Should I conclude that the underwhelming response to my query about whether this last year was the best year on record for the Executive Search business (I received 0 responses), might be due to the fact that for most of the audience (at least those who might have read my discussion question), that it was in fact, NOT the best year for many people?
I have seen a lot of other recruiters struggle this year. So, that's why I asked. I really would like to gain more accurate data and data more reflective of the true situation than that posted by the Fordyce Letter's editor, who seems to be mostly the "Tokyo Rose" of the recruiting industry, hell-bent on demoralizing good recruiters, and completely unrepentant when confronted with his lies.
I'm just saying, that's the way it looks from over here.
I think the timing of the post hurt the feedback Nicholas. I know from who I know in the industry it was a very good year for expanding recruiting departments and budgets. That points to something good but I am limited to the healthcare sector. Lets see if we can get more to chime in...
2015 will be the best year recruiting has seen in many years. Agency recruiters will have banner years and corporate recruiters will be busy. There will be a true lack for good recruiters this year. Enjoy it. A good profession to be in this year.
Great feedback, guys! Thanks. I'd love to hear more opinions and gather more information.
2014 was a crazy year. There was a lull, not just in our business, but in Metro Detroit, during the second quarter, bleeding into the third. It hit us, and many other industries as well. Toward the of the third quarter, however, we just blew up. We ended really strong (both direct hires and 'trial hires') and are starting the year strong.
To give you perspective, our niche is non-executive level search, $40k - $150k. Mostly smaller companies who are growing and adding strategic staff. We don't do vendor lists or anything like that, so it's all direct contact with the clients. I don't want to call them mom and pop shops, but they are more like small to mid size businesses. 12 employees and growing is usually where we start working with them.
Interesting. Good to hear, Linda. My suspicion is that the figures reported by the Fordyce Letter are fairly dubious (most of their fact-checking is nonexistent). I expect that about 80% of staffing/search firms did NOT have the best year to date (although I actually had my 2nd best year to date). In fact, one of the key points made in the Fordyce Letter article is that Korn Ferry's business was up 8% over last year. However, what that survey failed to mention is that 43% of Korn Ferry's revenues did NOT come from executive/retained search services, but came from management consulting, instead. My people tend to think that "management consulting" is a way for Korn Ferry to make up for weaker than usual business. There was also an obvious note of uncertainty in the Fordyce article, because the author (who is, realistically speaking, a complete industry outsider) said companies 'expect' to beat last year's revenues when the numbers for December come in (words to that effect) -- obviously, that means that results could only possibly be marginally better than last year (8%) since if they were better than 8%, last year's numbers would have already been reached by December 1.
So, more evidence of sloppy fact-checking and poor reporting from the disreputable old magazine. Time for new blood! Recruiting Blogs is a whole lot superior, in my opinion.
I am really interested in hearing what/how much Korn Ferry was paid for the 'search' for U of M's new football coach. The announcement was made Korn Ferry was doing the search and within a week, Harbaugh was publicly named as the top contender. That's some search timeline! I'm sure we'll never know the answer to it, but I am seriously curious about the fee.
The fee must be over a $million...