Report: The Finnish headhunting market shrank by 18% in 2024
Nov 14, 2025
The Finnish headhunting market contracted by 18% to €80.9 million in 2024 from the year before, with notable shifts in structure, competition, and performance, according to the findings of a survey conducted by Listeds in partnership with recruitment media Duunitori.
Listeds collected survey data for Duunitori to build a comprehensive industry picture, covering 134 companies and their revenue development during their latest fiscal year. The 2023 figures come from Duunitori, which published the latest 2024 report on Nov. 20 (in Finnish).
Market overview
Executive search turnover 2024: €80.9 million
Turnover 2023: €99 million
→ This represents a contraction of about 18 percent.
Number of companies with 2024 headhunting turnover: 134
Pure headhunting enterprises (100 percent executive search): 46
→ About 34 percent of all companies focus exclusively on executive search.
The market has grown significantly over the past decade, although with some cyclical fluctuations. The 2024 decline signals a more cautious hiring climate for senior roles and a shift toward selective recruitment.
Market structure and segmentation
Category | Turnover range (€) | Number of companies (all) | Headhunting only |
|---|---|---|---|
Micro | under 0.5 M | 89 | 23 |
Small | 0.5–1 M | 19 | 8 |
Medium | 1–3 M | 21 | 13 |
Large | 3–10 M | 5 | 2 |
Interpretation
The Finnish market remains heavily weighted toward small operators. Two-thirds of firms fall in the micro category with under €0.5 million in annual turnover.
Mid-sized companies in the 1–3 million euro range form an important professional core, yet a majority of pure headhunting specialists still sit in the micro tier.
Only a few players reach the large category. In 2024, these were primarily Egon Zehnder and Heidrick & Struggles.
No companies surpass €10 million in annual headhunting turnover, which underlines the fragmented and boutique-oriented nature of the Finnish executive search industry.
Top 10 pure headhunting companies in 2024
(100 percent executive search revenue)
Rank | Company | 2024 Turnover (€) | 2023 Turnover (€) | % Change (rounded) |
|---|---|---|---|---|
1 | Egon Zehnder | 4,534,174 | 7,038,000 | –36% |
2 | Heidrick & Struggles | 3,416,724 | 3,559,000 | –4% |
3 | IMS Talent | 2,987,575 | 3,418,000 | –13% |
4 | Fairchild Executive Search | 2,579,069 | 2,967,000 | –13% |
5 | SAM Headhunting | 2,299,796 | 1,116,000 | +106% |
6 | Boyden | 2,178,013 | 3,282,000 | –34% |
7 | JFP Executive Search | 2,149,000 | 1,760,000 | +22% |
8 | Amrop Finland | 1,961,000 | 2,346,000 | –16% |
9 | Alumni / Harvey Nash | 1,825,000 | 1,841,000 | –1% |
10 | Odgers Berndtson | 1,808,000 | 1,762,000 | +3% |
What this shows
The pure segment is polarized. Large global enterprises faced noticeable declines, while several boutique players demonstrated momentum despite market headwinds.
Global retained search companies saw broad contraction.
Sam Headhunting was the standout with +106 percent growth, expanding aggressively inside the pure segment.
Boutique consultancies outperformed many legacy players due to adaptability and closer client relationships.
The 20 largest headhunting companies in Finland (including mixed-service providers)
This ranking includes both pure-headhunting companies and mixed-service HR providers that offer executive search as part of a broader portfolio.
The table shows the 2024 headhunting turnover in comparison to 2023, and how large a share of each company’s business was executive search in 2023.
