Despite the recent avalanche of negative economic data, highlighted by a 0.3% contraction in U.S. GDP in the third quarter and a rising unemployment rate, the outlook for job growth at the top of the employment market is not all doom and gloom according to Mark Anderson, President and Chief Economist of ExecuNet, the leading executive career and business network.
ìThereís no question that tough economic times have slowed the overall pace of executive-level job growth significantly, but not every industry was equally affected by recent events on Wall Street and the subsequent move into a recession,î says Anderson. ìThere are several bright spots remaining in the employment market, as the Energy, Environment, Healthcare and High Tech industries continue to create new opportunities. Companies within these industries are also well-positioned generate additional job growth under an Obama presidency.î
ExecuNetís Recruiter Confidence Index, a leading indicator for the executive employment market, recently revealed that the global economic slowdown has reached the top of the employment market. According to the October 2008 survey of executive recruiters, 37% are confident or very confident the executive employment market will improve in the next six months – down from 49% in September. 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.
ìWhile not immune to a slowing economy, the executive employment market does not move in lock step with the Department of Laborís nonfarm payroll data, as companies rely heavily on their leaders to implement restructuring programs in recessions,î Anderson notes. ìIn this type of a market, itís vital that professionals look beyond the macroeconomic variables that are out of their control and focus their energy on activities that are within reach, specifically, building a better network, raising your professional profile, and developing new skills.î
To speak with Mark Anderson, President and Chief Economist of ExecuNet, about his outlook for the executive employment market, please contact Troy Mayclim at (914) 686-5599 or tmayclim@riverinc.com or Michael Gelormino at (914) 686-5599 or mgelormino@riverinc.com.
Founded in 1988, ExecuNet is a leading business and career network where senior level executives make key peer connections and gain insights so they can make the best decisions for their business and career. 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.
Healthcare, Energy, and High Tech Industries Help Bolster Executive Employment Outlook
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