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Industry Rankings & Market Forecast Executive Recruiting State of the Industry Report Industry Rankings & Market Forecast Q1 2021 The pandemic caused an unprecedented disruption to executive search activity in 2020. We take a critical look back, examine search firm performance, and uncover fresh market opportunities. Leading executive recruiters offer up their viewpoints, and forecasts, for 2021. In Sponsorship With: TABLE OF CONTENTS About Hunt Scanlon Media . 4 Index of Sponsors . 5 Index of Advertisers . 6 Foreword . 8 Executive Summary . 12 Pulse Survey Findings . 56 Industry Viewpoint . 63 Copyright 2021 Hunt Scanlon Media LLC. All rights reserved. 1 INDUSTRY VIEWPOINTS We Find and Develop Great Leaders N2Growth places top executives at the world’s Talent As An Investment Thesis best companies and equips them to succeed. Mike Myatt, Founder & Chairman We propel organizations to greatness by N2Growth . 65 investing in what matters most: people. A New, Post-Covid-19 Leadership Paradigm Dale E . Jones, CEO Diversified Search Group . 68 Recovering From the 2020 Roller Coaster Ken Vancini, Director of Industry Solutions Thrive . 71 COVID-19 Impacts on Leadership Transitions And the Search Process Dr . L . Jay Lemons, President and Senior Consultant Academic Search . 74 (Continued on next page) 2 INDUSTRY VIEWPOINTS (Continued from previous page) The Case for Promoting Women Heather Cameron, Director of Talent Acquisition and Mackenzie Jones, Research Associate McDermott + Bull . 76 2020’s Impact on Executive Search for Nonprofits Nancy Racette, Principal & Chief Operating Officer, Development Resources, Inc . (DRi) . .81 The Characteristics of Top B2C Marketers at Successful VC-backed U.S. Companies Dan Weiner, Managing Partner RevelOne . 84 Why We Make Bad Hires Donald J . Zinn, Senior Vice President – Executive Search Helping organizations build StevenDouglas . 88 diverse, world-class leadership teams with executive search, executive interim and leadership advisory services. 61 offices across 30 countries 250+ partners in 50 sectors 50+ years of service excellence www.odgersberndtson.com 3 ABOUT HUNT SCANLON MEDIA Hunt Scanlon Media is the most widely referenced, leadership and talent solutions consultants who single source for information in the human capital service them . sector . Our mission is to inform, engage, and Contact Information: connect you — the most avid members of the talent Scott A . Scanlon management community — with daily news and Editor-in-Chief expert commentary . We have assembled a team of (203) 252-7203 trusted, experienced reporters and editors to track scott@huntscanlon com. who is making news and what’s driving the market around the clock . And we have one of the best Christopher W . Hunt management teams in the field . President Hunt Scanlon Media has been defining and informing (203) 252-7302 the senior talent management sector for over 30 chris@huntscanlon com. years . Our global staffing intelligence data comes Erik M . Boender in many forms: daily newswires, annual leadership Director, Operations and Market Intelligence and state of the industry reports, market intelligence (203) 321-5115 sector briefings, industry rankings and our flagship erik@huntscanlon com. newsletter Executive Search Review . Our exclusive news briefings, interviews, industry trends reports Paul Silverfarb and rankings, forecasts and expert commentary offer Director, Social Media unique insight and market intelligence as we track (203) 526-8799 paul@huntscanlon com. global talent management developments . Since our inception, talent management professionals Stephen Sawicki worldwide have turned to Hunt Scanlon Media . Managing Editor (425) 252-8181 Hunt Scanlon Media’s global news network is the steve@huntscanlon com. most comprehensive in the talent management field, and all of our lead stories, rankings tables, news Dale M . Zupsansky alerts, and thought leadership articles provide the Contributing Editor latest thinking in a sector that is highly evolving and in (719) 644-0263 transition . Our editorial team covers news nationally dale@huntscanlon com. and globally, originating exclusive news briefings each Michael S . Hawkins day that provide up-to-the-minute coverage of the Director, Marketing & Brand Management entire talent management and leadership solutions (203) 496-2009 sector . Today, Hunt Scanlon Media interfaces annually michael@huntscanlon com. with more than 20 million human capital professionals in over 191 countries — from CHROs, chief talent Walker Manning officers, talent acquisition specialists, company Manager, Content & Project Management directors, and top decision-makers in finance, IT, (203) 613-4348 sales, private equity, and marketing, to the global walker@huntscanlon com. 4 INDEX OF SPONSORS N2Growth . 