Financial services executives back in demand, according to AESC report
The executive search rise in financial services was accompanied by positive search industry revenue growth of 15.6% yearly, from Q1 & lsquo;13 to Q1 & lsquo;14 and 4.1% quarterly, from Q4 & lsquo;13 to Q1 & lsquo;14. In contrast, the number of new search mandates fell year-on-year from the first quarter of 2013 to the first quarter this year, declining -7.7%, yet the quarterly trend in Q1 ’14 showed search activity growth of 7.3%.
AESC President, Peter Felix, commented, “It is encouraging to see the momentum of the past several quarters continued into the first quarter of 2014. The US economy continues to dominate in terms of its pull back from the financial crisis, but we now see clear evidence that Europe is also picking up the pace and showing optimism as far as senior executive hiring is concerned. The main story, however, is that Financial Services is back as a growing sector for executive demand, now that major restructurings have occurred and there is a clearer picture of where financial institutions will focus their efforts. Executive talent is always at a premium nowhere more so than in financial services”.
Felix added, “We are at an exciting point in the development of the executive search market and I am confident that our members’ services will be in increasing demand as clients recognize the new dynamics of recovering economies around the world”.
While Q1 & lsquo;14 saw the Industrial sector retain the largest market share of worldwide executive search activity at 23%, Financial Services continued to increase its share with growth of 3.5% yearly from the first quarter of 2013, resulting in a 21.1% market share. Of the other major industries surveyed, Consumer Products held an 18.9% share in Q1 & lsquo;14, followed by Technology (16.5%) and then Life Sciences/Healthcare (13%).
All major regions saw positive quarterly growth in new searches started from the fourth quarter of 2013 to the first quarter this year.