June 6, 2018 –
- The executive search industry continues to grow, with the top 50 firms in the U.S. topping $3 billion in revenue in 2017, according to a report from Hunt Scanlon Media. For some of the newer and boutique firms, double digit growth, as high as 43%, has been reported.
- A driving force for further growth will be AI, the organization says. Early adopters of the tech that can source and digest volumes of data more quickly and effectively than a fleet of recruiters could have an advantage in their toolbox. The top firms, like Korn Ferry and Spencer Stuart, are looking for experts to help them implement the tech, according to the report.
- Adoption of AI may be in its early stages in the industry, but most predict it, as well as other technologies, are poised to reshape the way they do business. The capacity to more quickly source and evaluate talent is driving recruitment firms to turn to tech, Hunt Scanlon says.
This study bears out recently reported industry optimism that showed 75% of staffing firms expect growth in the coming year, despite automation, political barriers and more. Additionally, while the number of female CEOs just fell by 25%, many executive recruiters are seeing higher demand for women candidates for C-suite positions.
Automation promises to improve a staffing agency’s reach and growth; it’s already fueling change in the way we source and hire. Whether actively or passively recruiting, the amount of data technology can amass and screen may free up recruiters to spend more time on acquiring talent than sourcing it. Even an HR department of one can access massive amounts of data via an AI assistant.
For most employers, the question isn’t whether AI is ready to help; it’s whether you’re ready to implement it.
- Hunt Scanlon MediaBig Growth in Store as Executive Recruiters Slowly Adapt to Automated Technologies
Source: HRDive, Written by Riia O’Donnell