Piper Jaffray Publishes 2005 Human Resources Outlook Survey

    MINNEAPOLIS, April 12 /PRNewswire-FirstCall/ -- Piper Jaffray & Co. Senior
 Analyst Brett Manderfeld and a team of analysts recently released the findings
 of a proprietary survey of human resource professionals. The national survey,
 which was conducted by Harris Interactive(R) (HPOL, Market Perform, $4.70)
 included more than 320 human resource professionals designed to provide
 institutional investors deeper insight into key trends and spending plans
 across the U.S.-based human resources community.
     The survey took a close look at the human resources market and covered
 topics ranging from hiring plans for this year by functional area and
 recruitment channel to overall trends and budgeting plans for human resource
 technologies, outsourcing and offshoring initiatives and company-provided
 education.
     Findings of the survey suggest 2005 to be a solid year for headcount
 growth with overall hiring of full-time employees forecast up five percent
 more than 2004. Roughly four times the number of respondents indicated plans
 to increase headcount in 2005, versus those planning declines (44 percent,
 versus 11 percent) while 45 percent expected to maintain current levels,
 versus last year.
     "In online recruitment, we expect Monster (MNST, Outperform, $28.08) to
 maintain its dominant market share position relative to CareerBuilder in 2005,
 while the rate of online recruitment spending will dramatically outpace that
 of newspapers, recruiters and job fairs this year," said Manderfeld. "Based on
 our interpretation of the data, we expect spending growth in the online
 employment market to increase 12 percent in 2005 with Monster's market share
 advantage expected consistent with 2004 spending levels at roughly two times
 CareerBuilder and five times HotJobs."
     The survey also suggest that the overall market for pre-employment
 background screening is also expected to grow 12 percent in 2005 and
 ChoicePoint (CPS, Outperform, $38.98) is by far the most recognized and used
 vendor of any company in this very fragmented space. Additionally, although
 respondent familiarity with particular temporary staffing firms is generally
 low, most likely because of the fragmented nature of this market. Among the
 four firms mentioned in the survey, Adecco, Kelly Services, ManPower and
 Robert Half, (RHI, Outperform, $25.44), respondents who were familiar with the
 firms rated Robert Half highest in terms of job candidate quality.
     The 2005 Human Resources Outlook Survey also includes information in
 enterprise software, technology BPO, infrastructure software and learning
 services. The survey points out that Oracle's (ORCL, Outperform, $12.40)
 acquisition of PeopleSoft has had little effect on the likelihood of
 purchasing PeopleSoft applications, with 93 percent of total respondents
 saying their likelihood of doing so remains unchanged. In fact, 97 percent of
 PeopleSoft customers surveyed expect spending on PeopleSoft applications to
 either remain the same or increase in 2005, with nine percent of PeopleSoft
 customers seeing an increase in spending on PeopleSoft applications even
 though they will be buying them from Oracle.
     The survey points to expected growth in new outsourcing initiatives
 focused around companies of all sizes. Additionally, the survey suggests that
 network management will see the highest percent headcount growth within the IT
 group in 2005. Lastly in learning services, about 80 percent of the companies
 surveyed are maintaining 2004 tuition reimbursement allotments in 2005 and 12
 percent have increased these allotments.
 
     Survey Methodology
     Harris Interactive conducted the online survey on behalf of Piper Jaffray
 & Co. between February 21 and 28, 2005 among 324 U.S. adults aged 18 and over
 who are employed as human resource professionals and are at least aware of
 their company's hiring decision process. Data were weighted where necessary
 using targets for companies with 99 or fewer employees up to companies with
 10,000 and more employees provided by Dun & Bradstreet to align them with
 their proportions in the population.
     Though online surveys are not probability surveys, in theory, with samples
 of this size, Harris Interactive estimates with 95 percent certainty, that the
 results for the overall sample have a sampling error of plus or minus six
 percentage points. Sampling error for subsamples is higher and varies.
 
