Employment Slowdown Reaches Executive Market

Demand for executive talent, which remained remarkably strong during the first nine months of 2008, is expected to soften in the months ahead, according ExecuNetís Recruiter Confidence Index (RCI).

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 business, career and recruiting network. Designed to forecast job growth at the executive level, a reading above 50 indicates an increase in search assignments. Independent analysis of the RCI has confirmed it is a leading indicator for the executive employment market.

According to the October survey of 141 executive recruiters, 37% are confident or very confident the executive employment market will improve in the next six months – down from 49% in September.

ìTurmoil in the financial markets has companies taking a closer look at their human capital needs,î said Mark Anderson, President of ExecuNet. ìWhile some executive recruiters report that searches are taking more time to fill as companies grow cautious, others are working closely with clients to improve existing management teams by hiring new, proven leaders.î

Short-term confidence also dropped during the month as recession fears loomed. In October, 17% of recruiters were confident or very confident the executive employment market will improve in the next three months – down from 30% in September. During this period of time, 19% of search firms have plans to hire additional professional staff.

ìAnecdotal evidence suggests many corporate leaders are putting their professional aspirations on hold during this downturn,î added Anderson. ìNot only does this passive, wait-and-see approach overlook existing pockets of growth in the energy, environmental services and healthcare industries, it could also stunt the long-term growth of your career.î

To help executives keep their careers on course during these turbulent times, ExecuNet offers the following suggestions:

Avoid The Bunker Mentality. Burying your head in the sand in an effort to survive the storm is a strategy thatís destined to fail. Regardless of whether youíre happily employed or recently terminated, itís important to keep in mind that some of the best opportunities are uncovered in the worst of times. To succeed in creating career options in this market, become a solution in search of a problem.

Expand Your Network – Strategically. New opportunities are more likely to come from contacts within your network than online job postings or classified ads. The most effective networkers strive to develop meaningful relationships that are built on mutual trust. Donít be lulled into investing countless hours on the Internet compiling a lengthy list of online friends.

Strengthen Your Personal Brand. To differentiate yourself in a crowded field of candidates, develop a unique value proposition by focusing on specific accomplishments that have enhanced your past employerís bottom line. As the outlook for corporate profit growth turns bearish, companies are looking for candidates that will give them a clear competitive advantage.

Founded in 1988, ExecuNet is a leading business, career and recruiting network where senior level executives discuss 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.