Rank | Company | 2024 (€) | 2023 (€) | YoY % | Exec Search % (2023) |
|---|---|---|---|---|---|
1 | MPS | 6,429,000 | 7,581,000 | −15% | 57% |
2 | Egon Zehnder | 4,534,174 | 7,038,000 | −36% | 100% |
3 | InHunt Group | 4,392,000 | 5,689,000 | −23% | ~100% |
4 | Heidrick & Struggles | 3,416,724 | 3,559,000 | −4% | 100% |
5 | Mercuri Urval | 3,056,773 | 3,895,000 | −22% | 55% |
6 | IMS Talent | 2,987,575 | 3,418,000 | −13% | 100% |
7 | Fairchild Executive Search | 2,579,069 | 2,967,000 | −13% | 100% |
8 | Sam Headhunting | 2,299,796 | 1,116,000 | +106% | 100% |
9 | Boyden | 2,178,013 | 3,282,000 | −34% | 100% |
10 | JFP Executive Search | 2,149,000 | 1,760,000 | +22% | 100% |
11 | HR Satama | 2,076,000 | 1,779,000 | +17% | 80% |
12 | Staffpoint Executive | 2,050,000 | 2,179,000 | −6% | 2% |
13 | Korn Ferry | 1,986,557 | 1,986,000 | 0% | 49% |
14 | Amrop Finland | 1,961,000 | 2,346,000 | −16% | 100% |
15 | Alumni / Harvey Nash | 1,825,000 | 1,841,000 | −1% | 100% |
16 | Odgers Berndtson | 1,808,000 | 1,762,000 | +3% | 100% |
17 | Eezy Personnel | 1,717,249 | 2,250,000 | −24% | 37% |
18 | Compass Human Resources Group | 1,600,000 | 1,184,000 | +35% | 85% |
19 | Adecco Finland | 1,500,000 | 647,000 | +132% | 1% |
20 | HRS Advisors | 1,400,000 | 1,655,000 | −15% | 68% |
Key insights
The top 20 firms together represent a significant share of the market, likely well over half, which indicates moderate concentration at the top despite the long tail of small operators.
MPS leads the market by total executive search revenue, even though less than 60 percent of its business is pure headhunting.
Pure specialists are led by Egon Zehnder and Heidrick & Struggles, both above €3.4 million in turnover.
Fastest growth was recorded by:
Adecco Finland (+132 percent)
Sam Headhunting (+106 percent)
Compass Human Resources (+35 percent)
Several major companies experienced significant declines, including Egon Zehnder (−36 percent) and Boyden (−34 percent), reflecting lower demand for retained executive search assignments.
Profitability in 2024
Total reported profit: €22.6 million
Median profit: €7,600
Average profit: €174,000
The profit distribution is strongly skewed. A small group of companies captures the majority of total profit, while many boutiques operate with tight margins. This pattern resembles other professional services fields where scale and brand recognition influence profitability.
Year-on-year trends
Market contraction
Executive search volume decreased about 18 percent from 2023 to 2024.
Growth in specialization
More than one-third of companies are now pure headhunting specialists.
Polarization by size
The market is divided between global networks and boutique firms, while the middle segment continues to thin.
Focus on cost efficiency
Companies maintained profitability overall but faced slower profit growth.
Boutiques gaining ground
JFP Executive Search, Fairchild, and Sam Headhunting show continued strength in brand and performance even in a declining market.
Summary
The 2024 Finnish headhunting market is professional, highly specialized, and structurally fragmented. Although the total value declined to €80.9 million, the industry remains competitive and dynamic with 46 pure headhunting companies and over 100 active companies overall.
The year highlighted significant contrasts. Large international search enterprises saw declining revenues, while several national boutiques achieved strong growth. Client behavior appears to be shifting from high volume toward high value and from large brand names toward flexible, specialized providers.
How was the data collected?
Listeds collected survey responses on behalf of Duunitori from operators in Finland’s executive search field in October 2025. We asked companies to confirm their revenue from the most recent financial year. A total of 34 responses were received, and the official revenue figures for other companies were retrieved from Kauppalehti’s pages. In cases where companies offer other HR services in addition to executive search, Duunitori’s suggested percentage coefficient was used — the same as in the previous year.
