Executive Search Business Booming!
Firms are Recruiting for Top Positions.
Approximately 20% of executive jobs in the U.S. that pay over $150,000 annually at the largest 1,000 companies are filled by executive search firms. According to recent reports by the Association of Executive Search Consultants (AESC) the Executive Search Business has shown strong activity in 2010, with a 32% increase in revenues and an 18% increase in new searches.
AESC President, Peter Felix said:
“The third quarter statistics confirm the strong trends experienced since the beginning of 2010 and indicate a continuing resurgence in executive demand in many regions and sectors of the world.”
“The challenges faced by many organizations today focus on finding those critical leaders who will guide and transform companies and industries over the next decade. These tasks are best performed by highly qualified consultants able to bring their broad perspective of talent and markets to bear on resolving client challenges”, stated Felix.
Joanna Edwards, Manager of the High Tech Sales and Marketing Executive Recruiting Team at Redfish Technology, reports an onslaught of resumes each morning in her inbox before 6 AM.
“We are approximately five weeks away from January 1st and in the world of recruiting it is typically our busiest time of year for a multitude of reasons.
Yearend brings such increased hiring, first because many hiring managers have a specific number of open roles they must fill prior to EOY, or they lose the open requisitions, or worse their MBO or an equivalent monetary sum. Therefore, there is a much greater incentive to find the right candidate in a short period of time.
Second, Q4 is often a good time for candidates to look for new roles. With January being a huge kickoff time for companies and their employees, a natural transition occurs. In regards to sales candidates specifically, existing commissions that are due are often paid and the candidate can start with his/her new company just in time for the sales conference, which is a great place for training and meeting other new team members.
Finally, logistics. Although not always a good thing, scheduling interviews can be a true bear over the holidays. Both candidates and hiring managers are traveling to see friends and family or potentially trying to plan a quick ski trip, which in turn requires a large amount of flexibility from both parties.
In my recruiting days, I have seen a lot of interesting things occur: interviews on Christmas Eve, interviews at airport bars, final interviews via Skype, phone interviews on Monday followed by flying the candidate out the next day for a final meeting. No matter what the case, if you want the job (or alternatively, if you want the candidate) you do whatever it takes to secure the deal – even if it means a last minute change in schedule.”
A full copy of the Q3 2010 AESC State of the Executive Search Industry report is available upon request to AESC members and the press.