Executive Grapevine reveals the UKís top 30 Headhunters

Executive Grapevine Internationalís annual review of the UKís executive search market


Executive Grapevine International reveals the results of its latest Annual Review of the UK Executive Search Market in the recently published Directory of Executive Recruitment, UK Edition, 2003/2004.

Executive Grapevine has launched its third annual survey of the executive search market. Each year, EGIL analyses the market share of net fee income among the UKís executive search firms working predominantly over 100k. The Review identifies the top 30 industry players and, for the very first time, also includes an analysis of six main recruitment industrial sectors: Financial & Professional Services; Healthcare & Life Sciences; Consumer & Retail; Technology, Media & Telecoms; Not-for-Profit & Public Sector and Industrial.


Key Findings: The industry is dominated at this level* by the activity of the top ten firms, who between them control 44% of the market. In the last year these firms have increased their share of a decreasing market by 10%. Market leader, Whitehead Mann, tops the table for the second year running.

Spencer Stuart Associates made a considerable leap into 2nd place in 2003 from 4th in 2002, taking 2.2% more of the market. At the lower end of the table, there have been some major changes, with companies such as Napier Scott and Imprint making their debut in the Top 30.

There was a fall in the overall number of assignments, down from 13,700 in 2001 and 11,400 in 2002, to 9,500 this year. On average, the number of assignments handled by each consultant fell from around 12 -14 in 2001, down to 7 - 8 this year in the larger firms and just 3 or 4 in the smaller ones. These figures reflect the huge general decline in financial/professional services and the technology economies particularly.

Anna Weston, Director of Strategy at EGIL, and author of the Review comments: ìThere was no such thing as an average fee percentage, or an average consultant in 2002 and 2003. The market landscape has altered so dramatically that the structural forces that once defined the characteristics of headhunting no longer existî.

ìThe driving force behind EGILís survey is a continual demand from corporate human resources for us to benchmark headhunters and track changes in the industry. It is vital for human resources to be able to quickly assimilate and digest information so that they can make the right decisions about choosing the right headhunterî, explains Helen Barrett, Chief Executive of EGIL.

ìThe success of the executive search industry is highly dependent of the state of the economy as a whole. Thereís little doubt that the public and not-for-profits sectors have buoyed the incomes of many recruiters. But whilst the climate has been extremely tough over the last two to three years for the majority who work in the private sector, rays of light are appearing on the horizon. Many recruiters are reporting a slight upturn in business and we hope that this continuesî, Barrett concludes.


About the Survey: EGIL analysed activity within the executive recruitment marketplace between 2002 and 2003, focusing on firms where the majority of assignments being handled were over 100k: There are approximately 200 firms that fall into this category in the UK. These firms were asked to supply information about their net fee income and how that income was split between their various practice groups. Information was provided by over 90% of the companies polled and industry averages were inputted for the remaining 10%. The six main sectors covered by the Review are: Financial & Professional Services; Technology, Media & Telecoms; Consumer & Retail; Healthcare & Life Sciences; Not-for-Profit & Public Sector and Industrial/Consumer.


A full copy of this research is available for purchase for 150. The research also appears in the UK Directory of Executive Recruitment UK Edition 2003 (RRP 235 plus carriage). If you would like to purchase either the research or the directory, please contact Gemma Hall, Client Relations Assistant, on 44 (0) 1727 844 335.