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Global Demand for Senior Execs Skyrockets

“Global Demand for Senior Execs Skyrockets”

Finding talented top managers — and keeping them — is getting much tougher.

Demand for executives making more than $150,000 annually rose 22% in the second quarter of 1999 vs. the comparable quarter in 1998, according to Korn/Ferry International. This gain marks the highest in nine quarters.

The Asia/Pacific region led with a 40% increase in executive demand. The U.S. economic surge fueled a 26% increase for North America. Europe saw a 19% rise, and Latin America saw a rise of 7%.

In North America, advanced technology companies fueled demand — some 17% — stealing the top spot from industrial and financial service firms. Within the technology sector, Internet companies accounted for 31% of demand.

Tying for second place were financial services, and healthcare and pharmaceutical companies, each with 15%. Industrial corporations hit the 10% mark, down from 16% in the year-ago period. Professional services were 11% of total demand, while entertainment and hospitality/leisure rose to 8%. Fashion/retail industry dropped to 5%, as did consumer products.

CEOs represented 13% of all demand, up from 11%. Demand for general managers dropped to 26% in the second quarter of 1999 from 30% last year.

Writer: Tom Truman