temporary staffing or IT resourcing into statement of work and beyond from there, you can really see that our clients are leaning into this offering and we are able to expand our products and services that we provide within the MSP umbrella.
So in both of these cases, we feel really good that we can address non-core activities for many corporations in a better way than they can themselves and that we provide them with the operational and strategic flexibility to boot. So it is a tougher time for the RPO business today as we would expect but we feel really good about the opportunity that lies ahead once the market stabilizes and starts to go the other way.
Tobey Sommer: And if I could ask a question about Right Management; what do your most forward-looking KPIs tell you? And how do they inform you on the risk of further or more widespread layoffs?
