HEADHUNTING agencies, or search firms that help companies find senior executives, are facing a decline in assignments as a result of the current economic turbulence.
The good news is that opportunities still exist.
"From what we have seen so far, the slowdown has affected multinational companies (MNCs) more than local companies. Large Malaysian conglomerates with diversified businesses are generally better able to weather this storm.
"The oil and gas as well as telecommunications industries seem to be holding up quite well so far," Korn/Ferry International office managing director Reza Ghazali said.
ATCEN International Group, which also provides headhunting and recruitment services, pointed out that not all MNCs were being conservative.
"A lot of these MNCs are restructuring and streamlining operations at the moment. They'll still need to hire and retain the best while generating good revenue. Recruitment and training is still very much needed because, now, it's all about survival of the fittest," ATCEN group chief executive officer Ernie Chen said.
Another point to note was that market dynamics had changed as the global economy slowed down. This meant that firms would continue to hire but their areas of focus might be different.
"As the global economy slows down, clients will become more circumspect in their hiring plans, engaging search firms like ourselves only for absolutely critical positions.
"Also, while the global economy may be slowing, our market dynamics are changing. A client may still have hiring needs.
"For example, a company which has been on a growth track these past few years but is now badly hit by the economic slowdown may need to hire a tried and tested 'crisis CEO' to steer the company out of this economic crisis, rather than one whose skills are in driving to expand and grow new markets," said Reza.
Original Article:
http://www.btimes.com.my/Current_News/BTIMES/articles/headhunt/Article/
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