The headhunting market has grown significantly. Who has experienced the greatest success?

For now, there are enough managers on the market to attract.

By: sme.sk

Jun 17 2024
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3426 Views

The headhunting market has gro

The changing situation in the economy has also been reflected in the filling of positions at director level, and in other key positions at companies.

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While in 2022 the ten largest companies in the executive search segment reported sales of €5.7 million, last year the figure rose to €6.3 million. Their sales grew by more than 10 percent year-on-year.

“2023 was a dynamic and significant growth year for the executive search sector,” said Amrop’s managing partner Igor Šulík. His company took first place in the ranking of executive search firms. The company helped establish several new management teams and assisted in the strategic restructuring of organisations. “Last year, it was as if the dampening effects of the Covid period had already faded, and client demand for our type of services was significantly higher,” added Šulík.

Companies can be divided into those that grew, invested and searched for quality people. The other part of the market hesitated and decided to wait out the situation.

10 largest executive search firms in Slovakia

Amrop
PERSONALITY
MenkynaPartners Management Consulting
Arthur Hunt
HEADSCOUT
Jenewein Executive
Teamconsult SR
TARGET Executive Search
Consilium Consulting
ISG

“I think that bolder companies now have a head start and are growing,” said Personality CEO Peter Križan. Personality is number two in the ranking. According to Križan, the positive development continues in 2024. The first months show that there is a “client’s market”, which means that there are a lot of jobseekers on the market and companies can choose again. “But it won’t last long. In my opinion, the situation will turn around again after the summer,” opined Križan.

Further developments and news

Increased caution and nervousness can still be felt in the market. According to Šulík, in addition to the macroeconomic situation, these sentiments are also influenced by negative interventions in legislation, the deteriorating quality of state administration and the ambiguous foreign policy of Slovakia.

“It seems that the current Slovak government lacks the expertise, competence and courage to perform necessary and beneficial things for the future of the country,” said Šulík.

Artificial intelligence also impacts the executive search segment. It helps to streamline processes, digitalisation, a better overview of the market, and understanding the client’s language. However, it cannot cover everything.

“Knowing how to read between the lines, listening to what my intuition tells me, the energy the other side radiates, simply knowing how to read things, all this makes a living person irreplaceable in the executive search process,” explained partner Lucia Vantuchová from MenkynaPartners. The company is ranked third in the ranking of executive search firms.

Social networks are another tool that actively influences the executive search market. LinkedIn has the most prominent position. The Personality company started creating customised profiles for clients, through which managers can better present themselves, and the company they work for, while increasing the potential for acquiring new customers.

“This year we added a student version. For a very low fee, we help students create their profiles on this social network so that they can build their personal brands and maybe even get their first job,” said Križan.

2023: Revenues from executive search

Amrop
PERSONALITY
MenkynaPartners Management Consulting
Arthur Hunt
HEADSCOUT
Jenewein Executive
Teamconsult SR
TARGET Executive Search
Consilium Consulting
BUSINESS ESSENTIALS

The Arthur Hunt company can boast of another innovation. Its client from the automotive industry is optimising its team of managers. This is a reaction to the change in strategy towards electromobility. “Using psychometric tools, we identify areas where improvement is needed,” explained Katarína Bittalová, a partner with Arthur Hunt. The application of these tools can help predict managers’ reactions to change.

Interesting assignments

The non-profit association Nexteria helps young people to grow. Its emphasis is on education. Amrop was tasked with finding a CEO for this non-profit organisation. He was to represent values such as vision, excellence, proactivity, integrity, reciprocity and service. Marián Hudec became the new CEO.

“Through this, too, we have contributed to public administration becoming a full-fledged alternative for young people in making career decisions,” said Šulík.

Personality received an assignment from a German client to fill one position in Slovakia. It was a specific top position in the IT segment. The assignment combined knowledge of programming, English, German and, at the same time, it was to be a senior profile who would lead one division in Germany from Slovakia.

After presenting three suitable candidates, the client realised their potential and hired them all. Together, they gradually created a separate division.

“The client was surprised by the quality of people awaiting them,” concluded Križan.