Executive Hiring Still Reeling from Credit Crisis, but Survey Unearths Growth

by TMT Editor

Nineteen percent of companies are significantly reducing employment, but this is a number that's down from 24% in October of 2008, according to the May 2009 Talent Market Survey. The survey comprises the responses of more than 230 of the thousands of executives in Greenwich, CT–based executive search firm Claymore Partners, LLC's client database. Reductions are greatest in investment and retail banking, investment management, consumer finance/payments, and life and property casualty insurance, indicate the findings, which further reveal that healthcare, health insurance, securities brokerage, and consulting are hiring the most at this time.

The credit crisis of 2008 continues to affect the executive job outlook, suggests Claymore's report, with more than 50% of respondents saying that they expect the situation to continue its negative effect on hiring through 2009 and into 2010—six months longer than anticipated in Claymore's 2008 survey, the report notes. About 30% are currently worried about losing their own jobs, and almost three quarters of are at least open to consider new positions with about one third actively seeking new opportunities.

Areas of optimism are evident, however. The percentage of companies reducing their staff levels by more than 10% is down 21% compared to October of 2008, the percentage of companies in a hiring freeze is down by 17%, and the percentage of companies increasing their workforces by as much as one-tenth is up 12%. Areas of discipline enjoying the greatest hiring activity right now are risk management and compliance (56%), sales (57%) and professional services (50%).