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Global search firms' revenues plummet.
(From Financial News (Daily))
The combined global revenues of the 25 largest headhunting firms in the US fell in 2001 by 30%, or $523m, a survey shows.Eight of the firms saw declines of more than 35% from the year before. The industry sectors that suffered the steepest falls were the same that produced stellar growth rates over the previous five years, including financial services and venture capital, according to the report by Hunt-Scanlon Advisors, a US recruitment market research firm.
Of the six largest global search firms, revenue in 2001 was down 38.7% at TMP Worldwide, 29.6% at Korn/Ferry International and 23.8% at Spencer Stuart. Heidrick & Struggles' revenue was down 23.4% and Russell Reynolds down 19.8%.
Egon Zehnder saw revenue fall just 7%, though 83% of its 2001 revenue was generated outside the US, said Hunt-Scanlon.
With financial services typically the largest or second largest industry practice at many global firms, the year-long slump in this arena translated into minimal hiring activity for recruiters.
The report said: 'One of the side effects of the search industry downturn has been a sharp rise in the number of executive recruiters who voluntarily left their existing firms for better opportunities at either competing firms ...
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