Economic Crisis Felt at top of Corporate Ladder, but Some Industries Still Unaffected November 21, 2008 (Edited by Stacy Straczynski)
Are you starting to feel the market crunch at the top of the corporate ladder? If not, you may be in one of the few markets that aren't affected by wavering economic stability. In fact, recent research shows that while executive-level employees are now facing reduced recruiting opportunities, healthcare, energy and high tech sectors are actually helping to bolster the dipping employment outlook.
ExecuNet's Recruiter Confidence Index, a leading indicator for the executive employment market, reveals that the global economic slowdown has fianlly reached the top of the employment market. Despite the recent avalanche of negative economic data, highlighted by a 0.3% contraction in U.S. GDP in the third quarter and a rising unemployment rate, the outlook for job growth at the top of the employment market is not all doom and gloom. According to the October 2008 survey of executive recruiters, 37% are still confident or very confident the executive employment market will improve in the next six months—although that number is down from 49% in September. (Designed to forecast job growth at the executive level, a reading below 50% indicates recruiters expect the number of search assignments in the next six months will decrease.)
"There's no question that tough economic times have slowed the overall pace of executive-level job growth significantly, but not every industry was equally affected by recent events on Wall Street and the subsequent move into a recession," says Mark Anderson, president and chief economist of ExecuNet. "There are several bright spots remaining in the employment market, as the energy, environment, healthcare and high-tech industries continue to create new opportunities. Companies within these industries are also well-positioned generate additional job growth under an Obama presidency."
"In this type of a market, it’s vital that professionals look beyond the macroeconomic variables that are out of their control and focus their energy on activities that are within reach, specifically, building a better network, raising your professional profile and developing new skills," Anderson says.
Sales & Marketing Management Magazine
This article is brought to you by Sales & Marketing Management, the leading authority for executives in the sales and marketing field.
RSS
