Insights
2011 AESC Outlook Report
EXECUTIVE SEARCH INDUSTRY ANTICIPATES GROWTH
Industrial, Energy/Natural Resources and Financial Services Sectors Expected to See the Most Growth in Executive Hiring in 2011
Optimism in the senior recruitment market continues with executive search consultants 68% positive and 30% neutral for the year ahead. The 2011 Outlook, released today by the Association of Executive Search Consultants (AESC), shows a peak in industry confidence since its low point at the end of 2008.
AESC President, Peter Felix, commented, “The New Year outlook by our members is most encouraging and confirms the renewed demand for executive search services that we witnessed in 2010. Our members are more confident about their pipeline of assignments and although not all markets around the world are recovering at the same pace the underlying trend is strong. This creates more positive planning support for the expansion of resources that in many cases were severely depleted in 2009.”
66% of respondents indicate that their search practices are planning to hire more consultants in 2011 - rising 18% from mid 2010 results - and 44% plan to hire more researchers.
Felix continued, “As the world economy recovers from the financial services trauma so the scarcity of executive talent in many sectors and regions of the world has become apparent again. This is most pronounced in the booming economies of China, India and Brazil where the talent gap is of critical proportions. However, the scarcity of talented general management executives persists even in the developed countries. Given these conditions the outlook for executive search consulting is bright.”
Global findings reveal that the Industrial, Energy/Natural Resources and Financial Services sectors are expected to see the most growth in executive hiring in 2011. Consultants in the Americas held particular optimism (over other regions) for Financial Services, Technology/Telecoms, Energy/Natural Resources, Not-for-Profit, Private Equity/Venture Capital and Real Estate/Construction.
China, India and Latin America are expected to see the greatest scarcity of talent in the year ahead, while the functional outlook places General Managers, CEOs, Chief Operating Officers and Board Directors in strong demand in 2011 - suggesting an increase in high level search assignments as reported in the AESC’s third quarter 2010 industry report.
The 2011 Association of Executive Search Consultants (AESC) Member Outlook Survey of December 2010 totaled 210 responses from AESC executive search consultants worldwide, including 52% from EMEA, 30% from the Americas and 15% from Asia Pacific.