Donald Trump’s presidency is likely to be a net positive for the jobs market, according to the chief of the world’s largest provider of employment services.

“I hear a lot of optimism in the U.S. about deregulation, growth, innovation, new technology and confidence,” Sander van’t Noordende, Chief Executive Officer of Randstad NV, said in an interview at the World Economic Forum in Davos. “If there’s growth and confidence, then there will be hiring,” he said.

The U.S. is widely expected to liberalize regulations and introduce pro-business tax policies under Trump’s new term as president.

There is less clarity on the issues of immigration and deportations, van’t Noordende said, adding that a key indicator of the impact of Trump’s policies will be the performance of the stock market.

“I would expect a positive effect,” he said.

Staffing firms have warned about challenging market conditions in Europe, with businesses tightening recruitment budgets amid increased uncertainty. UK recruiter Pagegroup Plc this month cut its profit guidance after its two largest markets, France and Germany, deteriorated.

But despite challenging economic conditions, geopolitical tensions and advances in technology, employees have not tempered their expectations, Randstad NV said in a report on Tuesday.

Work-life balance is now considered more important than pay for employees, Randstad said in its annual Workmonitor report. The Diemen, Netherlands-based recruiter surveyed more than 26,000 workers in 35 markets across Europe, Asia-Pacific and the Americas.

“The labor market has been somewhat stuck,” with hiring rates and vacancies coming down, van’t Noordende said. As a result, employees are looking to their current employer to do more, “rather than jump ship and go somewhere else to get more” compensation, he said.

Employees have become more assertive and are willing to act if their demands are not met, according to the staffing firm.

About 44 percent of those surveyed said they’ve quit because of a toxic workplace, a relative increase of 33 percent compared to the prior year, according to the report.

Photo: Sander van’t Noordende, CEO of Randstad NV, following a Bloomberg Television interview on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, May 25, 2022. The annual Davos gathering of political leaders, top executives and celebrities runs from May 22 to 26. Photographer: Jason Alden/Bloomberg