Top Consultant 2010 Recruitment Channel Report


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Top Consultant 2010 Recruitment Channel Report

  1. 1. Management Consultancy Recruitment Channel Report 2010
  2. 2. Part I - Recruitment and retention trends 4 Recruitment trends 6 Retention rates 9 Part II - Recruitment channel use and Social Media 15 Part III - Historical trends in recruitment channel use 20 Corporate sites 21 Personal referrals 22 Newspapers 23 Recruitment agencies 24 Internet job sites 25 Part IV - Recruiter and media awards 26 Best individual recruitment consultants 27 Top 10 recruitment firms by reach 28 Top 8 recruitment firms by praise 29 Choosing internet job site suppliers 30 TABLE OF CONTENTS
  3. 3. For most of the nine years that this report has been Our thanks go to the 138 consulting employers / produced we have enjoyed buoyant market conditions. recruiters who took part in our client survey and the Understandably hiring sufficient consulting staff to 1,088 consulting candidates who participated in our meet client demand has been the prevailing concern of candidate poll, without whose responses this unique Consulting Partners and their recruitment teams. data could not have been produced. We publish this 2010 edition at a time when the UK We hope you derive valuable insights from this report consulting industry has just undergone a savage and as always look forward to serving your needs as the contraction. Within the last months market sentiment year unfolds. suggests consulting has turned a corner and the sector is growing again, albeit very modestly. But it’s also acknowledged that 2010 will be another tumultuous year, with post-election cutbacks in the public sector bound to impact consulting practices and particularly regional consulting practices. As we publish this year’s report, the key concern of our stakeholders is to understand the scale of hiring we can expect to see in 2010 and how this will vary from practice to practice. Only a secondary concern – unlike in preceding boom years – is to understand how consulting candidates can best be attracted, though for Tony Restell our candidate readership this will be keenly watched Co-Founder and Director again I’m sure. INTRODUCTION
  4. 4. Part ONE Recruitment and retention rates Data collected from 138 management consultancy recruiters
  5. 5. PAGE 5 Management Consultancy Recruitment Channel Report 2010 Our interactions with clients over the last months, together Financial Services practices which languished in 2009 are with the survey data collected in January and February 2010, now looking to hire aggressively in 2010. Several other point to a number of significant factors that will shape the private sector practice areas also anticipate a decent hiring market over the coming year: upturn in hiring in 2010. 1. Hiring volumes will rise fourfold in 2010 compared 3. An expected deterioration in staff retention rates will with 2009. Whilst this sounds like a dramatic change increase the demand for new hires; whilst an increase in in fortunes, we must remember that with 2009 as our consultants looking to leave the sector will make it harder backdrop we are starting from a very low base. So the for firms to replace these staff like-for-like with other anticipated fourfold increase could equally be described experienced consulting hires. Competition for candidates as a market where hiring volumes will only be 60% of will therefore increase more than the economic climate what they were during the boom years of the last decade. might otherwise suggest. Overall the picture is one of a glass half full. 4. The capacity available to support a hiring upturn – both 2. Hiring demand by practice area has undergone a sea within consulting firms’ recruitment teams and externally change in the last months and this is expected to within recruitment agencies – has been dramatically accelerate during 2010. The public sector practice areas cut back in the last 12-18 months and shortages in this that kept many firms afloat during the downturn are now area are likely to drive up the average cost per hire as the scaling back significantly in anticipation of the downturn market picks up. that awaits them following the election – and indeed the squeeze that has already been set in motion. By contrast, private sector demand is increasingly buoyant and SUMMARY Recruitment Trends
