To Our Shareholders

2021 was an extraordinary year for Robert Half. We achieved all-time high revenues and earnings based on the strength of our staffing and business consulting operations. We successfully secured the necessary talent for our clients to thrive and grow amid the Great Reshuffle, as companies across the globe struggled to navigate unprecedented employee turnover.

We also provided the deep expertise clients needed to solve their business problems across our consulting solutions areas. The future of work continued to evolve as remote and hybrid work models gained further traction, creating an unparalleled opportunity for the company.

Harold M. Messmer, Jr. Executive Chairman

Harold M. Messmer, Jr.

Executive Chairman

M. Keith  Waddell President and Chief Executive Officer

M. Keith Waddell

President and

Chief Executive Officer

Full-year global revenues were $6.46 billion, an increase of 26% from $5.11 billion in 2020. U.S. revenues increased by 26% to $5.01 billion. International revenues grew by 29% to $1.45 billion compared with 2020 and accounted for 23% of the company total.

Net income increased 95% to $599 million, or $5.36 per share, compared with net income of $306 million, or $2.70 per share, in 2020. Net income for 2021 was also 32% above pre-pandemic 2019 levels. The higher levels of 2021 profitability were a function of higher gross margins and leverage of our operating costs.

Cash flow from operations for the year was $603 million. In 2021, we distributed a $1.52 per-share cash dividend to our shareholders of record for a total cash outlay of $171 million. We also repurchased approximately 3 million Robert Half shares during the year for $260 million. Return on invested capital was 47% for the year.

Our staffing operations executed well in 2021 and grew revenues by 20% to $4.61 billion. Permanent placement led the way with growth of 54%. Fourth-quarter growth rates were even stronger, with overall staffing revenues increasing by 35% and permanent placement up by 73%. This strong momentum continued into early 2022.

Protiviti, our global business consulting subsidiary, continued to excel and extended its record of multiple years of consecutive growth. Full-year revenues of $1.85 billion grew by 47% compared with 2020. Protiviti achieved strong growth across each of its solutions areas including internal audit, technology consulting, regulatory risk and compliance, and business performance improvement, which includes fast-growing blended solutions with our staffing operations.


The swift recovery across global labor markets has significantly increased the demand for our services. Our revenue growth rates since the pandemic trough have been almost double what we have experienced in the early periods of prior economic recoveries.

Work from home has transitioned from a solution adopted out of necessity and safety to a lasting, cost-effective opportunity for talent acquisition without geographic boundaries. This remote work environment plays to our strengths and presents a significant opportunity to capitalize on a structural shift in how companies source talent.

Our network of more than 320 offices, our global candidate database and our advanced AI-driven recruiting technologies have allowed us to excel at out-of-market recruitment and placements. More than ever before, clients are willing to recruit from outside their geographic region to access deeper talent pools and lower price points than may be available locally. Job candidates also benefit from the broader experiences and wider selection of jobs derived from out-of-market engagements.


In mid-2021, we completed a multiyear process to simplify our go-to-market brand strategy. Our family of divisional brands, all endorsed by Robert Half, are now unified under a single specialized brand, Robert Half. This reduces fragmentation, simplifies service offerings for our clients and candidates, and allows us to leverage our investments in brand awareness more effectively. We will continue to aggressively support the Robert Half brand.


With the increasing importance and focus on environmental, social and governance matters, we are transitioning to an annual ESG reporting cadence. Our report will utilize the reporting frameworks of both the Sustainability Accounting Standards Board and Global Reporting Initiative. In 2022, we look forward to reinforcing our ESG commitment by commissioning a third-party materiality assessment; highlighting the results of our diversity, equity and inclusion efforts; and reducing our environmental footprint.

As signatories to both the U.N. Global Compact and the Women’s Empowerment Principles, we continue our journey to integrate social responsibility and sustainability throughout our business and the communities in which we live and work.

Our focus on ESG and operating with a values-first business approach has earned our inclusion on the Bloomberg Gender-Equality Index, Barron’s 100 Most Sustainable Companies list and the “100 Best Companies to Work For®” list FORTUNE publishes in partnership with Great Place to Work®. These accolades underscore our fundamental values of ethics and integrity as we focus on attracting and retaining the best possible workforce, including diverse talent from underrepresented groups.

We are particularly proud that our employee engagement scores are at their highest ever and our employee turnover rates are among the lowest on record. This is especially meaningful against the backdrop of the Great Reshuffle. These achievements clearly reflect a high level of employee satisfaction at Robert Half — a key factor in employee productivity, which improved meaningfully during the year.


We begin the new year with tremendous momentum and optimism and a steadfast commitment to our people, our technology, our brands and our specialized business model. We remain laser-focused on our time-tested corporate purpose: to connect people with meaningful and exciting work and provide clients with the talent and deep subject matter expertise they need to confidently compete and grow.

Global labor markets are expected to remain robust, and remote work structures are gaining wider acceptance. Our AI-driven recruiting technologies continue to deliver and improve, and Protiviti’s solutions pipeline remains strong and poised for further growth. Given these factors, the future bodes well for us.

None of our accomplishments would have been possible without the dedication and exemplary efforts of our people across the globe. We thank them all for their continued passion and their commitment to the success of our clients and candidates, their colleagues, and the communities in which we operate.

We would also like to thank our board of directors for their guidance during 2021. In particular, we want to acknowledge the wise advice, counsel and encouragement provided by our esteemed and longtime board member Barbara J. Novogradac, who passed away in March 2022.

As always, our gratitude extends to you, our shareholders, for your continued support of Robert Half.

Respectfully submitted,

Max Messmer Signature

Harold M. Messmer, Jr.

Executive Chairman

March 24, 2022

Keith Waddell Signature

M. Keith Waddell

President and

Chief Executive Officer

March 24, 2022