Executive recruitment hit hard by recession | Jorbb.com

Executive searches worldwide have fallen 35% in the first quarter of 2009 compared to the same period last year, according to a report by Association of Executive Search Consultants (AESC).

The Q1 State of the Executive Search Industry Report polled over 1,500 executive search consultants in 46 countries and found that executive searches in the financial services industry suffered the hardest blow, with a 41% yearly drop in the first quarter of 2009.The industrial sector fell 27% year-on-year, while the healthcare sector showed the least decline with a 21% drop compared to the first quarter of 2008.

Peter Felix, president of AESC, feels the findings show that no region, industry or function has been unaffected. "Top management have been caught in the headlights of overwhelming uncertainty and have acted more to protect assets and reduce costs than to plan for the future. It is thus no surprise that the worldwide executive search profession has been affected.”

The fall in executive recruitment streams from financial trends emerging as a result of the economic downturn. Average net revenues fell by 38% in the first quarter of 2009, compared to the same period the previous year. The average fee per executive search assignment also declined 12% from Q4 2008 to Q1 2009.

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