Insights
2010 AESC Outlook Report
OPTIMISM HIGH: EXECUTIVE SEARCH ACTIVITY TO INCREASE IN 2010
Latest Search Industry Outlook Shows Most Growth in Healthcare/Life Sciences and Energy/Natural Resources
Ninety-one per cent of executive search consultants hold a neutral to positive outlook for the executive search business in 2010, showing renewed confidence as the senior recruitment industry gains momentum following the downturn. The 2010 Association of Executive Search Consultants (AESC) Member Outlook Survey of December 2009 totaled 268 responses from AESC executive search consultants worldwide.
With 77% expecting revenues to increase in 2010 and over half reporting plans to hire more consultants this year, the latest results show a vast improvement in optimism since December 2008.
Commenting on the findings, AESC President Peter Felix stated: “These outlook results for 2010 indicate very strongly that the executive search business, and thus the senior executive hiring market, has turned a corner. It is indicative of a new spring in the step of top management of organizations and a realization that with a new environment decisions about the quality of executive teams are of paramount importance.
“I am very pleased to know that our member firms, representing the highest quality in the worldwide executive search profession, are again able to view their market place with a degree of optimism.”
Executive search consultants worldwide predict that the Healthcare/Life Sciences and Energy/Natural Resources industries will see the most growth in 2010. When considering where the greatest demand for talent will appear regionally, China was ranked as most in need, followed by India.
Candidates are thought to be twice as likely to consider a career move in 2010 than they were in 2009, though concerns about market instability and the state of the economy will be key factors hindering executive mobility in the current environment.
“There is a discernible change in the attitude of senior executives as they compare and evaluate opportunities within their existing workplace against new opportunities elsewhere. It is often in turbulent times that unusual career openings occur for talented executives and those willing to consider a move can be highly rewarded.” Commented Mr. Felix.