     About Piper Jaffray
     Piper Jaffray & Co. is the chief operating subsidiary of Piper Jaffray
 Companies (NYSE:   PJC), a focused securities firm dedicated to delivering
 superior financial advice, investment products and transaction execution
 within selected sectors of the financial services marketplace.  The company
 operates through two primary revenue-generating segments: Capital Markets and
 Private Client Services. Piper Jaffray & Co. has served corporations,
 government and non-profit entities, institutional investors and the financial
 advisory needs of private individuals since 1895.  Headquartered in
 Minneapolis, Piper Jaffray has approximately 3,000 employees in 104 offices in
 23 states across the country and in London. For more information about Piper
 Jaffray, visit us online at http://www.piperjaffray.com .
     Since 1895. Member SIPC and NYSE.
 
     About Harris Interactive(R)
     Harris Interactive Inc. ( http://www.harrisinteractive.com ), the 15th
 largest and fastest-growing market research firm in the world, is a Rochester,
 N.Y.-based global research company that blends premier strategic consulting
 with innovative and efficient methods of investigation, analysis and
 application. Known for The Harris Poll(R) and for pioneering Internet-based
 research methods, Harris Interactive conducts proprietary and public research
 to help its clients achieve clear, material and enduring results.
     Harris Interactive combines its intellectual capital, databases and
 technology to advance market leadership through U.S. offices and wholly owned
 subsidiaries: London-based HI Europe ( http://www.hieurope.com ), Paris-based
 Novatris ( http://www.novatris.com ), Tokyo-based Harris Interactive Japan,
 through newly acquired WirthlinWorldwide, a Reston, Virginia-based research
 and consultancy firm ranked 25th largest in the world, and through an
 independent global network of affiliate market research companies. EOE M/F/D/V
 
     Research Disclosures
     Piper Jaffray was making a market in the securities of Harris Interactive
 Inc. at the time this research report was published. Piper Jaffray will buy
 and sell Harris Interactive Inc. securities on a principal basis. Piper
 Jaffray has received compensation for non-investment banking securities-
 related services from Harris Interactive Inc. within the past 12 months.
 
     Piper Jaffray was making a market in the securities of Monster Worldwide,
 Inc. at the time this research report was published. Piper Jaffray will buy
 and sell Monster Worldwide, Inc. securities on a principal basis.
 
     Piper Jaffray was making a market in the securities of ChoicePoint Inc. at
 the time this research report was published. Piper Jaffray will buy and sell
 ChoicePoint Inc. securities on a principal basis.
 
     Piper Jaffray was making a market in the securities of Oracle Corporation
 at the time this research report was published. Piper Jaffray will buy and
 sell Oracle Corporation securities on a principal basis. Piper Jaffray has
 received compensation for non-investment banking securities-related services
 from Oracle Corporation within the past 12 months.
 
     Piper Jaffray was making a market in the securities of Robert Half
 International Inc. at the time this research report was published. Piper
 Jaffray will buy and sell Robert Half International Inc. securities on a
 principal basis.
 
     Piper Jaffray research analysts receive compensation that is based, in
 part, on the firm's overall revenues, which include investment banking
 revenues.
 
     Disclaimers
     This material regarding the subject company is based on data obtained from
 sources we deem to be reliable; it is not guaranteed as to accuracy and does
 not purport to be complete. This information is not intended to be used as the
 primary basis of investment decisions. Because of individual client
 requirements, it should not be construed as advice designed to meet the
 particular investment needs of any investor. It is not a representation by us
 or an offer or the solicitation of an offer to sell or buy any security.
 Further, a security described in this release may not be eligible for
 solicitation in the states in which the client resides.
 
     Notice to customers in the United Kingdom: Circulation of this report in
 the United Kingdom is restricted to investment professionals and high net
 worth individuals falling within Articles 19 and 49 of the Financial Services
 and Markets Act (Financial Promotion) Order 2001 as amended. No one else in
 the United Kingdom should read, rely on or act upon the information in the
 report. The investments and services to which the report relates will not be
 made available to others in the United Kingdom. Securities products and
 services offered through Piper Jaffray & Co., member SIPC and NYSE, Inc., a
 subsidiary of Piper Jaffray Companies.
 
     Additional information is available upon request.
 
     No part of this report may be reproduced, copied, redistributed or posted
 without the prior consent of Piper Jaffray & Co. Copyright 2005 Piper Jaffray
 & Co., 800 Nicollet Mall, Suite 800, Minneapolis, Minnesota 55402-7020
 
 

SOURCE Piper Jaffray & Co.

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