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Where the Growth in Executive Employment is Expected to be in 2018
Our recent market intelligence data suggests there is an expanding executive employment market and that executive recruiters and executives can expect the number of job opportunities companies will be searching for will be expanding in the next six months. Executive recruiters are expecting double-digit growth in 2918 over 2017.
Meanwhile, we are seeing a 20% increase of searches of our network by executive recruiters over last year already. Recruiters are also reporting that their clients are taking longer to make decisions (70% Agree or Strongly Agree), and 72% (Agree or Strongly Agree) say their clients are becoming more demanding in their job specs.
At the same time, we are seeing an increase in executives considering making a change. We are seeing more and more passive candidates think about moving. With more employed candidates on the market, being an unemployed job seeker is again becoming detrimental, 66% versus 39% just three years ago.
A positive of the increased demand – older executives are still viable candidates. Recruiters see age becoming a significant factor in hiring at age 57 versus 53 in 2015.
The chart to the right from our most recent survey shows executive recruiters picked these top 10 INDUSTRY GROWTH areas for 2018:
Healthcare remains atop the list of growth areas again this year. Technology and Industrial Manufacturing continue to round out the top three as the areas with the fastest executive hiring activity
Consumer Products and Transportation/Distribution/Wholesaling made the biggest moves, surging into the top 10; while Industries on the rise also included Internet and eCommerce/Info Technology and Financial Services.
On the other hand, Software is barely hanging onto a top 10 spot this year.
The second chart to the right shows what executive recruiters project as the top 10 growth areas by FUNCTION for 2018:
Business Development and Sales again remain the areas where recruiters expect the greatest growth.
Operations Management remained at number 3 again this year, after a big leap up the chart last year. Meanwhile, this year’s biggest mover was MIS/IT, falling from 4 to 7.
The Functions chart remained consistent with what we saw last year, with only Consulting slipping out of the top 10 in favor of Human Resources in terms of growth for 2018.
For executive recruiters, these industry and functional growth areas may indicate “hot spots of demand” for the coming year and opportunities for business development and candidate development activities efforts.
Our mission at ExecuNet is to keep you abreast of market trends and intelligence that will help you in your recruiting efforts. We will be regularly updating these perspectives throughout the year, so you will continue to be informed.
Recruiter Confidence Index:
Recruiters are bullish to begin the year, according to our exclusive Recruiter Confidence Index (RCI).
Our survey shows that 70% are very confident/confident that the executive job market will expand in the next six months. This indicator is generally a leading indicator for the economy, so this is excellent news for 2018.
In this survey of executive recruiters, only 5% are not confident it will improve. Such a small percentage there suggests the 70% confidence is broad-based across all functions and industries, a clear indicator for a positive job market.
Job Creation Index:
At +25, our exclusive Executive Job Creation Index (JCI) indicates recruiters are saying company hiring is expected to be strong over the next six months. In particular, executive recruiters indicated they felt 3 in 10 companies would be looking to add new executive positions in the next six months.
These numbers suggest the start of 2018 will be a good time for those looking to make a career move. As ever, to succeed in this environment, it still is about candidates presenting a compelling story and clearly demonstrating what differentiates them from the competition.
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