A new survey has found that most executives believe 2009 will see a recovery in the labor market and that there will be a long-term increase in the demand for talent.
The Korn/Ferry survey found that executives “remain optimistic that the war for talent is still being waged.” Specifically, 77 percent believed that the demand for talent would increase more in the next 5 years than it did during the previous 5 years.
A smaller majority (52 percent) predict a 2009 labor market recovery, though many (35 percent) don’t expect the improvement to come until the second half of the year. Of those that believe the labor market won’t improve this year, most (39 percent) think it will happen in 2010. Just 9 percent believe the labor market won’t recover until 2011 or later.
“No one has a crystal ball, but companies operating in industries hardest hit in this recession will more than likely realize that they quickly need to focus more on hiring once the worst has passed,” Paul C. Reilly, chairman of Korn/Ferry International, said in a press release. “Because of this long-term demand curve, executives are optimistic about their own career opportunities. Korn/Ferry’s research and four decades of industry experience validate this optimism.”