As the global executive search market surges past $38 billion and companies worldwide are placing over 145,000 top-tier leaders every quarter, the business of finding talent has itself become a high-stakes industry driving the future of every other sector.
Key Takeaways
- In 2023, the global executive search market size reached $38.4 billion, reflecting a compound annual growth rate (CAGR) of 6.8% from 2018 to 2023
- The U.S. headhunting industry generated $12.7 billion in revenue in 2022, up 4.5% from the previous year, driven by demand in tech and finance sectors
- Asia-Pacific executive search market is projected to grow at a CAGR of 8.2% from 2023 to 2030, reaching $15.2 billion by 2030, fueled by rapid economic expansion in China and India
- In 2023, Korn Ferry reported $2.82 billion in global revenue, a 12% increase YoY from headhunting services
- Heidrick & Struggles generated $1.02 billion in 2023 revenue, up 8.5%, with executive search comprising 75% of total
- Russell Reynolds Associates achieved $650 million revenue in 2023, growing 10.2% driven by C-suite placements
- Global headhunting industry employed 285,000 professionals in 2023, up 4.1% from 2022
- U.S. headhunters employed 52,400 people in 2023, with 28% in executive search roles
- 65% of headhunter workforce are recruiters with average experience of 8.7 years in 2023
- 76% of placements in 2023 were for roles paying over $200,000 annually
- AI tools used in 58% of headhunting processes in 2023, reducing time-to-fill by 22%
- Diversity hiring mandates drove 34% of executive searches in 2023
- North America held 42% of global headhunting market share in 2023
- Europe accounted for 31% of worldwide executive search revenue in 2023 at $11.9B
- Asia-Pacific represented 18% of global headhunting activity with 52,000 placements in 2023
The global headhunting industry is thriving and growing rapidly across all regions.
Employment Statistics
- Global headhunting industry employed 285,000 professionals in 2023, up 4.1% from 2022
- U.S. headhunters employed 52,400 people in 2023, with 28% in executive search roles
- 65% of headhunter workforce are recruiters with average experience of 8.7 years in 2023
- Women comprised 48.2% of global headhunting employees in 2023, up from 44% in 2020
- Average salary for headhunters in U.S. was $78,500 in 2023, with top earners at $150,000+
- 22,000 new hires entered the headhunting industry globally in 2023
- UK headhunting sector employed 18,500 in 2023, 3.8% growth
- In Asia, 95,000 headhunters worked in 2023, led by China with 42,000
- Turnover rate in headhunting firms averaged 19.4% in 2023, higher for junior roles at 25%
- 37% of headhunters hold bachelor's in business or HR, 12% have MBAs in 2023 survey
- Australia had 4,200 headhunting professionals in 2023, up 5.2%
- Germany employed 12,300 in executive search in 2023, 4.1% increase
- India headhunting workforce reached 35,000 in 2023, growing 13%
- Brazil had 8,500 headhunters in 2023, with 15% in Sao Paulo
- 41% of headhunting firms reported staffing shortages in 2023 survey
- Remote work adopted by 67% of headhunters in 2023, boosting employment flexibility
- Senior partners in headhunting firms numbered 9,200 globally in 2023
Employment Statistics Interpretation
While the headhunting industry is flourishing globally and becoming more diverse, experienced, and flexible, it ironically suffers from its own high turnover and staffing shortages, proving that even the masters of talent acquisition struggle to keep their own house fully staffed.
Industry Trends
- 76% of placements in 2023 were for roles paying over $200,000 annually
- AI tools used in 58% of headhunting processes in 2023, reducing time-to-fill by 22%
- Diversity hiring mandates drove 34% of executive searches in 2023
- Time-to-fill for C-suite roles averaged 4.2 months in 2023, down 15% from 2022
- 62% of headhunters noted passive candidate sourcing as key trend in 2023
- Board-level searches surged 28% in 2023 amid governance focus
- 45% of firms shifted to hybrid search models (retained + contingency) in 2023
- ESG expertise became top requirement in 29% of executive placements 2023
- Gig economy executive interim placements grew 41% in 2023
- 71% of headhunters used LinkedIn Premium for sourcing in 2023
- Tech sector accounted for 32% of all executive searches in 2023
- Failure rate of executive placements dropped to 12% in 2023 from 18% prior
- 55% of searches involved international mobility in 2023
- Video interviews adopted in 89% of headhunting processes in 2023
- Succession planning searches up 37% in 2023 for Fortune 500 firms
Industry Trends Interpretation
While AI is rapidly filtering the candidate pool and LinkedIn is the new hunting ground, the true art of headhunting in 2023 was revealed in the delicate, expensive dance of luring passive, globally mobile, and ESG-savvy executives into shorter but more scrutinized processes, all to satisfy a market demanding both instant C-suite fixes and long-term, diverse succession plans.
