Read the job search statistics below and contemplate this question. Aside from Stewart, Cooper & Coon, are you aware of any other company in our field that publishes their performance statistics on the web for everyone to see? Our transparency continues to lead all U.S. executive search and corporate outplacement companies in this regard and we have done so consistently since our inception. Our transparency should convey a great deal about us. The analysis below is provided to facilitate a better reader understanding of movement in SC&C’s experiences with executive employment trends.
|Stewart, Cooper & Coon – Executive Job Search Statistics|
|* Median Length of Job Search (in Months)||6.7||5.9||6.3||7.4||8.3||7.9||7.1||6.6||6.2||5.9||5.6||6.5|
|**SC&C Successful Clients||Detailed descriptions and client successes are documented below..|
|*** % of Clients Winning Equal or Better Salaries||91.4%||91.3%||90.7%||85.4%||84.3%||84.7%||85.3%||86.2%||86.8%||87.6%||89.3%||88.7%|
|*** % of Clients Relocating||12.6%||13.2%||12.6%||10.2%||10.4%||10.8%||11.6%||11.5%||11.7%||11.4%||11.8%||10.8%|
|*** % of Clients Changing Industries||37.6%||37.7%||38.2%||34.1%||32.6%||32.7%||32.9%||33.3%||33.7%||34.5%||34.7%||33.6%|
The analysis below describes the “why and how” behind the numbers above. These data and the supporting written analysis are updated annually.
Analysis of Data
* Length of Search: Throughout the years, the U.S. Department of Labor has stated that a typical executive job search takes one month for each $10,000 in desired income. In 2016, our executive and professional clients spent an average of 6.5 months in their job search, from market entry to acceptance of their new position.
A job search campaign is driven by a variety of factors that are external to the candidate and include: education level, work history, employment record, salary requirements, desirability of specific skill sets by the employer, both the U.S and Global economies, and off-shoring trends, only to name a few. The internal or personal factors include the skill of the candidate with effective interviewing, their knowledge of and ability to communicate their value proposition to the hiring authority, the amount of time and energy they devote to their job search, their attitude about themselves, their willingness to actively participate in the campaign strategy, how they conduct themselves in the job search, the branding and marketing package they present to hiring authorities, and various personal reasons. Some of these reasons may be unexpected health issues, family concerns, sudden unemployment, and several others that are also beyond the immediate control of the candidate or SC&C.
Another contributing factor to the amount of time spent in search is heavily influenced by the employment status of the job seeker. There is a difference in the search time for an employed candidate and one who is unemployed because those who are employed have less time to engage fully in a search and their searches take longer. Those that are unemployed have more time to devote to their job search, can engage in more activity, therefore, their searches usually require less time.
Executive hiring was on target in the 1st quarter of 2016 but it noticeably slowed in the 2nd and nearly came to a halt in the 3rd quarter. The surprising factor was the 4th quarter, following the Presidential election, hiring did not increase, as predicted. We remain pleased that search times for Stewart, Cooper & Coon’s executive clients were well below the national job search time-frame expectations. We have maintained this tradition for years, even during the great recession of 2007-2013 and the visible executive level national hiring slowdown of 2016. SC&C’s placement patterns have always led economic trends. When the economy is sound, hiring takes place. When the economy is poor, it does not. For 2017, we anticipate moderate to strong growth with some industries leading others. A slower growth may be due to world economic conditions, primarily driven by Oil and Gas prices and the economic conditions in China. When a recovery occurs, depending upon the speed and size the recovery, we see corresponding trends in executive hiring patterns, at times two, or more, quarters ahead of the movement.
** Successful Clients : For many years, Stewart, Cooper & Coon has achieved a high level of successful placements. Client placement rates steadily increased until 2008 then precipitously dropped due to the recession. Beyond marketplace economic pressures and conditions that normally drive employment numbers, some candidates are not placed for a myriad of reasons. Some decide to purchase a business or a franchise. Some take a pause in their careers and pursue an advanced degree. Some decide to accept early retirement. Others develop health conditions that alter their search efforts or their life. Older candidates sometimes capitulate and cannot gain back their self-confidence enough to vigorously approach a changing job market. There are, at times, clients who are easily discouraged when offers are not immediately forthcoming. There are clients who assume that SC&C will do all the work and that they do not have to participate in the job search. Job search is difficult work. They do not understand the amount of effort required on their part to conduct a successful job search and become easily discouraged when the results they expect are at variance with the amount of endeavor they put into conducting a successful job search. This is stated repeatedly in the testimonials our clients post on our website. As interview experts, we help clients work through frustration related to termination. Some clients face unexpected and fast-changing circumstances that now control their lives. Those demands may include geographical constraints, salary demands, narrow fields of specialty, or the ever-increasing demands for caring for aging parents. These circumstantial drivers simply won’t allow them to consider other options. The number of reasons a client may be unsuccessful is boundless.
For nearly two decades and for every client we proudly serve, we put forth our very best efforts on their behalf. We pride ourselves in giving our best to each client and we do what it takes to help each client achieve their career success story. On our website we have over 90 client video testimonials, 60+ audio recordings with clients after they are in their new positions, and a myriad of written testimonials; all of these client testimonials are confirmation of our desire to help each individual client succeed.
****Salary and Package Statistics: The base salary for our newly placed clients averaged $174,325 and client compensation packages ranged from $250,000 – $1.8M. We observed a slight decrease in the number of company sponsored relocation packages for our clients, due to already explained circumstances. Historically, our clients receive larger financial packages than do their peers. In post-employment interviews, they inform us that through our value-driven approach and by employing our unique interviewing and negotiation tactics they secure better financial packages. They also attribute their success to our helping them create and express a better value proposition and successfully use their value-driven brand during negotiations.
There is a growing trend for companies embracing and expanding their concept of “work-from-home” as a financial solution to rising costs. The relocation momentum has been somewhat moderated by the upward trend in work-from-home employment trend being embraced by many companies as a lower cost alternative than paying for executive relocation. In addition, many executives are being allowed to work from home. There is a financial trade-off for acceptance of this working arrangement in both salary and benefit offerings. We still have no definitive conclusions on this trend but we will continue to track this statistic closely throughout 2017.
Older Job Seekers & Aging Parents: Some clients are faced with sudden health or critical family issues forcing them to seek alternative career paths or make life choices which interfere with conducting a successful search. A continuing trend is the increasing numbers of candidates or spouses who wish to seek employment near aging or infirm parents. The growing number of “Baby Boomers” continues to remain in their current positions and are even seeking new positions. They are willing to work for less because their financial portfolios are not sufficient to retire and they remain in the work force. Their continued presence creates competition for positions and slows the creation of new positions which impacts the job seekers who fall into the 40-60 age range. Corporate position turnover is not as aggressive as we have seen in past years. Our younger clients are experiencing the impact of this in their lives and their careers. They face great pressure in the current marketplace if they cannot present a clear vision for the employer as to their value proposition in the employment and interview process.