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The Executive Search Industry
Industry growth and development
The retained search industry has grown dramatically in recent years, fueled by the demand in western economies, as the baby boom generation retires, and the huge demand in emerging markets for skilled professionals and executives. Today it generates worldwide revenues approaching US$11 billion.
Although some predict that the availability of information on the internet will lead to disintermediation of the executive search business, there is little indication that a high end professional consulting service such as this will ever be replaced by automation and commodity services.
Structure
Search firms are normally categorized as follows:
Large Integrated Firms
These are firms that are wholly owned and centrally managed. Typically they employ in excess of 100 consultants and generate revenues above $100 million. The largest have revenues in excess of $500 million.
Global networks
These are normally groups of separately owned firms which operate in many countries of the world but agree to operate under a common brand name.
Small Firms and Boutiques
These are firms often employing up to 30 people which are independent, region or industry specific and often the product of one or several individuals’ experience and long careers in executive search. The AESC has many members in this category operating in most countries of the world.