  6. 6. PAGE 6 Analysis of key metrics for the UK consulting industry allows us to produce an aggregate hiring profile for the industry. As the table shows, required hiring volumes as a % of existing headcount averaged around 33% during the boom years. This figure fell to around 5% during the recent severe recession, which explains why the hiring market has seemed quite so morose in 2009. By contrast, it is rising sharply with every month of 2010 that passes and for the year as a whole is likely to have reverted to a hiring requirement of 20% of existing headcount. This statistic explains why recruitment agencies have experienced a rapid change in fortunes in the last months, particularly when set against the backdrop of a sector that has shed 1/3 of its pool of recruiters during the downturn. It Figure 1: Required hiring volumes also explains why job board advertising volumes have been picking up consistently during the last months. We must be Recent measured in our assessment of these figures though – for past - Modest whilst a fourfold increase represents a very healthy step in Boom severe economic the right direction, it is also being achieved by an industry years recession recovery starting from an exceptionally low base. To put it in its right Market Growth 15% -12% 2% context, we must look at the activity levels that reigned in the boom years and see that hiring activity will still only be 60% of from fee rate what it was during the most recent recruiting peaks. 2% -4% -1% increases from volume growth 13% -8% 3% (billable days) Growth that can be fulfilled through Spare -5% N/A 0% Capacity Recruitment needed 8% -8% 3% to fuel growth Attrition rate 25% 13% 17% Fourfold rise in hiring volumes Required hiring Recruitment Trends volumes as a % of 33% 5% 20% headcount
  7. 7. PAGE 7 Management Consultancy Recruitment Channel Report 2010 Market growth Spare capacity For much of the last decade the UK consulting industry has In the boom years a modest volume of new client wins could enjoyed revenue growth rates approaching 15% per annum. be resourced by drawing on employed resources currently This has almost entirely been achieved by an increase in the “on the bench”; but any sustained increase in demand volume of billable days sold, rather than by fee rate inflation translated quickly into the need for additional hires. During Why not try advertising – a consequence of the fact that procurement departments the severe recession we have just endured, the situation was have driven an increasingly hard bargain with consulting rather reversed, with consulting firms needing to scale back for consulting providers. significantly on their consulting headcount to avoid a massive Not every firm has yet released their annual figures for 2009, ballooning in underutilised staff. An interesting feature of the modest upturn we are now experiencing is that growth candidates on but based on those already in the public domain it seems likely that the industry will have suffered a revenue decline is unlikely to be able to be resourced at all by drawing on consultants “on the bench”. of around 12% during the year. Some of this will have come about through a reduction in fee rates but the lion’s share is Those whose public sector assignments have been drying actually a product of a ~8% decline in the volume of billable up and who find themselves lacking a billable client project days sold. to work on do not generally possess the private sector experience, sector knowledge and commercial acumen Our low-priced advertising During the course of this year, it is expected that consulting that is being demanded by the rebounding private sector revenues will see a very modest return to growth. A resurgence client base. Hence a growth in private sector client work is packages allow you to see in private sector client demand is likely to be weighed down translating immediately into the need for new hires – and by reductions in the public sector spend on consulting hires with very specific skillsets at that. for yourself the types of services, resulting in only 2% revenue growth for the year. results that recruiters are Staff attrition experiencing by placing The last piece of the puzzle is the expected deterioration in staff retention rates that the industry will face in 2010. Given their job listings on that career moves in the last 2 years have been challenging to say the least, it is no surprise that as recruitment picks up more and more consultants can be expected to start assessing their prospects with alternative employers. One of the biggest surprises of the survey is perhaps that employers do not expect a greater deterioration in staff retention than we have factored into the calculation table above. Any Click here to find out more underestimation of staff attrition rates would translate directly into the need for greater numbers of hires and that is a factor we must keep in the back of our minds as the year unfolds.
