Don’t Let the Good Ones Get Away
CarterBaldwin, a premier executive search firm focused on identifying top industry leaders, including CEOs, Board Members, Vice Presidents and Directors, for dynamic companies, investigates the impact the shifting economy is having on the recruitment of top executive talent.
According to recently released data from the Association of Executive Search Consultants (AESC)*, the retained executive search industry experienced worldwide revenue growth for the second year in a row, expanding 6.5% from 2004 to 2005. Growth was consistent in three of the global regions surveyed: North America, Europe and Asia/Pacific and all industries experienced an increase in searches. Most notably were the Financial Services (22.8%), Industrial (21.7%), Consumer Products (17.7%) and Technology (17%) sectors.
Our own firm experienced a 35% increase in revenue for the year ending 2005 and is predicting a similar increase for the current year. These staggering statistics reflect the strength of North American economy and the core markets CarterBaldwin serves including the Business/Financial Services (15%), Consumer Products (17%), Manufacturing/Distribution (25%) and Technology/Telecommunications (22%) sectors.
More than 50% of our business since 2004 has in fact been from repeat clients and we’re happy to report that the Georgia Economic Outlook 2006, a report published by the Selig Center for Economic Growth at UGA’s Terry College of Business, indicates that over 40,000 jobs will be added to the 28-county Atlanta area.
At this point, you are probably wondering what all these facts and figures mean to you. Well, in our opinion it’s a good time for your organization to take a close look at how you will recruit executive talent over the upcoming year. The awakening economy means the pendulum has shifted from an “employer market” to an “employee market” and therefore it is our belief that your recruiting strategies must also shift to meet the challenges of the changing market.
What specifically do we recommend? Read on for our top tips for securing executive talent in today’s market.