Yesterday, the Association of Executive Search Consultants (AESC) released its Q2 2010 AESC State of the Executive Search Industry report, which showed a quarter-on-quarter 12% growth rate in net revenue worldwide and substantial year-on-year growth in the number of search mandates started across most industries and regions. The first quarter of this year showed further positive signs of recovery for the senior executive search industry around the world with annual growth of 30.2% in new executive search mandates and a 22% rise in revenues.
- Industry-wide revenues rose 42% on a year-on-year basis
- There was a reported 38% year-on-year increase in the number of new executive searches started globally
- Executive searches within the Financial Services industry and the Technology industry witnessed the greatest annual growth, at 39.2% and 37.3% respectively
- Other industries with notable yearly growth include Life Sciences/Healthcare (26.4%), Consumer (25%), and Industrial (20.1%)
Based on quarterly regional trends, from Q1 2010 to Q2 2010, North America’s recovery from the recession is currently the strongest, followed by Asia Pacific and other emerging markets. As a matter of perspective, AESC President Peter Felix stated, “Although the industry’s revenues fell by 32.5% in 2009, the low point was still considerably higher than the low point in 2002, during the last recession. If the pullback from that recession took three years to reach the previous high and only another two to reach new all time highs then this pullback is already in line with that and gives us hope of regaining former heights.”