Mark Firth, Chair of The Taplow Group and Managing Partner UK, points out that executive search is almost inherently impacted by disruptions in the global economy as well as political and other major changes which create uncertainty. “It is too early to gauge the medium-term financial impact but our client surveys show that Q1 and Q2 2020 are well below the same periods last year,” says Mr. Firth. “We have seen a few markets really challenged due to lack of control of the virus, particularly in the Americas and Africa. Typically, as the path to ‘normalcy’ becomes visible, our business is a bit ahead of the curve as clients seek to implement their plans.”
Improvement is most likely to be market by market and very fragmented , says Mr. Firth. “Some of the earlier responders such as New Zealand may see an uptick quickly,” he says. “Large economic markets who delayed responding or tried going back to "business as usual" too quickly will be quite delayed in coming out of the economic downturn and the global markets require those major players to be active for the rest of the world to see growth. Singapore is a good example of first, getting ahead of the virus and is now is slowly exiting a second lockdown period, this affects business confidence, which is key factor in any sector. An added ‘wild card’ is government stimulus packages that are now being announced and the unpredictable nature of this virus. In the USA as well as several other countries, the political environment and added uncertainty is also a question directly related to economic disruptions.”
The Taplow Group has been practicing social distancing and all our employee have been working, from home throughout this period and are now returning to a more normal work environment. “In a few shut-down markets it is apparent that our consultants and clients are adjusting to the new conditions and gradually increases in business velocity are being felt,” says Mr. Firth. “Most importantly, we are taking the time to have personal contact – remotely – with our clients and friends to ensure we and they are ready to face the challenges that no doubt lie ahead. We are helping our clients to focus on growing ‘post-pandemic and discussing strategies that will see their businesses flourish in the coming months and years.” Click here to know more.