  8. 8. PAGE 8 One of the questions we were most eager to learn the answer More compelling still is the trend over time, where recruiters’ to was how employers felt their hiring volumes in 2010 would expectations are more positive than they were at the compare to 2009. At the beginning of 2009 this same question beginning of 2008. Now let’s remember that that poll was had very clearly pointed to the impending hiring slump that conducted before the collapse of Lehman but after the we could expect to see unfold, so any change in sentiments troubles at Northern Rock had caused us all to be more for 2010 would be closely watched. cautious in our business projections. Let’s also not lose sight of the fact that the results from 2007 – at the height of the boom – were noticeably more positive than they are now; Figure 2: 2010 Recruitment targets vs. 2009 and for completeness let’s also restate that the 2010 figures Make slightly Target for the must clearly be set against a far lower base of hiring in the fewer hires year is to make preceding year than any of the other data points. So this trend than last year, considerably 6.52% fewer hires is in no way a prediction that mass hiring will unfold in 2010, Make as many hires as last Make than last year, but rather that a decent improvement on the preceding year 3.62% year, 13.04% considerably can be expected. For what it’s worth, our own expectations more hires than last year, are that hiring will not be back to boom levels until the 2012 31.16% Olympics have been and gone. Make slightly more hires than last year, Figure 3: Recruitment targets 2008 - 2010 45.65% 50% 45% 40% 35% 30% 25% 2008 20%’s survey of 138 recruiters clearly shows 15% 2009 that over 3⁄4 of organisations expect to increase hiring this 10% 2010 year whilst 1⁄3 expect to do so aggressively. Again we must 5% stress that this is against the backdrop of a very low level of 0% Make Make slightly Make as many Make slightly Make hiring in 2009, so for firms not to expect an increase at all considerably more hires hires as last fewer hires considerably would be both surprising and worrying. But the findings do more hires than last year year than last year fewer hires than last year than last year very much validate our impression that a corner has been turned. Expectations point to a hiring upturn Recruitment Trends
  9. 9. PAGE 9 Management Consultancy Recruitment Channel Report 2010 Fundamental to our assertion that incremental project wins that in public sector spend. Whilst numerous private sector will not be able to be staffed by consultants on the bench is practice areas show encouraging expectations of hiring the expectation that public sector demand is tailing off and growth including Energy & Utilities, Telecoms, Media & private sector demand is on the up. By asking employers Entertainment, Technology and IT practices. to identify the areas they expect to be undertaking the most hiring we have been able to prove that this is indeed the expectation for 2010 and also to identify some other Figure 4: Recruitment activity by practice area interesting growth projections by practice area. Leisure / Lifestyle A score close to 1 in our chart indicates firms expect to make Science / Research little or no hiring in that practice area; while the greater the number the more hiring is anticipated. Two significant Facilities Management changes leap out at you from the above chart. Firstly we can Chemicals see that at the beginning of 2009 there was a minute amount of hiring in Financial Services expected to take place; yet one Automotive / Aerospace year on this has leapt to being the single biggest area of hiring Transportation activity. As the largest source of private sector consulting Distribution / Logistics spend, this change of fortunes in FS is particularly welcome as we look to 2010 and hope that the year will produce modest Education growth for the consulting industry as a whole. Engineering & Manufacturing Retail / Consumer Goods Equally stark though is the collapse in hiring expectations within the public sector practices. The single largest area General Management of growth in the 2009 survey, this has slumped in 2010 and Purchasing & Supply Chain is almost the mirror opposite of the trend seen in Financial Services. It explains why growth expectations for consulting in Public Sector 2010 are not more buoyant, with the very real fear that public Technology sector spend on consulting will be hit by the impending Information Technology general election. Putting a positive spin on this, the possible reality that politicians discover they cannot make the massive Healthcare & Pharma savings in public sector expenditure needed without the Telecoms, Media & Entertainment involvement of external advisors may actually mean these Energy & Utilities cutbacks are nothing like as bad as is being feared. But nonetheless, the possibility that this picture is borne out Financial Services cannot be ignored. Likely hiring patterns by practice area 1 2 3 Recruitment Trends Elsewhere we see other interesting changes. Consulting in education shows an expected drop in demand to mirror 2010 2009
