StepStone created 40 new potential clients for its internet recruitment site yesterday by sacking 16 production staff and 24 members of its UK sales force as it restructured its operations.
The company, which is listed on Norway's stock exchange, said it was outsourcing its production department to its new operation in India with the loss of 16 jobs. As part of its restructuring, 24 jobs were also going in sales and its temporary offices in Birmingham and Milton Keynes would close, it said in a statement.
StepStone, which was established in Oslo in 1996, employs 27 people here. They operate as regional sales forces in different parts of the country, including Cork and Limerick as well as from the company's office in Dublin. The company also recently established an office in Belfast.
The company had been pursuing an extensive acquisition strategy across Europe, including the purchase last May of Irish online recruitment portal JobFinder.
StepStone is the latest Internet company to run into trouble. It employs a total of 1,400 employees in 18 countries throughout Europe and India.
The company shares extended their losses today amid worries created by the staff cuts and a sale of a big block of shares. Shares were down 7.6% in Norway by lunchtime, after falling 12% yesterday. Analysts said the company was unsettled by a sale of 2.1 million shares by Index Ventures, in which StepStone board member Neil Rimer is a partner.
