EXECUTIVE SEARCH HIRING TRENDS
Global - While there is a spike in demand for senior executive talent across various industries globally, there is still uncertainty in the sustainability of the positive hiring trend.
The latest quarterly State of the Executive Search Industry report by Association of Executive Search Consultants (AESC) showed industries that were severely impacted by the recession have reported positive hiring trends of executives. Senior job placement firms for the financial services sector have seen the greatest boost of 50% from the same period last year. Tailing behind are recruitment firms in the IT sector which have seen an increase of 43.5% in executive searches, followed by job search companies in the industrial (39%) and consumer (37%) sectors.
But AESC president, Peter Felix, said, “The critical issue now is whether the next two quarters will hold up in the face of continuing uncertainty about a double dip recession.”
On a positive note, the findings suggest that many companies are seeing the need to resolve their talent shortage issues, said Felix. He said, “Companies have begun to think strategically again and in looking for growth are seeking out those executives who can offer both operational strength but also practical leadership in taking organisations and teams forward.”
According to quarterly regional trends from the first quarter to the second this year, North America is leading the economic recovery, followed by the Asia-Pacific markets. Europe, however, is still following behind the mentioned economies.
Similarly, there is a 12% quarter on quarter increase in the net profits of executive search firms globally. This is a 42% rise in revenues across the executive search industry from last year's figures . Additionally, there is a 38% increase from last year in the number of new executive search firms set up around the world.
The data for the survey was collected from 1300 executive search consultants in 46 countries.
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