Hunt Scanlon's Recruiter Rankings
Hunt Scanlon released their Recruiter Rankings for 2018, placing Russell Reynolds Associates in the top five. The accompanying article also quoted CEO Clarke Murphy on the firm’s growth as well as on industry trends, such as AI. The article is excerpted below.
To be sure, what AI presents is limitless in how the search sector will come to reimagine how it organizes, communicates with, recruits, develops, manages, engages with and retains talent for clients. And there have been two schools of thought around AI. One is that AI will eliminate the need for human recruiters in the search process – which will instead rely on bots and robots to search for and recruit talent. The other is that AI will simply empower the recruiting sector, giving it new tools to bolster its arsenal of capabilities and services. Recruiters seems to overwhelmingly believe that school of thought. AI, ultimately, will affect each and every recruiter in how they source talent – but it is a fundamentally positive change for the recruiting sector.
Clarke Murphy, chief executive of Russell Reynolds Associates, concurred. “It is undeniable that machine learning and algorithms have amazing power in any industry,” he said. “However, automated tasks need to be balanced with a human understanding of how executives fit an organizational culture, and how their behavioral track records might equip an organization for a changing world. Our clients want our data and our judgment, not just one or the other.”
An analysis of global revenue performance among the industry’s Big Five showed, collectively, 5.4 percent growth, with revenues gaining by some $218 million to $4.24 billion. The pecking order among this group remained unchanged, though Russell Reynolds Associates showed the biggest gains at 8.6 percent. This was followed by Korn Ferry, Heidrick & Struggles, Egon Zehnder and Spencer Stuart.
“It was a strong year for the industry overall and we were the beneficiaries of a stronger-than-expected European performance,” said Mr. Murphy, the Russell Reynolds’ CEO. “Our success also reflects the fact that our clients are increasingly asking for our involvement in their boardrooms, with succession planning and other leadership challenges they face.” About 55 percent of Russell Reynolds’ business stemmed from the Americas in 2017, and that was enough to edge out its nearest rival, Egon Zehnder, for fourth place on the Americas ranking table.
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