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The talent selection sector suffered a drop of more than 35% as a result of the COVID-19 pandemic. Leveling out the 2019 numbers will take approximately three years, estimates Fernando Gonzales, founder and CEO of Bigmond Group, a high-standard personnel selection and consulting firm.
“Prior to the pandemic, the talent selection sector billed between US$30 million and US$34 million a year. As a result of the health emergency, it suffered a reduction of more than 35%”mentions the CEO of Bigmond Group.
To recover pre-pandemic numbers, Gonzales stated that it is prudent to anticipate that it will still take approximately three years to reach that goal. Likewise, no significant changes are expected for 2024 and 2025, it being important to consider that the last mentioned is a pre-electoral period where all variables will be under evaluation.
This year
According to Gonzales, this year, 80% of the demand for executive selection comes from GDP growth, that is, from the expansion of goods and services. The remaining 20% are business decisions unrelated to the behavior of the economy, such as digital transformation projects; launch of new products; M&A; changes in senior management, such as the replacement of a CEO, etc.
He mentioned that the sector has changed drastically. He said that there are good signs for the market in relation to innovation, improvements in value propositions, departure of competitors or considerable reduction of their installed capacity, emergence of substitute services, etc.
Demand
By 2024, Gonzales points out that fishing will have a recovery compared to 2023, since there was no second fishing season. It is a sector that is going to rebound.
Regarding the agroindustrial sector, he adds that the personnel cuts they had last year are expected to be mitigated in 2024 by some hiring and the implementation of some additional projects.
As for mining, it is likely to maintain similar performance to 2023, meaning it will continue to offer significant opportunities.
The energy sector requires special attention due to the growing importance of renewable energies, the entry of new competitors into the market, new purchases, etc., details the leader of Bigmond Group.
Finally, mass consumption suffered a strong impact last year, so companies in the sector will implement ambitious plans to recover the market and introduce new products that adjust to new consumer expectations.
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