The Finnish headhunting market contracted by 18% to €80.9 million in 2024 from the year before, with notable shifts in structure, competition, and performance, according to the findings of a survey conducted by Listeds in partnership with recruitment media Duunitori.
Listeds collected survey data for Duunitori to build a comprehensive industry picture, covering 134 companies and their revenue development during their latest fiscal year. The 2023 figures come from Duunitori, which published the latest 2024 report on Nov. 20 (in Finnish).
Market overview
Executive search turnover 2024: €80.9 million
Turnover 2023: €99 million
→ This represents a contraction of about 18 percent.
Number of companies with 2024 headhunting turnover: 134
Pure headhunting enterprises (100 percent executive search): 46
→ About 34 percent of all companies focus exclusively on executive search.
The market has grown significantly over the past decade, although with some cyclical fluctuations. The 2024 decline signals a more cautious hiring climate for senior roles and a shift toward selective recruitment.
Market structure and segmentation
Category | Turnover range (€) | Number of companies (all) | Headhunting only |
|---|---|---|---|
Micro | under 0.5 M | 89 | 23 |
Small | 0.5–1 M | 19 | 8 |
Medium | 1–3 M | 21 | 13 |
Large | 3–10 M | 5 | 2 |
Interpretation
The Finnish market remains heavily weighted toward small operators. Two-thirds of firms fall in the micro category with under €0.5 million in annual turnover.
Mid-sized companies in the 1–3 million euro range form an important professional core, yet a majority of pure headhunting specialists still sit in the micro tier.
Only a few players reach the large category. In 2024, these were primarily Egon Zehnder and Heidrick & Struggles.
No companies surpass €10 million in annual headhunting turnover, which underlines the fragmented and boutique-oriented nature of the Finnish executive search industry.
Top 10 pure headhunting companies in 2024
(100 percent executive search revenue)
Rank | Company | 2024 Turnover (€) | 2023 Turnover (€) | % Change (rounded) |
|---|---|---|---|---|
1 | Egon Zehnder | 4,534,174 | 7,038,000 | –36% |
2 | Heidrick & Struggles | 3,416,724 | 3,559,000 | –4% |
3 | IMS Talent | 2,987,575 | 3,418,000 | –13% |
4 | Fairchild Executive Search | 2,579,069 | 2,967,000 | –13% |
5 | SAM Headhunting | 2,299,796 | 1,116,000 | +106% |
6 | Boyden | 2,178,013 | 3,282,000 | –34% |
7 | JFP Executive Search | 2,149,000 | 1,760,000 | +22% |
8 | Amrop Finland | 1,961,000 | 2,346,000 | –16% |
9 | Alumni / Harvey Nash | 1,825,000 | 1,841,000 | –1% |
10 | Odgers Berndtson | 1,808,000 | 1,762,000 | +3% |
What this shows
The pure segment is polarized. Large global enterprises faced noticeable declines, while several boutique players demonstrated momentum despite market headwinds.
Global retained search companies saw broad contraction.
Sam Headhunting was the standout with +106 percent growth, expanding aggressively inside the pure segment.
Boutique consultancies outperformed many legacy players due to adaptability and closer client relationships.
The 20 largest headhunting companies in Finland (including mixed-service providers)
This ranking includes both pure-headhunting companies and mixed-service HR providers that offer executive search as part of a broader portfolio.
The table shows the 2024 headhunting turnover in comparison to 2023, and how large a share of each company’s business was executive search in 2023.
