In 2002 overall job creation and demand for executive talent decreased by 17% compared to 2001. This was a continuation of the trend between 2000 and 2001 (particularly after September 11th), when demand declined by 22%.
By functional specialty, demand for consultants posted the most significant decrease in 2002, dropping 40%. MIS/IT, Human Resources, and Finance executives also faced a grim employment market, as demand for their skills fell 31%, 27% and 23% respectively.
Other functions posting a double-digit decline in demand include Legal/Regulatory (14%), Operations Management (12%) and General Management (11%). Demand for Sales & Marketing executives decreased 9% during the year.
While executive demand for every function was down for the year, signs the market may be improving emerged in the fourth quarter, with demand up for Consulting (15%), Sales & Marketing (8%) and MIS/IT executives (7%) when compared with the fourth quarter of 2001. Given the sharp year-to-year decline by Consulting, the increase in the 4th quarter is a very positive sign.