  10. 10. PAGE 10 For the second year in succession Business Process Figure 5: Recruitment activity by type of consulting Improvement consultants are expected to be in the great demand from a hiring requirements perspective. E-Business Strategy consulting, often the quickest to be hit in a downturn Marketing & Sales can also be amongst the last to recover during an upturn. In many respects it’s the most discretionary type of consulting IT / Software Development spend there is – and this has spillover effects on the hiring trends within strategy consulting. Given this, it is therefore Economics & Environmental heartening for the industry as a whole to see a general Consulting consensus that strategy consulting hiring will gather pace this HR Consulting year – one of the strongest indicators that as an industry we perceive the worst to be very much behind us. CRM IT consulting entered 2009 having struggled with an unsustainable growth period where revenue growth was Finance / Accounting far outpacing the industry’s ability to increase headcount through quality hiring. This imbalance – and the total lack of Technology spare capacity at the time – explains why the sector entered 2009 perceiving there to be a massive hiring requirement Outsourcing in 2009. With that imbalance having been rectified – in part by hiring successes and in part by a curtailing of client Project / Programme Management demand – it is no surprise to see the significant dip in IT hiring expectations for 2010. Strategy Business Process Improvement 1 2 3 2010 2009 Likely hiring patterns by type of consulting Recruitment Trends
  11. 11. PAGE 11 Management Consultancy Recruitment Channel Report 2010 Looking at the data for 2008-2010, it is clear that over the preceding 12 months firms have consistently seen their staff attrition rates getting more subdued. The proportion of firms only losing 0-5% of their consulting staff in the year can be seen to rise over the period; whilst correspondingly the proportion losing more than 10% in the preceding year has Recruiters – available been falling. This fits with our opening analysis showing that improved staff retention rates had accelerated the decline in hiring activity that we have seen within the UK consulting for a limited time only! market. Figure 6: Staff attrition rates 2008 - 2010 35% 30% At the time of publication, all premium job listings 25% 20% 15% 10% appearing on Top- 5% 0% will be Staff attrition rates will Staff attrition No change in Staff attrition Staff attrition rates will staff attrition rates will rates will added to Jobsite for you at worsen considerably worsen a little rates expected improve a little improve considerably no additional cost. 2008 2009 2010 Take advantage by registering for a trial advertising package Staff attrition expected to deteriorate Retention Trends
  12. 12. PAGE 12 When looking to the future, employers’ expectations are that Figure 7: Staff attrition rates 2010 in the coming year we will see a modest deterioration in staff 40% attrition. The only surprise here is that the consensus view The Consultancy 35% is not for a more marked deterioration than this. Maybe this 30% is a reflection of the fact that candidates turning down job 25% offers has become a pronounced factor in the hiring market these last months. A significant number of candidates appear 20% 15% Careers Fair 2010 to be risk averse when it comes to leaving an organisation 10% where their reputation is established and where they are 5% clearly valued having generally avoided culls in the last 12 0% months. But whether this can be expected to continue as the Taking place on 24th Staff attrition Staff attrition No change in Staff attrition Staff attrition rates will rates will staff attrition rates will rates will market further improves and job opportunities become more worsen worsen a little rates expected improve a little improve extensive, that is a matter for some debate. We have kept in September, this year’s considerably considerably our calculation a modest deterioration in staff attrition rather than anything more pronounced, but any worsening of staff attrition beyond this during the year would clearly give rise careers fair is expected to the need to increase our expected hiring projections for the year. to attract 40+ exhibitors and 2,500+ consulting candidates. A discount of 30% is available on all exhibitor bookings received by 28th May. For a brochure call the team on +44 (0)207 667 6880
