The Association of Executive Search Consultants (AESC) surveyed 274 search firm executives worldwide in January 2005. More than three-quarters (77%) of surveyed search consultants are positive about their industry’s outlook for the next six months, and 82% hold a positive outlook for their own search practice for the same time frame.
The AESC six-month outlook survey also found that search activity is currently strong or very strong and predicted to remain so in several industries. Nearly half (47.4%) of surveyed search firm executives expect increased hiring in the banking/financial services sector, followed by information technology (38.3%), pharmaceuticals/biotech (34.6%) and manufacturing (33.5%). Executive search consultants expect the least growth in the hotels/tourism, transportation, education and publishing industries.
In a January 2005 Management Recruiters International (MRI) survey of more than 500 executives responsible for the hiring of middle management and professional staff at their organizations, 59.3% of the participants reported intending to make new hires in the first half of 2005. This represents an 11.7 point increase over January 2004 levels.
The MRI survey spanned U.S. geographic regions, industries, and company sizes. Hiring for management and professional positions was expected across the board. Certain industries are planning significant additions in the first half of 2005. Nearly 80% of firms surveyed in the construction industry plan to increase staff levels. Increased hiring is also expected among companies in the consumer goods/products (69.0%), aerospace/aviation (62.5%), manufacturing/production (57.2%), healthcare (54.2%) and automotive (47.5%) industries.
“Companies that have been very cautious about making new hires now seem to be gearing up for expansion,” said Allen Salikof, president and CEO of MRI. “They are willing to make an investment in their businesses by adding the staff they need to increase market share. This rise in the number of companies planning to add new hires started during the last half of 2004, and the trend appears to be gaining momentum. We have not seen these kinds of numbers since 2001.”
As the hiring economy continues to ramp up and activity in search firms increases, it is important to maintain your connections with recruiters and executive search professionals working in your region and industry. ExecutiveRegistry connects career-minded professionals with the open jobs currently under research by a qualified network of search consultants. Or, visit ExecuitveAgent.com to learn how you can connect with thousands of search consultants who can open doors for you with hiring companies.