2010 AESC Mid-Year Outlook Report
94% OF SEARCH CONSULTANTS CONFIDENT OF GROWING EXECUTIVE DEMAND
Mid-Year Search Industry Outlook Reveals China, India and Brazil Expected to See Greatest Shortage of Talent
The mid-year executive search industry outlook is positive according to the majority of executive search consultants, with confidence rising 11% from the start of 2010. The findings, released today by Association of Executive Search Consultants (AESC), reveal that 67% of search consultants expect to see revenue growth in the second half of the year, while 27% predict revenues will stay the same. In total 94% are confident that they will see no decrease in demand for the remainder of the year.
China, India and Brazil are expected to see the greatest scarcity of talent in the latter half of 2010. Functions continuing to see the greatest talent shortage are Chief Executive, Chief Operating Officers and General Managers.
AESC President, Peter Felix, commented, “The latest results are indicative of an industry regaining strength following the downturn. Client organizations are beginning to think more strategically and are working with our member search firms to draw senior executive sourcing plans for the future. Once again there is talk of a talent shortage in certain industries and functions, even though unemployment levels remain high. This is encouraging for candidates and our executive search consultants report that candidates are increasingly willing to consider career moves (from 21% in 2009 to 45% in 2010) despite concerns about market instability and the state of the economy.”
Healthcare/Life Sciences and Energy/Natural Resources are reported to be the strongest two sectors at the mid-year point and are expected to see the most growth in the second half of 2010, followed closely by the Industrial and Financial Services sectors.
Nearly half the respondents plan to hire more search consultants in the second half of the year, while 43% plan to maintain the same number of consultants.
The Mid-Year Association of Executive Search Consultants (AESC) Member Outlook Survey of May 2010 totaled 217 responses from AESC executive search consultants worldwide, including 52% from EMEA, 29% from the Americas and 15% from Asia Pacific.