The global head hunting services was valued at over USD 12 billion in 2015 and is expected to surpass USD 15 billion by 2020
Procurement market intelligence analysts at Technavio have recently announced the launch of their procurement report on head hunting services for the period 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the public relations services market during the forecast period. Some of the top vendors listed in this industry analysis include Korn Ferry, Spencer Stuart, Egon Zehnder International, Russel Reynolds Associates, and Heidrick & Struggles.
In terms of geographical analysis, Europe is the largest shareholder in the global market, with a market share of around 43%. The UK was the key revenue generating country in this region, accounting for almost 12% of the market in Europe.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The introduction of head hunting services helps in the mitigation of complexities pertaining to cross-border searches such as logistical challenges, which, in turn, increases research expenses. The services providers in the global market have established cross-border partnerships to develop multi-firm collaborative networks resulting in improved recruiting services. These multi-firm networks increase suppliers’ efficiency by collaborating on searches, splitting fees, and creating shared-client intranets.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Emergence of new executive roles
The emergence of new executive roles resulted from the shift in business models from volume-based to value-based to achieve better ROI. These new executive roles were introduced to increase focus and implement best practices in business operations. For instance, in the healthcare sector, some of the new executive roles include chief patient experience officer, chief of population health, chief of network integration, and chief of market solutions.
Scarcity of top executive talent
The increasing demand and scarcity of top executive talents in emerging markets is boosting the need for headhunting service firms in order to influence their industry knowledge. Companies across various sectors focus on hiring candidates who focus on marketing and sales with practical experience in data analytics for making hiring decisions.
Industry/functional/geographical expertise
Heading service providers are concentrating on increasing the online branding of candidates. This branding technique will help many firms to consider suppliers’ industry or functional knowledge and expertise as an important factor while recruiting candidates for these posts. These functionalities also help buyers access difficult-to-reach candidates, meet diverse candidate requirements, and increase the candidate retention rate.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Head Hunting Services – Procurement Market Intelligence Report 2016-2020’.
