Executives Remain Bullish On Demand for Talent Despite January Job Losses, According to Latest Korn/Ferry Executive Quiz.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , February 5 /PRNewswire/ --
- Majority of Executives Predict Onset of Labor Market labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience Recovery in 2009
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 according to
1. As stated or indicated by; on the authority of: according to historians.
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3. 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 NYSE
See: New York Stock Exchange : KFY KFY Kiss For You ), 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 www.kornferry.com.
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