Rank | Company | 2024 (€) | 2023 (€) | YoY % | Exec Search % (2023) |
|---|---|---|---|---|---|
1 | MPS | 6,429,000 | 7,581,000 | −15% | 57% |
2 | Egon Zehnder | 4,534,174 | 7,038,000 | −36% | 100% |
3 | InHunt Group | 4,392,000 | 5,689,000 | −23% | ~100% |
4 | Heidrick & Struggles | 3,416,724 | 3,559,000 | −4% | 100% |
5 | Mercuri Urval | 3,056,773 | 3,895,000 | −22% | 55% |
6 | IMS Talent | 2,987,575 | 3,418,000 | −13% | 100% |
7 | Fairchild Executive Search | 2,579,069 | 2,967,000 | −13% | 100% |
8 | Sam Headhunting | 2,299,796 | 1,116,000 | +106% | 100% |
9 | Boyden | 2,178,013 | 3,282,000 | −34% | 100% |
10 | JFP Executive Search | 2,149,000 | 1,760,000 | +22% | 100% |
11 | HR Satama | 2,076,000 | 1,779,000 | +17% | 80% |
12 | Staffpoint Executive | 2,050,000 | 2,179,000 | −6% | 2% |
13 | Korn Ferry | 1,986,557 | 1,986,000 | 0% | 49% |
14 | Amrop Finland | 1,961,000 | 2,346,000 | −16% | 100% |
15 | Alumni / Harvey Nash | 1,825,000 | 1,841,000 | −1% | 100% |
16 | Odgers Berndtson | 1,808,000 | 1,762,000 | +3% | 100% |
17 | Eezy Personnel | 1,717,249 | 2,250,000 | −24% | 37% |
18 | Compass Human Resources Group | 1,600,000 | 1,184,000 | +35% | 85% |
19 | Adecco Finland | 1,500,000 | 647,000 | +132% | 1% |
20 | HRS Advisors | 1,400,000 | 1,655,000 | −15% | 68% |
Key insights
The top 20 firms together represent a significant share of the market, likely well over half, which indicates moderate concentration at the top despite the long tail of small operators.
MPS leads the market by total executive search revenue, even though less than 60 percent of its business is pure headhunting.
Pure specialists are led by Egon Zehnder and Heidrick & Struggles, both above €3.4 million in turnover.
Fastest growth was recorded by:
Adecco Finland (+132 percent)
Sam Headhunting (+106 percent)
Compass Human Resources (+35 percent)
Several major companies experienced significant declines, including Egon Zehnder (−36 percent) and Boyden (−34 percent), reflecting lower demand for retained executive search assignments.
Profitability in 2024
Total reported profit: €22.6 million
Median profit: €7,600
Average profit: €174,000
The profit distribution is strongly skewed. A small group of companies captures the majority of total profit, while many boutiques operate with tight margins. This pattern resembles other professional services fields where scale and brand recognition influence profitability.
Year-on-year trends
Market contraction
Executive search volume decreased about 18 percent from 2023 to 2024.
Growth in specialization
More than one-third of companies are now pure headhunting specialists.
Polarization by size
The market is divided between global networks and boutique firms, while the middle segment continues to thin.
Focus on cost efficiency
Companies maintained profitability overall but faced slower profit growth.
Boutiques gaining ground
JFP Executive Search, Fairchild, and Sam Headhunting show continued strength in brand and performance even in a declining market.
Summary
The 2024 Finnish headhunting market is professional, highly specialized, and structurally fragmented. Although the total value declined to €80.9 million, the industry remains competitive and dynamic with 46 pure headhunting companies and over 100 active companies overall.
The year highlighted significant contrasts. Large international search enterprises saw declining revenues, while several national boutiques achieved strong growth. Client behavior appears to be shifting from high volume toward high value and from large brand names toward flexible, specialized providers.
How was the data collected?
Listeds collected survey responses on behalf of Duunitori from operators in Finland’s executive search field in October 2025. We asked companies to confirm their revenue from the most recent financial year. A total of 34 responses were received, and the official revenue figures for other companies were retrieved from Kauppalehti’s pages. In cases where companies offer other HR services in addition to executive search, Duunitori’s suggested percentage coefficient was used — the same as in the previous year.
The Finnish headhunting market contracted by 18% to €80.9 million in 2024 from the year before, with notable shifts in structure, competition, and performance, according to the findings of a survey conducted by Listeds in partnership with recruitment media Duunitori.
