Financial services, IT to dominate global hiring

NEW DELHI: Financial services, followed by the IT industry, will continue to dominate global hiring in 2007. The government and not-for-profit sectors are likely to flatten or weaken.

This was revealed by a global survey done among 186 executive search firms by the New York-based Association of Executive Search Consultants (AESC).

A high 71% of the search consultants worlwide predicted the dominance of the financial services in 2007 in the global search activity. This followed by sectors like IT, professional services (which includes legal, HR and consulting), pharma, biotech and consumer products where executive searches will be strong in 2007.

In contrast to this, some sectors have gone down the growth confidence scale. This include healthcare where 19.7% search consultants exhibited confidence as compared to 27.9% last year, telecom where 10.4% showed confidence as compared to 16.3% last year and IT which was voted by 34.4% last year for maximum growth has declined to 30.1% this year. Sectors that are expected to flatten or weaken are non-profit and the government sector.

Functions which will see a scarcity of talent are general management, board of directors, financial accounting, professional services and engineering.