  13. 13. PAGE 13 Management Consultancy Recruitment Channel Report 2010 Two interesting findings from this year’s survey are i) that Taken in combination, these statistics paint the interesting consulting firms want overwhelmingly to make their hires picture of an industry where not all firms will be able to hire from the ranks of the experienced consultant. Whilst in in the volumes they need – or will have to compromise on parallel ii) there’s a reduction in the number of experienced the backgrounds of those they hire and open their hiring up hires who’ll be looking for a new job within consulting – with to a wider range of prospective candidates. Recent history increasing numbers planning to either stay put or to look for teaches us that the latter outcome is the more likely and it is a new role outside of consulting. our expectation that hiring “must have criteria” will soften as the year progresses and these hiring difficulties become more pronounced. Figure 8: Desired hiring profile 2010 5 Figure 9: Candidates’ career intentions for 2010 4 0% 10% 20% 30% 40% 50% 3 Most likely to accept a job with a consulting employer 2 Not looking to change jobs in the next 12 months 1 Experienced Experienced Experienced Experienced MBA finalists University hires from hires from hires from hires from the leavers / Most likely to accept a job with a other industry Government City Finalists client organisation consulting or Public firms Sector bodies Most likely to secure some other kind of role outside consulting Most likely to accept a job in the City Most likely to accept public sector/ charity job 2009 2010 Market will feel tighter Market Trends
  14. 14. Part TWO Recruitment channel use and the role of Social Media
  15. 15. PAGE 15 Management Consultancy Recruitment Channel Report 2010 An overview of the candidate pool participating in this survey The following candidate job search trends we will be presenting are based on data collected from 9,000 Are you a Management management consultancy candidates over the past nine years. Candidates from all the major consulting firms have participated, together with consultants currently working at Consultancy Recruiter? niche consulting firms and potential industry hires looking to move into consulting. Once a month the Top- Profile of respondents: Most this year were Business Transformation / Change team Management consultants (23.6%), Strategy consultants (21.4%) or Project / Programme Management consultants update recruiter contacts (19.3%). The sectors that candidates this year had most experience of working in were Financial Services (40.0%), regarding all the new then Public Sector consulting (31.8%), Telecoms, Media & Entertainment (26.7%) and Energy & Utilities (23.5%). initiatives we’re planning, Survey responses this year were generated via direct mailshots free reports we’ve published to the readership; an invitation sent to all screened consulting candidates on the Get Headhunted and any forthcoming CV database; promotions via Twitter, LinkedIn, Google News and Yahoo News, Forum posts and by invitations sent to promotional offers they candidates by recruitment agencies. could benefit from. If you Overall 63.7% of candidates have changed jobs within the last would like to be added three years. to our recruiter contact list please email Graeme Underhill.
  16. 16. PAGE 16 Let us now look back at candidate activity over the last 12 When looking at which application channels candidates used months and specifically the channels used to look for new during their last job hunt, it is striking to see three of the career opportunities. Every year we ask candidates to record recruitment channels being used by a far greater proportion the channels they used and the number of applications of candidates than the others. Personal contacts / referral that they made through each. Collating that data allows us schemes had been used by a greater number of candidates to analyse the penetration performance of the channels than any of the other channels; with recruitment agencies (how many candidates have used each) and the share of and internet job boards also scoring highly. applications achieved from each of the six major recruitment channels: Figure 10: Application channels used last time to apply for a job 80% • Corporate websites 70% • Personal referrals 60% • Newspapers 50% • Recruitment agencies 40% • Internet job sites 30% • Social media 20% Personal Recruitment Internet job Corporate Social media Newspaper contacts / agencies sites websites sites adverts referrals Candidate activity over last year Social Media
  17. 17. PAGE 17 Management Consultancy Recruitment Channel Report 2010 Despite consulting firms’ best efforts to drive up their share Figure 11: Share of applications generated in last job search of direct applicants, only a little over 40% of candidates 35% have submitted any applications this way – a statistic that 30% has proven remarkably difficult to raise above this level as 25% our historical data will later show. Social media sites and newspapers generated applications from barely 1 in 5 of the 20% Why not try advertising candidates surveyed. The latter is not really a surprise given 15% the demise of print media and the low volumes of print media job advertising that have prevailed in the last couple 10% for consulting candidates on 5% of years. The lack of impact of social media is quite a finding 0% though, particularly as we will see in subsequent pages that Internet job Recruitment Corporate Personal Newspaper Social media consultants do make significant use of sites like LinkedIn. They use these sites, but