www.execunet.com - A RecruitSmart survey conducted by ExecuNet.com, an online career services center for executives and recruiters, reveals how difficult the first six months of 2002 have been for many executive recruiters. Forty-seven percent (47%) of recruiters surveyed report that business has declined 20% or more during the first six months of the year, when compared with the same period in 2001; 13% watched growth drop 10%; and 12% say growth remains unchanged when compared with the first half of 2001.
Business development is not disappointing across the board, as 16% of recruiters report an increase 20% or more during the first half of the year and 12% say business is up 10% when compared with last year.
This is not the type of start most recruiters envisioned for 2002, says Dave Opton, CEO and founder of ExecuNet. Uncertain of when the economy will recover, many companies are taking a ëwait and seeí approach and are in no hurry to hire.
In response to the economic slowdown, 37% of recruiters report their firm reduced staff in 2002 and 13% expect their firm will announce layoffs in the second half of the year.
Despite this disappointing start, most recruiters are optimistic that the executive employment market will rebound during the remaining six months of 2002. Three percent (3%) report it improved significantly in the second quarter; 21% expect a turnaround in the third quarter, and 28% predict a recovery in the fourth quarter of this year. However, this optimism for 2002 is not unanimous, as 35% of recruiters believe conditions won''t improve significantly until the first quarter of next year and 13% believe the turnaround will be delayed until the second quarter of 2003.
We have seen signs that indicate the market has bottomed, says Opton. Looking ahead, recovery is likely to be an incremental process as companies slowly look to hire top talent to rebuild and grow.
Results are based on a nationwide survey of 195 executive recruiters.
ExecuNet.com is the leader in providing career management services to the $100,000 executive and senior-level manager. It is the first source executive and corporate recruiters use to find top executive talent. Founded in 1988, ExecuNet posts more than 30,000 executive jobs annually; provides information on salaries and market trends; hosts networking meetings in major metropolitan cities across the U.S.; and publishes three newsletters covering the latest tips, tactics, strategies, and resources for executive job search, career management, and member networking.
Recruiting industry off to a tough start In 2002
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