Industry revenue of “employment placement, executive search services“ in the U.S. 2011-2023

As economists warn of a possible recession, the record-breaking pace of U.S. job creation still shows no signs of slackening. According to the latest Bureau of Labor Statistics data, 164,000 jobs were added in July, the 106th straight month of job growth with healthcare & social assistance, professional & business services and leisure & hospitality, being the top sectors. The country’s overall unemployment rate has fallen from 9.6% in 2010 to 3.9% in 2018. As a result, the employment placement and executive search services industry is also witnessing steady growth and this trend is expected to continue in the short to medium term as well. Industry revenues have been estimated to increase from 22.4 billion U.S. dollars in 2017 to almost 27 billion in 2023.

Interestingly, diversification has emerged as one of the key drivers for most of the major companies such as Allegis Group, Randstad Holding and Adecco, over the last few years. Headhunting firms around the U.S. are now finding novel ways of expanding their services beyond just pure executive search by adding new practice areas such as board advisory, succession planning, assessments and corporate coaching. This trend, along with technology adoption and a strong job market, are expected to be the primary market drivers over the next few years.

Industry revenue of “employment placement, executive search services“ in the U.S. from 2011 to 2023

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Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

The industry classification is based on the Naics 2017 - system in the U.S.. The industry “employment placement agencies and executive search services“ has the code “56131“.

Details on the methodology can be found here.

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