just don’t seem to use them as a place to sites agencies sites contact referrals ads sites hunt for jobs. When the number of applications made by channel is factored in, the lack of impact of social media becomes even more pronounced. Social media sites in total produced less than Our low-priced advertising 5% of applications, compared with the 1/3 of all applications generated by internet job boards. Personal contacts and packages allow you to see referral schemes – whilst popular with candidates – are limited as an application channel by candidates’ ability to apply for yourself the types of to all the firms of interest this way. Sites like LinkedIn may strengthen this route in coming years by extending people’s results that recruiters are networks further and more importantly by making candidates’ existing networks more transparent to them. Corporate sites, experiencing by placing meanwhile, have stagnated with an application share of around 15%. their job listings on Click here to find out more
  18. 18. PAGE 18 Candidates were asked to score the likely channels they would As you can see from the chart below candidates clearly intend use when next hunting for a new job, both to allow them to to modify their job hunt strategies only marginally during change their bias to allow for dissatisfactions with their most their next job search. What is particularly striking though is recent job hunt and also to factor in new developments the next chart where candidates’ past activity can be cross- they’ve seen affecting the market like LinkedIn. compared with their intended future activity – the correlation between the two is unmistakable! Given this, it seems likely that the share of applications employers’ will receive from each of the hiring channels is likely to remain fairly constant for the foreseeable future. Figure 12: Channel most likely to be used now 5.5 5 4.5 4 3.5 3 2.5 2 Personal Recruitment Internet job Corporate Social media Newspaper contacts / Agencies sites websites sites adverts referrals Looking forward Social Media
  19. 19. PAGE 19 Management Consultancy Recruitment Channel Report 2010 Figure 13: Channel matrix 2010 80% 5 70% 60% 4 Recruiters – available 50% for a limited time only! 40% 3 30% 20% 2 10% 0% 1 At the time of publication, Internet job sites Recruitment agencies Corporate sites Personal contact referrals Newspaper ads Social media sites all premium job listings % of applications penetration future use appearing on Top- will be added to Jobsite for you at no additional cost. Take advantage by registering for a trial advertising package
  20. 20. Part THREE Historical trends in recruitment channel use Data collected from 1,088 management consultancy candidates
  21. 21. PAGE 21 Management Consultancy Recruitment Channel Report 2010 Let us now look at the penetration performance of the Figure 14: Penetration - Corporate websites channels and the share of applications achieved from each of 50% the five major recruitment channels. Data on the use of social media as a recuitment channel has been collected for the 40% first time this year and as a result the historical trend data is 30% omitted for this channel. 20% 10% 0% Over the last few years we have seen a fall in the number 2002 2003 2004 2005 2006 2007 2008 2009 2010 of candidates making applications directly via corporate websites. Free text survey responses have suggested to us that much of the reason for this fall is that the perception of corporate websites is that they were primarily designed by the firm to streamline the application process rather than to maximise direct applications. This year, we’ve seen a slight drop in the use of corporate sites and now little over 40% of survey respondents report that they made direct approaches Figure 15: Shares of applications - Corporate websites last year. 20% Corporate sites seem stuck in a rut of being able to generate only 14-16% of application volumes. 15% 10% 5% 0% 2002 2003 2004 2005 2006 2007 2008 2009 2010 Corporate sites Recruitmentchannels
  22. 22. PAGE 22 For the last eight years, bounty schemes have consistently Figure 16: Penetration - Personal referrals achieved high market penetration generating applications from ~2/3 of all candidates. What’s more, as we shall see 80% later, they have also been the most highly-preferred way for 70% candidates to make recruitment applications in management 60% consultancy. 50% 40% Personal referrals will never be able to generate a massive 30% share of applications – few consultants are so well-connected 20% to be able to leverage many approaches through their 10% networks – and indeed this year the share of applications 0% achieved through personal referrals has fallen to just 11%. 2002 2003 2004 2005 2006 2007 2008 2009 2010 However, it would not be wise to discount entirely the impact that the continued growth of online social and professional networking may make to the effectiveness of this channel. Figure 17: Shares of applications - Personal referrals Consultancies that are able to mobilise an effective internal referrals scheme will be at a distinct advantage over 20% competitors who cannot. 15% 10% 5% 0% 2002 2003 2004 2005 2006 2007 2008 2009 2010 Personal referrals Recruitmentchannels
