Executives Expect Lengthy Job Searches in Today's Economy, According to Latest Korn/Ferry Executive Quiz
- Overwhelming Majority of Executives Say it May Take Four or More Months to Find a New Position -
Fewer than a third (29 percent) of survey respondents had ever required more than three months to find a new career opportunity in the past. However, the tough economic realities and significant job losses have altered expectations moving forward. Eighty-three percent of respondents predict that today's out-of-work executives will be hunting for more than four months for their next opportunity. And 43 percent believe the process will take seven months or longer.
Responses from nearly 1,000 unemployed executives indicate that many are just beginning their job search. Twenty-eight percent have been unemployed less than a month, and 36 percent have been unemployed less than three months. Just 18 percent indicate they have been searching for career opportunities for seven months or longer.
"In the executive ranks, lengthy job searches are not confined to poor
economies. It takes time to find the right cultural and functional fit for
each position and each candidate," said
One common alternative to jumping back into the labor force is pursuing educational goals. Forty-three percent of unemployed executives say they have either considered or are already going back to school to "wait out" the downturn. Most jobless executives looking at educational opportunities are considering MBAs (23 percent) or other advanced degrees (16 percent).
When executives were asked what they miss most about working, compensation not withstanding, the overwhelming majority (74 percent) missed intellectual challenges in the workplace. Other answers included colleagues (21 percent), travel (four percent) and perks such as an expense account, company car, lunches or tickets (one percent).
While most executives (55 percent) spend the majority of their time between jobs searching for new opportunities, 23 percent focus their time on professional development. Other executives opt to spend their time off more leisurely with friends and family (12 percent), vacationing/hobbies (seven percent) or just relaxing (three percent).
The Korn/Ferry International Executive Quiz is based on a global survey of
executives registered within the firm's online Executive Center,
ekornferry.com. Respondents from more than 85 countries, representing a wide
spectrum of industries and functional areas, participated in the most recent
Executive Quiz in
or EMEA, Juerg-Herbert Baertschi, +44 20 7312 3178,
Web Site: http://www.kornferry.com