Role of an executive headhunter in times like these?

Does an executive headhunter become less important in times like these? How much do companies or candidates need headhunters during an economic crisis?

We all know executive headhunters are always overwhelmed with search assignments when the economy is doing well. Companies, big and small are all “urgently” looking for the best candidate to fill key positions. Candidates can receive many calls from different headhunters in a single day.

However with the erratic stock market and the “green shoots” nowhere in sight, recruitment may probably be the last thing on the agenda for most companies.  The calls have since dropped. Or have they not? 

Do headhunters become unnecessary when companies are retrenching more than hiring?

I personally still receive calls from clients looking to hire new or replace existing positions.  Some of these are rather senior and strategic roles but the hiring time has stretched. With the same hiring dollar, client would like to see more candidates, they have also set higher expectations on requirements etc. They are also seeking information on what their competitors are paying for annual increments (if any) or retrenchment payouts.

On the candidates’ end, they are calling me to check on market sentiments. Some are still offered good jobs and are keen to get my opinions on compensation & benefits and any information I may know about the prospective employer…

In times like these, good candidates are still “hard to find”…they are more cautious and will evaluate the monetary and non-monetary (especially) aspects more critically.

My role has since evolved to a more consultative nature. Clients need advice on how to manage their people’s expectations. Candidates need advice on how to manage their bosses’ expectations…the list goes on.