Executives Expect Lengthy Job Searches in Today's Economy, According to Latest
Korn/Ferry Executive Quiz
LOS ANGELES, Mar. 9 /PRNewswire-AsiaNet/ --
- Overwhelming Majority of Executives Say it May Take Four or More Months
to Find a New Position -
Today’s economy presents job seekers with unrivaled challenges, uncertainty
and the expectation of prolonged periods of unemployment, according Executive
Quiz results released today by The Korn/Ferry Institute. Most of the respondents
to Korn/Ferry’s latest study have never experienced a lengthy job search, but
expectations are changing. In fact, the vast majority of executives predict it
will take job seekers more than four months to find a new career opportunity in
today’s turbulent market.
Fewer than a third (29 percent) of survey respondents had ever required more
than three months to find a new career opportunity in the past. However, the
tough economic realities and significant job losses have altered expectations
moving forward. Eighty-three percent of respondents predict that today’s out-of-
work executives will be hunting for more than four months for their next
opportunity. And 43 percent believe the process will take seven months or longer.
Responses from nearly 1,000 unemployed executives indicate that many are just
beginning their job search. Twenty-eight percent have been unemployed less than a
month, and 36 percent have been unemployed less than three months. Just 18
percent indicate they have been searching for career opportunities for seven
months or longer.
“In the executive ranks, lengthy job searches are not confined to poor
economies. It takes time to find the right cultural and functional fit for each
position and each candidate,” said Cheryl Buxton, global managing director of
client services for Korn/Ferry. “We counsel both our clients and candidates to be
patient in the search process, and the current economic environment only
reinforces that need.”
One common alternative to jumping back into the labor force is pursuing
educational goals. Forty-three percent of unemployed executives say they have
either considered or are already going back to school to “wait out” the downturn.
Most jobless executives looking at educational opportunities are considering MBAs
(23 percent) or other advanced degrees (16 percent).
When executives were asked what they miss most about working, compensation
not withstanding, the overwhelming majority (74 percent) missed intellectual
challenges in the workplace. Other answers included colleagues (21 percent),
travel (four percent) and perks such as an expense account, company car, lunches
or tickets (one percent).
While most executives (55 percent) spend the majority of their time between
jobs searching for new opportunities, 23 percent focus their time on professional
development. Other executives opt to spend their time off more leisurely with
friends and family (12 percent), vacationing/hobbies (seven percent) or just
relaxing (three percent).
Methodology
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 more than 85 countries, representing a wide spectrum of
industries and functional areas, participated in the most recent Executive Quiz
in February 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
SOURCE: Korn/Ferry International
CONTACT: Carol Lo
Asia Pacific
+65.6231.6219
carol.lo@kornferry.com
or EMEA
Juerg-Herbert Baertschi
+44 20 7312 3178
juerg-herbert.baertschi@kornferry.com
both of Korn/Ferry International;
or Kevin Oates
The Americas
+1-310-584-8331
kevin.oates@ketchum.com
for Korn/Ferry International
(KFY)
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