The future for the executive search industry looks bright.
We know exactly where the global talent market is standing. Client market or candidate market? Easy! But how often are candidates solicited today for a vacancy? What makes them move in the end? What do they really think about your company?
We have the answers. An overview:
Europe is aging faster than any other region of the world. It badly needs skilled executives and managers. Germany’s 82 million residents will dwindle to 74.7 million by 2050 and their average age will rise to nearly 50, assuming unchanged levels of migration, according to EU statistics agency Eurostat. Some projections are even more dire, putting the German population as low as 65 million by 2060. That will mean “serious labor supply constraints” in some of the strongest EU economies – Austria, the Netherlands and Finland as well as Germany – according to a European Commission study by Joerg Peschner and Constantinos Fotakis that took a baseline economic recovery of just 1 percent.
Before the financial crisis erupted in 2008, economic growth in the euro zone averaged 2 percent a year, roughly made up of a 1 percent gain in employment and 1 percent in productivity.
That growth potential, regarded as necessary to maintain the current level of European welfare provision, collapsed during the crisis and is finally returning to most countries. This means a fast decline of unemployment rates throughout most of the EU.
Beware! We not in a “client driven” market anymore but in a “candidate driven” market. This means that there are more vacant positions than suitable candidates available. Some of our clients are still acting as if nothing has changed, but all the statistics are proving that they are wrong. A shortage of highly skilled executives is becoming a serious problem. Even attempting to boost internal recruitment staffing, increasing employment branding or marketing and promising excellent benefits will not do the trick.
Why is an Executive Search Firm necessary in a “Candidate Driven” market?
- Professional Candidates are not always happy to have companies approach them. Through a (good and professional) executive search firm, they can determine their chances, values and reflect their career options.
- Dedicate industry specific direct search firms have equal or even better knowledge of the industry than the average candidate or client. They know salary structures, industry trends and what is required when it comes to market competences. Through a firm like ours, candidate can determine their existing market value.
- Retained search firms are payed for their search services by their clients. This does not mean that they do all the work for the client. They will assist candidates in getting the best deal. Especially if a candidate is undervalued, negotiating through a search firm could be much better than through an internal recruitment officer.
An international executive search firm will be of added value for any employer in a “candidate driven” market:
- Kennedy Executive Search & Consulting and its partner offices throughout Europe, Africa, America and APAC sees that various specialist are hunted from around the globe. The world is getting smaller. Example: Regulatory Affairs specialists are being recruited from all over Europe for an Asian multinational company and leading supplier of innovative high-tech and healthcare products; Big Data Specialists are being searched and selected from around Europe for a major Sports Brand. Throughout a global presence we are able to assist specialist searches for any employer both locally and internationally.
- Most internal recruiters are generalists. They have not the in-depth understanding of certain industry or job specifics we have. They are required and trained to hire generalists but when it comes to specialists, they more likely fail. As a specialist executive search firm, you know the industry specifics and high potentials required for a designated job.
- Internal recruiters, LinkedIn and other job related will only focus on high in demand jobs – the services of executive search firms will more and more be used by employers to search and select specialist for difficult searches.
Why not contact us at Kennedy Executive? We have 14 offices all around the world – covering Oceana, Asia, Africa, Europe and North America we can attract talent and service our national and international clients throughout the globe.
We have dedicated offices focusing on specific industries: Consumer, Industrial, Finance & Risk, Life Sciences, Luxury and Technology. Each industry is managed by an “Industry Leader” who is dedicating his or her time focusing on new trends and innovations.
As a group, we fill 365 strategic positions in 50 countries this year. One every day. We talk about trends, candidates and clients. Today alone I talked to my colleagues in Vienna and Paris. This Thursday we will have our monthly conference call and all see each other.
And we will manage the candidate in a way that YOUR dream candidate joins you – and not your competition.
Do you enjoy working with a boutique firm that acts locally yet sees the international, the big picture and understand what drives talent globally? Contact us!