  23. 23. PAGE 23 Management Consultancy Recruitment Channel Report 2010 Figure 18: Penetration - Newspapers In the main, the historic newspaper advertisers (direct employers and recruitment agencies) have continued to 50% switch spend to online solutions - newspapers have suffered 40% most in the last 8 years with candidate penetration levels 30% having fallen very considerably indeed down to just slightly 20% above 20%. 10% 0% Some newspapers are countering this and looking to 2002 2003 2004 2005 2006 2007 2008 2009 2010 maintain what remains of their share of applications by offering a number of agglomerated industry special editions to advertising clients. Despite this initiative, newspapers are now responsible for only 8% of applications from respondents to this year’s survey. Figure 19: Shares of applications - Newspapers 20% 15% 10% 5% 0% 2002 2003 2004 2005 2006 2007 2008 2009 2010 Newspapers Recruitmentchannels
  24. 24. PAGE 24 Recruitment agency candidate penetration has held up much Figure 20: Penetration - Recruitment agencies better during this recession than it did during the dot-com 100% downturn. Back in the dot-com crash, minimising cost per 90% hire became a real focal point of consulting employers – 80% which played into the hands of low-cost sourcing options and 70% harmed the recruitment agency sector. 60% 50% 40% Noticeable during the last year has been a change in employer 30% emphasis. Driving down the absolute cost-per-hire has been 20% seen as less imperative than ensuring that recruitment costs 10% are only incurred when a successful hire is actually made. In 0% some respects consulting employers have been able to use 2002 2003 2004 2005 2006 2007 2008 2009 2010 contingency recruitment agencies as an insurance policy for their businesses. Pipelines of prospective new candidate hires have been sustained by recruitment firms at no cost to consulting employers - until such time that is as a hire is actually made. Where hires have been made they have Figure 21: Shares of applications - Recruitment agencies 30% typically resulted in consultants being brought on board who are then immediately billable on client work - and so the cost 25% of the hire has been far less of a concern to the consulting employer than tying the cost of the recruitment activity to a 20% successful outcome. 15% Of course recruitment channels live or die based on the volume of attractive roles that they are able to offer to candidates; and 10% so it is no surprise that if a greater proportion of vacancies 5% have come to recruitment agents during this recession that candidates should have migrated to using them more also. 0% 2002 2003 2004 2005 2006 2007 2008 2009 2010 Recruitment agencies Recruitmentchannels
  25. 25. PAGE 25 Management Consultancy Recruitment Channel Report 2010 Internet Job Sites enjoy the highest share of candidate usage. Figure 22: Penetration - Internet job sites Internet Job Sites achieved just under 70% market penetration 80% this year having taken share from other channels consistently 70% for the last eight years. It is possible that their use is plateauing: 60% time will tell. 50% 40% Whilst there has been some volatility in job boards’ share of 30% total applications, they remain the single biggest source of 20% applications accounting for over 1/3 of all applications made 10% by candidates. 0% 2002 2003 2004 2005 2006 2007 2008 2009 2010 Figure 23: Shares of applications - Internet job sites 50% 40% 30% 20% 10% 0% 2002 2003 2004 2005 2006 2007 2008 2009 2010 Internet job sites Recruitmentchannels
  26. 26. PAGE 26 Part FOUR Recruiter and media awards
  27. 27. PAGE 27 Management Consultancy Recruitment Channel Report 2010 By polling 1,088 management consultancy candidates, we are We asked candidates to help us identify the best recruiters able to recommend suppliers on three different grounds: based on their own experiences. We asked them: “If you have been particularly impressed with an individual 1. The best individual recruitment consultants in the UK recruitment consultant you have worked with in the past, please provide their name & company so that we can give market them special recognition” 2. The recruitment agents that have the greatest Eight individuals received the most praise. They are listed in penetration or market reach amongst consulting no particular order. candidates 3. The recruitment agencies that receive the most Figure 24: Best individual recruitment consultants 2010 praise (and the least complaints) from management Consultant Agency consultancy candidates Don Leslie BLT Chris Sale Prism One caveat we should state at this point is that selection firms are for more likely to feature in this section than search Mark Pierce Michael Warwick Nicholls firms. The former interact with huge volumes of candidates, Peter Nicholls Michael Warwick Nicholls whereas the latter target specific individuals. As such, a search firm that does a lot of work in the consulting space would not Angela Heath BLT necessarily feature in the following sections. David Lancefield Selecture Simon Trott Michael Warwick Nicholls Richard Stewart Mindbench Best individial recruiter Awards
