Hunt Scanlon Ventures has released a bullish report on the multi-billion-dollar executive search industry – forecasting a big uptick in growth, and deal making activity, through 2030. Hunt Scanlon’s chief market analyst, Evan Berta, takes a closer look at the key drivers, growth prospects, and opportunities ahead.
Hunt Scanlon just released its annual rankings of leading executive search firms, giving the sector its first official performance review on last year’s activity. In the U.S. and globally, billions of dollars poured into the high-end recruitment sector in 2024, despite an economically challenging year.
“The recruiting sector found stability and recovery in 2024 even as economic headwinds persisted right up through to the election,” said Evan Berta, chief market analyst at Hunt Scanlon. “Growth rates topped out at six percent, and the stage has been set for a strong run ahead.”
Fee revenue at the 50 largest executive search firms in the U.S./Americas – the industry’s largest region – reached $6.041 billion, according to Hunt Scanlon. More than half (59 percent) of search firms reported positive growth, while 20 firms reported double digit gains. Russell Reynolds Associates grew by 10.8 percent in the Americas – the strongest growth rate among the Top 5 SHREK firms – catapulting it to the No. 3 spot on the Top 50 roster. Globally, the firm ranks No. 2.
A New Playbook
“Recruiting specialists focused on securing talent in private equity, technology, healthcare, and financial services showed the biggest gains in growth,” said Mr. Berta.
“Hunt Scanlon projects the recruiting sector to grow by double digits in 2025, with demand for talent expected to surge in the second half of the year.”
NU Advisory Partners earned the distinction as the fastest growing search firm in 2024, rising 108 percent. It is a spin-out of Russell Reynolds Associates. “NU Advisory has carved out a niche in high-growth and innovation-driven industries,” said Mr. Berta. “Their focus on serving PE-backed clients has fueled its rapid expansion as investors seek proven leadership to drive value creation.”
CEO and co-founder Nada Usina said that she and her expanding team have been focused on creating a better playbook for recruiting. “We are laser focused on using tech, data and AI – whether we’re building, buying, or modifying. We are making search smarter, faster, and built for how businesses move in 2025,” said Ms. Usina. Operationalizing this approach with a top-tier team, she noted, “is proving to make all the difference.”
Growth Drivers
Matt Hamlin, a managing director with PierceGray – a leading boutique placing C-suite and functional leaders across private equity and the Fortune 500 – said growth last year was driven by three primary factors: continued client expansion, particularly in working with new PE firms for the first time; flexibility across functions – P&L leadership and finance were clear growth enablers in addition to the firm’s core supply chain and operations disciplines; and renewed energy from long-hold portfolio companies that have shifted to a continuation focus and a need for upgraded functional leaders aligned with strategy shifts.
“While the first half of the year was more focused on cost-out and operational efficiency in most of the portfolio environments we serve,” he noted, “the back half of the year saw increased volumes in revenue-focused roles, as well as operating partner / advisor roles as our fund-level PE clients prepared themselves for increased deal activity in 2025 and beyond.”
Pivot to Acquisitions
Hunt Scanlon forecasts the recruiting sector to grow by double digits in 2025, with demand for talent expected to surge in the second half of the year. “We also project strong tailwinds for executive recruiting through 2030,” said Mr. Berta.
“The supply of top drawer leaders is tightening,” said Scott A. Scanlon, a Hunt Scanlon co-founder who oversees the firm’s M&A advisory group. “That will translate into a big year ahead for recruiters,” he noted.
“A robust pipeline is fueling the recent rise in M&A deal making activity, setting the stage for heavy consolidation ahead.”
“With an improving environment, search firm founders and their management teams will lean more heavily on strategic growth partners to fund and scale their operations,” said Mr. Scanlon. “The good news is that PE firms and strategic acquirers continue making major bets on investing in this space,” he said.
Robust M&A Deal Pipeline
According to a private Hunt Scanlon poll taken two weeks ago, 58 percent of founders expressed interest in considering a potential sale of their business. “That robust pipeline is fueling the recent rise in M&A deal making activity,” said Mr. Scanlon, “and setting the stage for heavy consolidation ahead.”
One Top 10 global talent advisory firm that has taken a disciplined approach to M&A is ZRG Partners. “Our growth in 2024 was driven by a combination of strategic organic expansion and targeted acquisitions,” said CEO Larry Hartmann, “both of which contributed to revenue acceleration across the platform.”
On the organic side, he said, “we continued to invest in top-tier talent, bringing in experienced professionals across multiple industry verticals to deepen our expertise and better serve our clients.”
At the same time, he noted, “we executed a series of highly strategic acquisitions that were not just about adding scale but about creating true synergy – integrating firms that complemented our existing strengths and expanding our capabilities in meaningful ways.”
By acquiring firms that aligned with ZRG’s sector expertise, client needs, and geographic reach, he said, his team was better positioned to cross-leverage opportunities, drive efficiency, and enhance the firm’s service offerings.
“This approach – balancing disciplined organic growth with thoughtful acquisitions – has been a key factor in maintaining our trajectory as one of the fastest-growing talent advisory firms in the industry,” he said.
Hunt Scanlon Report Highlights:
- The Hunt Scanlon ‘Top 50’ U.S. Recruiting Firms produced $6.041 billion in fees generated, a six percent rise.
- The Hunt Scanlon ‘Big 5’ Global Recruiting Firms reported $6.863 billion in professional fees, a record-breaking year.
- A wave of consolidations and a surge in M&A activity will fuel market share growth and innovation in 2025 and extend into 2030.
- Growth in interim solutions, a jump in fractional talent requisitions, an upswing in AI-enabled leadership assessments, and an upsurge in executive coaching and culture consulting services will fuel adjacent growth in the broader human capital sector.
To view Hunt Scanlon’s latest rankings, visit https://huntscanlon.com/top-50/.
Article By
Evan Berta
Evan Berta is an Associate at Hunt Scanlon Ventures, specializing in data analysis, market mapping, and target list preparation. He plays a critical role in identifying and building out groups of firms in sectors of interest, including preparing strategic overviews of top potential targets for acquisitions. Evan’s analytical expertise supports the firm’s sourcing initiatives, particularly in identifying niche and emerging market opportunities, and delivering actionable insights on tight timelines.
