Raphael Bohne
Research expert covering professional services
Executive search worldwide - statistics & facts
Executive search is a specialized method of hiring for senior positions and executive jobs across various different organizations, also commonly referred to as headhunting. This is a task that has become largely outsourced, i.e. firms have hired other companies who specialize in finding specific roles in leadership and executive positions. In theory, this should help firms to make better informed decisions for new personnel in high-paying positions that bear considerable responsibilities. The development of the market size of the executive search industry has been significant, as it more than doubled in size since 2015 and has continued to exhibit growth. Furthermore, executive search professionals overwhelmingly agreed that they expected revenue to increase in 2022 when compared to the previous year.
Global staffing industry
Since the outbreak of the COVID-19 pandemic, the global staffing industry has had to be somewhat restructured owing to the many complications that the spread of the virus brought to the traditional workplace. Some of the main challenges for staffing and recruitment companies in 2022 included a general talent shortage and shifts towards non-traditional work. In order to combat these challenges set upon the industry, the main operational priorities anticipated by staffing firms were candidate acquisition and digital transformation. Furthermore, trends in the staffing and recruitment industry according to professionals have suggested that both technology investments and operating budgets will continue to increase in the face of operational setbacks.Leading companies in the executive search industry
The persistent leader of executive search companies is often considered to be Korn Ferry. The Los Angeles-based consulting firm increased their total revenue by almost one billion U.S. dollars in 2022. This demonstrated a full financial comeback and more following the changes to traditional hiring methods owing to the spread of COVID-19. When measured by revenue, Korn Ferry is indeed the top executive search firm worldwide. By comparison, a global competitor in Egon Zehnder generated a total revenue that equated to 1.5 billion U.S. dollars less than Korn Ferry in the corresponding year.
