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Recruiters Wait for Signs Assignments Will Begin Anew
www.execunet.com – November 25, 2008 – With the crisis of confidence afflicting the financial system spreading, executive recruiters continue to remain bearish on employment growth over the next six months, as the markets and new administration seek a clear path out of the current recession. In November, ExecuNet's Recruiter Confidence Index (RCI), a leading indicator for the executive employment market, dropped to its lowest level amid a steady stream of negative economic reports. Despite this decline, recruiters expect the executive employment market to improve in the second half of next year, forecasting a 9% increase in search assignments in 2009.
Introduced in May 2003, the Recruiter Confidence Index is based on a monthly survey of executive search firms conducted by ExecuNet (www.execunet.com), a leading executive business network. Designed to forecast job growth at the executive level, a reading below 50% indicates recruiters expect the number of search assignments in the next six months will decrease. Independent analysis of the RCI has confirmed it is a leading indicator for the executive employment market.
According to the November survey of 157 executive recruiters, 26% are confident or very confident the executive employment market will improve in the next six months – breaking a previous low of 27% in May 2003 – and down from 37% in October 2008. The drop in confidence was largely driven by a shift from "very confident and confident" to "somewhat confident," as opposed to “not confident," a positive sign indicating executive recruiters are taking a cautiously optimistic view of the market.
Confidence in the Executive Employment Market Next Six Months
"Ongoing economic uncertainty and an absence of leadership in addressing the problems plaguing the nation's financial system have eroded recruiters' confidence," says Mark Anderson, President of ExecuNet. "Looking deeper into 2009, recruiters are more optimistic that the searches that have been put on hold in the fourth quarter will be back on track after the leadership vacuum is filled and companies gain a better understanding of the new administration's approach to restoring economic growth."
Recruiters' short-term confidence also dropped in November, as 10% were confident or very confident the executive employment market will improve during the next three months – down from 17% in October.
"Despite the drop in confidence, pockets of job growth continue to defy the downturn," reports Anderson. "Demand for executive talent in the Energy, Environment, and Healthcare industries has proven to be remarkably resilient."
Founded in 1988, ExecuNet is a leading business, career and recruiting network where senior level executives share business challenges, solutions and professional opportunities. A recognized authority in executive recruiting and human capital, ExecuNet also provides members access to confidential six-figure job opportunities, proprietary research, and pragmatic advice. For more information, visit www.execunet.com.
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