  28. 28. PAGE 28 As part of the poll analysis, we also track the applications that the respondents have submitted to the various management consultancy recruitment firms. This allows us to chart the reach of the different suppliers. The Top 10 firms by candidate reach are displayed below. As more than 60 firms were mentioned The Consultancy by candidates again this year, all firms appearing within the Top 10 listings are in the top third of suppliers in terms of the Careers Fair 2010 reach they have in the marketplace. The other factor to consider is that some firms will have well-maintained candidate databases that enable them to proactively approach more candidates than this data would Taking place on 24th suggest. Therefore this chart should mostly be viewed as a barometer for how effective the firms have been at attracting September, this year’s candidates via recruitment advertising over the last couple of years. careers fair is expected to attract 40+ exhibitors Figure 25: Top 10 recruitment firms by reach 2010 and 2,500+ consulting Recruitment agency 2010 rank % of applications candidates. A discount Michael Page 1 8.6 of 30% is available on all BLT 2 8.5 exhibitor bookings received Mindbench 3 3.8 Prism 4 3.8 by 28th May. Hays 5 3.4 Consulting Point 6 3.0 Michael Warwick Nicholls 7 2.9 For a brochure call the Reed 8 2.5 team on Selecture 9 1.9 Hudson 10 1.6 +44 (0)207 667 6880 Top 10 recruitment firms by reach Awards
  29. 29. PAGE 29 Management Consultancy Recruitment Channel Report 2010 The penultimate question in the candidate poll is: Figure 26: Top 8 recruitment firms by praise 2010 “Are there any recruitment agencies you would particularly Rank Recruitment firms praise, and why?” 1 Beament Leslie Thomas And the final question asks candidates to record any 2 Michael Warwick Nicholls disappointing experiences they may have had when working with recruitment agencies. Taken in combination, we are able 3 Prism to produce a league table of the Top 10 most highly regarded 4 Mindbench management consultancy recruitment firms, as voted by consultancy candidates. Our warm congratulations go to the 5 Selecture following eight firms. 6 FreshMinds Special congratulations must go to BLT as outright winners 6 PSD Group in this category, candidate feedback about BLT was truly 8 Korn Ferry exceptional. 8 Investigo 8 Rethink Recruitment 8 Timothy James 8 Wilton & Bain Top 8 recruitment firms by praise Awards
  30. 30. PAGE 30 maintains a considerable lead over both generalist job boards and other niche sites serving the sector. … and also remains Consultants’ preferred site for finding Management Consultancy jobs. Figure 27: Regulartly review for consultancy job opportunities Figure 28: Best rated for finding a consultancy job Twitter jobsearch Twitter jobsearch MCA MCA Consultantsboard Consultantsboard Accountancy Age / Management Accountancy Age / Management Consultancy Consultancy ConsultingLadder ConsultingLadder eFinancialCareers eFinancialCareers Executivesontheweb Executivesontheweb Totaljobs Totaljobs Jobsite Jobsite Monster Monster Exec-Appointments LinkedIn LinkedIn Exec-Appointments Top-Consultant Top-Consultant Choosing internet job site suppliers 0% 20% 2010 2009 40% 60% 80% 100% 0% 10% 2010 2009 20% 30% 40% 50%
  31. 31. PAGE 31 Management Consultancy Recruitment Channel Report 2010 We’ve been involved in The National Online Recruitment Audience Survey (NORAS) which polled 95,000+ candidates in the UK, to assess the demographics of the 62 participating job boards. The conclusions solidified’s market leading position within the management consulting industry. Other findings showed that the average Top-Consultant reader has a salary of £75,100 with 56% having a postgraduate degree and 27% having a professional qualification. 49% of our 115,000 unique monthly visitors work in consulting / strategy giving us far greater reach than any other UK jobs board. Figure 29: Job board reach NORAS ratings NORAS Findings
  32. 32. Find out how your firm could attract consulting hires by: • advertising on our websites • advertising in our consultancy-focused publications • accessing our CV databases • running bespoke careers events • participating in the annual Consultancy Careers Fair CALL TO SPEAK WITH ONE OF OUR TEAM For more information on Top-Consultant’s services or if you have any questions about the data in this report please contact Graeme Underhill on 0207 667 6880 or email him on REQUEST A BROCHURE Alternatively, please feel free to request a PDF brochure detailing our services. You may do this online by visiting the following web links: – for management consultancy hires – for IT consulting hires EMAIL US Feel free to email our Customer Services team with any questions you may have, using the address © 2010 All rights reserved.
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