Revenues in the executive search industry globally have remained stable, despite a fall in the number of searches, according to data from the Association of Executive Search Consultants (AESC).

Despite an 8.1% reduction in new executive searches started worldwide in Q3 compared to Q2, revenues are not far off the all-time high experienced in 2008.

While there was a drop in new searches started this quarter compared to last, there was a 5% increase when compared to Q3 2010, and an 8.3% rise in revenues, with an annual and quarterly increase on the value of searches.

Life sciences & healthcare was the fastest-growing sector in terms of new searches, up 3% quarter-on-quarter, with moderate declines in the industrial and consumer sectors, while technology searches declined by 10.5% and financial by 19.3%.

North America was the region with the lowest decline in new searches quarter-to-quarter at 5%, but it still recorded a rise compared to Q3 2010. The Europe, Middle East and Africa region also recorded a quarterly drop, but a 4% annual rise.

Central/South America and the Asia Pacific region experienced quarterly declines, as well as small annual declines of 2%.

AESC president, Peter Felix (right), says: “Our concern is that a reduction in new search assignments in the third quarter may indicate a tremor in client demand with consequences which may be felt in the quarters to come.

“We can only hope, however, that economic and political leadership will begin to provide the certainty that is so much needed as a basis for key hiring decisions at the top of organisations.”