Majority of Executives Predict Onset of Labor Market Recovery in 2009
LOS ANGELES, Feb. 5 /CNW/ -- Despite rising unemployment and a
challenging labor market, global executives remain optimistic that the war for
talent is still being waged. A vast majority of respondents to the most recent
Executive Quiz released by The Korn/Ferry Institute predict a long-term
increase in the demand for talent. Additionally, the majority of executives
remain confident about their own career prospects and believe that 2009 will
see a recovery in the labor market.
More than three quarters (77 percent) of respondents feel the demand for
talent will increase more over the next five years than it did during the
previous five years. Nearly half (45 percent) say the demand will increase
"significantly." Only 13 percent feel the demand for talent will decrease
relative to the past five years.
Executives suggest optimism about a 2009 labor market upswing, even in
the wake of widespread layoffs. Fifty-two percent predict a 2009 recovery,
though 35 percent expect to wait until the second half of the year before
seeing signs of improvement. Another 39 percent expect labor market challenges
to linger until 2010, and nine percent believe it will take two years or more
for the labor market to recover from the current economic slump.
Executives seeking jobs remain confident in their ability to find one,
according to the survey. Half (50 percent) say they are "very confident" and
30 percent are "somewhat confident" that they will find a job that meets their
expectations in 2009. Only 10 percent of job hunters are uncertain about their
prospects for finding a new opportunity that meets their expectations.
"No one has a crystal ball, but companies operating in industries hardest
hit in this recession will more than likely realize that they quickly need to
focus more on hiring once the worst has passed," said Paul C. Reilly,
chairman, Korn/Ferry International. "Because of this long-term demand curve,
executives are optimistic about their own career opportunities. Korn/Ferry's
research and four decades of industry experience validate this optimism."
The Korn/Ferry International Executive Quiz is based on a global survey
of executives registered within the firm's online Executive Center,
ekornferry.com. Respondents from 90 countries, representing a wide spectrum of
industries and functional areas, participated in the most recent Executive
Quiz in January 2009.
About The Korn/Ferry Institute
The Korn/Ferry Institute was founded to serve as a premier global voice
on a range of talent management and leadership issues. The Institute
commissions, originates and publishes groundbreaking research utilizing
Korn/Ferry's unparalleled expertise in executive recruitment and talent
development combined with its preeminent behavioral research library. The
Institute is dedicated to improving the state of global human capital for
businesses of all sizes around the world.
About Korn/Ferry International
Korn/Ferry International (NYSE: KFY), with more than 90 offices in 40
countries, is a premier global provider of talent management solutions. Based
in Los Angeles, the firm delivers an array of solutions that help clients to
identify, deploy, develop, retain and reward their talent. For more
information on the Korn/Ferry International family of companies, visit
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