65 Diversified Search Group . 68 Thrive . 71 Academic Search . 74 McDermott + Bull . 76 Development Resources, Inc . (DRi) . .81 RevelOne . 84 Attract $1m+ StevenDouglas . 88 revenue generators to your staffing or executive search business. temptingtalent.com 5 INDEX OF ADVERTISERS (Continued from previous page) Horton International . 1 N2Growth . 2 Odgers Berndtson . 3 Tempting Talent . 5 The Trusted Partner Vetted Solutions . 6 Riviera Partners . 7 for JDG Associates . 15 Associations, Caliber Associates . 16 TalentoHCM . 19 Nonprofits, Buffkin Baker . 22 Development Resources, Inc . (DRi) . 25 and the ZRG . 27 Direct Recruiters . 28 Hotel / DMO Community Minority Executive Search . 30 NPA Worldwide . 31 (Continued on next page) Washington, DC Chicago Los Angeles (202) 544-4749 www.vettedsolutions.com 6 INDEX OF ADVERTISERS Recruiting exceptional (Continued from previous page) technology talent Blue Rock Search . 33 with world class Lindauer . 36 organizations... TSI Group . 37 Leveraging an Diversified Search Group . 39 innovative, data- FPC . 40 centric approach. IESF . 42 IRC . 44 DHR International . 46 Glasford International . 47 Coulter Partners . 48 Boyden . 51 Skill Survey . 52 JM Search . 53 Reffett Associates . 54 Riviera is the only search firm with the experience, rela- tionships, technology and data insights to help you efficiently find your best fit – we leverage our technology to manufacture intelligence for better hiring. San Francisco Chicago Silicon Valley Boston Southern California Denver Seattle Atlanta New York Bozeman 877.RIVIERA www.rivierapartners.com 7 FOREWORD FOREWORD For Executive Recruiters, a New Way Forward asleep at the wheel headed into 2020 . Large global As we entered 2021, many in the executive search search firms had become lazy, confusing strength industry were still trying to figure out how to ‘go back’ of brand with a good business model . They carried and ‘get back to normal ’. As the industry became huge amounts of bloat into 2020 . They had too much debt, too many people, and broken, outdated more clear-eyed that a backward focus is rarely a business models . They had to furlough and/or lay-off sound path to the future, things began to change . As large amounts of their workforce to remain afloat . with any crisis of significance (public health, business, Newer, smaller firms in the market may have had economic, social, financial, political, military, etc ),. it thoughts about certain aspects of market innovation, takes a season in time for governments, businesses, but most lacked stickiness in their client relationships, and people to find their sea legs . I am reminded of an and lacked financial resources, and the necessary old Terry Jacks song, ‘Seasons in the Sun ’. resiliency to survive a crisis, much less a crisis with Not in any way meant to minimize the tragedy of 2020, the magnitude of a global pandemic . but as a crisis typically does, it also gives birth to a Lack of Innovation new way forward . A crisis rewards the agile thinkers, risk takers, and those with a bias to action . As much 2020 ended up shining a very bright, and long as we don’t want to sound crass in naming winners overdue light on the executive search industry . My and losers during a pandemic, some search firms mental playlist is now reminding of the Tom Petty clearly came out of 2020 better and stronger than song ‘Free Falling ’. The pandemic simply exposed others . The pandemic ripped the Band-Aids off the our industry’s dirty secrets about the lack of existing covered wounds of a legacy-based search industry innovation around leadership practices, product/ and exposed the weaknesses of even the biggest service development, process, pricing, methodology, search firms . Regrettably, many of those weaknesses contracting, teaming, delivery and execution, were also prevalent in smaller firms that did not technology, research . The list goes on and one . The survive . executive search industry has fallen behind other industries and segments, and it better catch-up Feeling Invincible quickly or the carnage that we will see due to a lack of If we are to regain our footing as an industry, we innovation will be larger than anything the pandemic need to go back to 2019 to really understand what through at us in 2020 . happened in 2020 . As I think back to that year, my It became glaringly apparent that many search firms playlist has shifted from ‘Seasons in the Sun’ to the were AWOL when their clients needed them most . Cars song, ‘Let the Good Times Roll ’. 2019 was Search firms, big and small, simply couldn’t help a banner year for most search firms . The search clients during their greatest time of need, because industry was feeling invincible – times were good . they had failed in building sustainable businesses
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