As organizations are aggressively working towards expanding their operations across the globe, the need for the right candidates at the senior-level has increased substantially. Today, headhunting services, also known as executive search services, are considered a global market. Often confused with general recruitment, headhunting is far more than just a recruitment platform. Headhunting involves the sourcing of qualified candidates through industry databases, professional network contacts, and referrals. Due to high demand, both in developing and developed countries, the global headhunting services market is estimated to grow at a CAGR of over 4% by 2020.
What’s trending in the headhunting services market?
Technology has played a major role in the headhunting services market. There is a growing trend towards automation of headhunting processes that many service providers are turning to – Morgan Philips Executive Search included. This process involves the collection of information about candidates from online forums, professional communities and social networks, followed by the matching of acquired information from candidates with the job specifications provided by clients. The entire process also involves the creation of automated marketing campaigns and measurement processes.
Integration of CRM and project management services is another major trend catching on in the global headhunting services market. CRM is compact software that assists in the candidate search process through online forums and communities, managing customer relationships, and syncing and importing candidate data automatically. Along with the integration of CRM, many service providers are also using data analytics.
Source: Technavio
Known as people analytics, this tool uses big data analytics, which is relevant to employee behavior, in order to manage the employees within an organization. Particularly in the case of the consumer goods industry, headhunting firms make use of analytics to obtain information on industry trends and predict future requirements. This helps suppliers not only stay ahead of their competition, but also provide clients with suitable talent. People analytics are also used by these clients to gather insight on their own HR practices and strategically align them with their business goals.
Along with the need for the right candidate at the senior-level, there is also an increased requirement for candidates at the mid-management level. Keeping this in mind, there are several service providers that are developing new products and solutions that cater to mid-level management hiring requirements. Some of the best examples include ‘Futurestep’ from Korn Ferry International and DHR International’s ‘Jobplex’, which specifically serve the middle-level management and professional markets.
There has also been a substantial increase in the demand for cross-border executive search with the growth of global businesses and the need for quality leadership. Headhunting service providers like Stanton Chase International have witnessed an increase of around 15-20% annually since 2012 in the area of cross-border headhunting assignments. Cross-border executive search is quite beneficial, as it increases the ability to deliver diverse or multi-cultural leadership skills.
Want to learn more about what is driving the headhunting services market?
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