Senior executive recruiting is at its third highest level ever due to a dramatic resurgence in demand, according to the Association of Executive Search Consultants (AESC).

Following the decline of 2009, AESC’s 2010 Annual Report on the Retained Executive Search Industry reveals that the industry grew by an average of 28.5% in 2010 from a downturn of -32.5% in 2009. This is only 13% below the all time industry peak of 2008.

Peter Felix, president of the AESC, says: “A recovery of this magnitude is impressive given the extraordinary decline experienced by our profession in the aftermath of the October 2008 financial crisis. Nevertheless, it is not so surprising given the strong underlying forces that were driving the worldwide shortage of executive talent in 2008, and their immediate resumption as soon as some form of economic recovery became clear.

“Organisations around the world have been quick to realise that the shortage of talent is being exacerbated not only by the demographic shifts in the West and the demand from emerging markets, but by the nature of the tremendous tasks facing top management.”

Other key features of the AESC’s 2010 report include:

· Strong industrial sector hiring activity as BRIC countries (Brazil, Russia, India and China) and other emerging markets show unprecedented demand for high quality western manufactured products.

· Continuing demand from the healthcare sector as many societies come to grips with the rising costs of providing care and the need for talented medical and management personnel increases.

· Returning demand from the financial services sector as banks and other organisations refocus on revenue producing activities following the financial crisis.

· A continued rise in executive hiring in the Asia Pacific region, increasing 31% in 2010.

· Annual growth in average revenue per consultant (+30%), the number of new searches started (+24%) and the average fee per search assignment (+2%), in line with increased net revenues.