Executive Search in Norway– 2017 Outlook
Digital Driving Recruitment in Flat Economy
Since the summer of 2014, the Norwegian economy has been experiencing a clear downturn. Oil prices have plummeted and oil investments have fallen markedly. Mainland Norway’s GDP increased in 2015 by just 1.0 per cent; the weakest growth since the financial crisis in 2009.
The economic situation was further weakened in the second half of last year by almost zero growth. As a result of the poor activity development, unemployment saw a significant increase and peaked during last year with an annual average of 4.7 per cent of the labor force.
However, economic activity in Norway has shown tentative signs of improving momentum in recent months. The government has made use of its abundant sovereign wealth fund for the first time in 2016 and increased spending to support activity. Also, sectors other than the oil industry have seen a slight uptake in activity, both within exports and mainland industries.
For JP Cornerstone Norway, recruitment activities have been high throughout 2016 and are not expected to decrease in the coming year. Digital transformation is driving the need for technology and change management resources, and we see an increase in demand for digital expertise and competencies.
Also, higher mobility among younger employees and shorter tenure on management positions contribute to the continued recruitment of specialists and managers across industries. Hence, we expect a high level of search activity for 2017 among both existing and new clients.