The 2008-09 financial crisis crushed the recruiting industry. With massive layoffs and hiring freezes proliferating around corporate America, headhunting firms found themselves in a massive funk. Consider Korn Ferry, the largest executive search firm, which, according to The Economist, saw its annual revenue tumble 20 percent in April 2009, resulting in a loss of $10 million for the year.
But as the economy found its footing, so too did the industry of identifying and hiring talent. The rebound in the job market injected new life into search firms that help companies with high profile hires — Korn Ferry, now Korn Ferry Hay Group, reported a revenue of nearly $1 billion its last fiscal year — but it also spawned an era where companies are doing more of their own recruiting. Continue reading