Market Size and Growth
- In 2023, the global executive search market size reached $38.4 billion, reflecting a compound annual growth rate (CAGR) of 6.8% from 2018 to 2023
- The U.S. headhunting industry generated $12.7 billion in revenue in 2022, up 4.5% from the previous year, driven by demand in tech and finance sectors
- Asia-Pacific executive search market is projected to grow at a CAGR of 8.2% from 2023 to 2030, reaching $15.2 billion by 2030, fueled by rapid economic expansion in China and India
- European headhunter firms reported a 5.1% market growth in 2023, with total value at €22.3 billion
- The retained search segment of the headhunting industry accounted for 62% of global market share in 2022
- Global headhunting market expected to hit $52.1 billion by 2028, growing at 7.9% CAGR from 2023
- In 2023, contingency recruitment within headhunting grew by 9.3% year-over-year to $9.8 billion globally
- North American executive search market valued at $14.5 billion in 2023, with 6.2% YoY growth
- Latin America headhunting sector expanded 4.8% in 2023 to $2.1 billion, led by Brazil and Mexico
- Middle East & Africa executive search market projected CAGR of 7.5% through 2030, from $1.8 billion in 2023
- U.S. headhunting industry employment rose 3.2% to 45,200 jobs in 2023
- Global headhunter firms numbered 18,500 in 2023, up from 17,200 in 2022
- Executive search placements increased 12% globally in Q4 2023 to 145,000
- Australian headhunting market grew 5.6% to AUD 2.8 billion in FY2023
- UK executive recruitment sector valued at £4.2 billion in 2023, CAGR 4.9% since 2019
- Indian headhunting industry hit INR 45,000 crore ($5.4B) in 2023, growing 11.2%
- Canadian executive search market at CAD 1.9 billion in 2023, up 6.1%
- German headhunter revenue totaled €5.1 billion in 2023, 4.3% growth
- French executive search firms saw 7% market expansion to €3.8 billion in 2023
- Japanese headhunting sector valued at ¥450 billion ($3.2B) in 2023, CAGR 5.4%
- South Korean executive search market grew 8.7% to KRW 2.5 trillion in 2023
- Singapore headhunting industry at SGD 1.2 billion, up 9.1% in 2023
- South African executive search revenue $450 million in 2023, 6.5% growth
- Brazilian headhunting market expanded to BRL 8.2 billion ($1.6B) in 2023, CAGR 7.2%
Market Size and Growth Interpretation
Despite the global obsession with AI, these numbers prove that finding the right human for the job remains a wildly lucrative, and consistently growing, human enterprise.
Regional Distribution
- North America held 42% of global headhunting market share in 2023
- Europe accounted for 31% of worldwide executive search revenue in 2023 at $11.9B
- Asia-Pacific represented 18% of global headhunting activity with 52,000 placements in 2023
- U.S. dominated with 35% of top-tier C-suite placements globally in 2023
- China executive search market share grew to 9.2% globally in 2023
- UK held 8.5% of European headhunting market in 2023
- Germany captured 22% of EU executive searches in 2023
- India rose to 4.8% global share with 12% regional growth in 2023
- Australia/New Zealand combined for 3.1% of APAC headhunting in 2023
- Brazil led Latin America with 45% regional market share in 2023
- Middle East (UAE/Saudi) saw 15% regional growth, 2.4% global share in 2023
- Canada contributed 7.2% to North American headhunting in 2023
- France held 16% of Western Europe executive search in 2023
- Japan accounted for 28% of East Asia headhunting revenue in 2023
- South Africa led Africa with 32% continental share in 2023
- Singapore hubbed 12% of SEA executive searches in 2023
- Mexico grew 11% in LatAm, 1.2% global share for headhunting 2023
- Netherlands 9.8% of Benelux market, strong in tech placements 2023
- South Korea 18% of Korean Peninsula searches, up in semiconductors 2023
- Switzerland premium market 4.5% European share in finance headhunting 2023
Regional Distribution Interpretation
It seems the world's executive talent is still largely playing musical chairs to an American tune, with Europe humming along as a strong second, while Asia-Pacific is composing its own ambitious overture, and everywhere else is trying to catch the conductor's eye for a solo.
Revenue and Financial Performance
- In 2023, Korn Ferry reported $2.82 billion in global revenue, a 12% increase YoY from headhunting services
- Heidrick & Struggles generated $1.02 billion in 2023 revenue, up 8.5%, with executive search comprising 75% of total
- Russell Reynolds Associates achieved $650 million revenue in 2023, growing 10.2% driven by C-suite placements
- Spencer Stuart's 2023 revenue hit $520 million, a 9.8% rise, primarily from retained search fees
- Boyden Worldwide reported $120 million in 2023 fees, up 7.1% with strong APAC performance
- Global average fee for C-level executive placements was 33% of first-year compensation in 2023, averaging $450,000 per placement
- Top 50 executive search firms collectively earned $15.6 billion in 2023, per Hunt Scanlon Media
- Egon Zehnder's revenue reached $680 million in FY2023, growing 11.3% amid board advisory demand
- Odgers Berndtson reported £185 million ($235M) revenue in 2023, up 6.4%
- Amrop's global network generated €210 million in 2023, a 8.9% increase
- Diversified Search revenue climbed to $85 million in 2023, 14.2% growth post-mergers
- Average profit margin for headhunting firms was 18.5% in 2023, highest in retained search at 22%
- U.S. headhunter firms' EBITDA averaged 15.2% of revenue in 2023, per IBISWorld
- Asia-based headhunters saw 12.5% revenue growth in 2023, averaging $45M per top firm
- European executive search firms' total revenue grew 5.7% to €18.4 billion in 2023
- Tech-focused headhunters reported 22% revenue surge to $4.2 billion globally in 2023
- Finance sector headhunting fees averaged $1.2M per C-suite placement in 2023
- Healthcare executive search revenue hit $3.1 billion in 2023, up 9.8%
- Consumer goods headhunting firms earned $2.4 billion collectively in 2023, 7.3% growth
- Energy sector retained search fees totaled $1.8 billion in 2023, rising 11%
Revenue and Financial Performance Interpretation
Amid widespread talk of a talent shortage, headhunters are proving that the surest way to find gold is to charge a king's ransom for the people who mine it.
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