| SIC Codes: | |
| NAICS Codes: | 561312 |
Companies in this industry search, recruit, and place executives and senior managers for business and government clients. Major companies include Egon Zehnder International, Korn/Ferry International, and Heidrick & Struggles International (all based in the US), as well as The Caldwell Partners International (Canada) and Norman Broadbent (UK).
Job growth drives demand for the executive search industry. The profitability of individual companies depends on good marketing, development of a loyal client base, and effectiveness at identifying and recruiting qualified candidates. Large firms, especially those with an international footprint, can take advantage of multinational corporations’ need to find qualified executives all over the world. Small companies can compete successfully by specializing in recruiting for an industry or a job function. The industry is fragmented; the 50 largest firms account for 40 percent of revenues.
Executive search firms provide a variety of functions: they locate candidates for executive positions, maintain a large database of executives' resumes, match suitable candidates to clients, and conduct prescreening interviews and background checks on behalf of employers. Executives recruited by such firms generally fill permanent, top-level management positions, in contrast to workers recruited by personnel staffing agencies, which fulfill temporary assignments for clients. Firms also offer leadership consulting services, which include succession planning, executive assessment, talent retention management, executive development, and transition consulting.