December 2009

Dear Roberto

A Year to Forget?

The Queen of England described 1992, a year that saw the marriages of three of her children fall apart and Windsor Castle almost burn down, as an “Annus Horribilis” and “not a year on which I shall look back with undiluted pleasure.” For different reasons we may feel the same about 2009!

Severe though our own profession’s downturn has been (44% drop in revenues in the 2nd quarter of '09 against '08) nevertheless the low point was still some 20% higher than the industry low point in 2003, during the previous recession.

But all things pass and I am optimistic for the worldwide profession. The quality firms have survived and there is now a growing indication of demand as organizations begin competing again for that very critical and scarce resource – executive talent. Demographics and emerging market demand will fuel another surge of recruiting as organizational redesign and strategic planning set the parameters for the talent structures of the future. We may be facing another perfect wave of demand for top executives within the next several years.

But there is no reason for complacency. Retained executive search has been under severe pressure and as an industry we need to do more to differentiate ourselves in the eyes of our clients, to ensure the best quality and to practice as consultants at the highest level.

The AESC will play its part. Our primary goal during 2010 is to increase awareness of our profession in the global marketplace. In my discussions with a number of major multinationals recently there has been great interest in the AESC and endorsement of the need for higher quality and better practice in the field of executive recruitment and leadership development. One major client has even incorporated the AESC Client Bill of Rights in its terms of doing business with search firms. Clients want quality and best professional practice, and quite rightly so.

To help achieve this goal, we recently re-launched our website with updated information and tools and services for all our audiences including a searchable member directory. Log-in to our members' website today to ensure that your firm’s data and your own personal data is correct in our directory. Clients access the directory regularly through the CorporateConnect section of our website and an increasing amount of business is referred through the AESC to member firms.

As you send out your seasons’ greetings or communicate with your clients in other ways why not highlight your AESC membership and guide them to the AESC website for general information about retained executive search consulting, including our Industry Standards documents and Clients Bill of Rights? Differentiate your firm by highlighting the fact that AESC membership is rigorously limited to only the very best firms in our business.

I believe 2010 will offer better times for executive search. I wish you the very best for this holiday season and a happy new year!

Peter Felix
President, AESC
pmf@aesc.org