Listeds collected survey data for Duunitori to build a comprehensive industry picture, covering 134 companies and their revenue development during their latest fiscal year. The 2023 figures come from Duunitori, which published the latest 2024 report on Nov. 20 (in Finnish).
Market overview
Executive search turnover 2024: €80.9 million
Turnover 2023: €99 million
→ This represents a contraction of about 18 percent.
Number of companies with 2024 headhunting turnover: 134
Pure headhunting enterprises (100 percent executive search): 46
→ About 34 percent of all companies focus exclusively on executive search.
The market has grown significantly over the past decade, although with some cyclical fluctuations. The 2024 decline signals a more cautious hiring climate for senior roles and a shift toward selective recruitment.
Market structure and segmentation
Category | Turnover range (€) | Number of companies (all) | Headhunting only |
|---|---|---|---|
Micro | under 0.5 M | 89 | 23 |
Small | 0.5–1 M | 19 | 8 |
Medium | 1–3 M | 21 | 13 |
Large | 3–10 M | 5 | 2 |
Interpretation
The Finnish market remains heavily weighted toward small operators. Two-thirds of firms fall in the micro category with under €0.5 million in annual turnover.
Mid-sized companies in the 1–3 million euro range form an important professional core, yet a majority of pure headhunting specialists still sit in the micro tier.
Only a few players reach the large category. In 2024, these were primarily Egon Zehnder and Heidrick & Struggles.
No companies surpass €10 million in annual headhunting turnover, which underlines the fragmented and boutique-oriented nature of the Finnish executive search industry.
Top 10 pure headhunting companies in 2024
(100 percent executive search revenue)
Rank | Company | 2024 Turnover (€) | 2023 Turnover (€) | % Change (rounded) |
|---|---|---|---|---|
1 | Egon Zehnder | 4,534,174 | 7,038,000 | –36% |
2 | Heidrick & Struggles | 3,416,724 | 3,559,000 | –4% |
3 | IMS Talent | 2,987,575 | 3,418,000 | –13% |
4 | Fairchild Executive Search | 2,579,069 | 2,967,000 | –13% |
5 | SAM Headhunting | 2,299,796 | 1,116,000 | +106% |
6 | Boyden | 2,178,013 | 3,282,000 | –34% |
7 | JFP Executive Search | 2,149,000 | 1,760,000 | +22% |
8 | Amrop Finland | 1,961,000 | 2,346,000 | –16% |
9 | Alumni / Harvey Nash | 1,825,000 | 1,841,000 | –1% |
10 | Odgers Berndtson | 1,808,000 | 1,762,000 | +3% |
What this shows
The pure segment is polarized. Large global enterprises faced noticeable declines, while several boutique players demonstrated momentum despite market headwinds.
Global retained search companies saw broad contraction.
Sam Headhunting was the standout with +106 percent growth, expanding aggressively inside the pure segment.
Boutique consultancies outperformed many legacy players due to adaptability and closer client relationships.
The 20 largest headhunting companies in Finland (including mixed-service providers)
This ranking includes both pure-headhunting companies and mixed-service HR providers that offer executive search as part of a broader portfolio.
The table shows the 2024 headhunting turnover in comparison to 2023, and how large a share of each company’s business was executive search in 2023.
Rank | Company | 2024 (€) | 2023 (€) | YoY % | Exec Search % (2023) |
|---|---|---|---|---|---|
1 | MPS | 6,429,000 | 7,581,000 | −15% | 57% |
2 | Egon Zehnder | 4,534,174 | 7,038,000 | −36% | 100% |
3 | InHunt Group | 4,392,000 | 5,689,000 | −23% | ~100% |
4 | Heidrick & Struggles | 3,416,724 | 3,559,000 | −4% | 100% |
5 | Mercuri Urval | 3,056,773 | 3,895,000 | −22% | 55% |
6 | IMS Talent | 2,987,575 | 3,418,000 | −13% | 100% |
7 | Fairchild Executive Search | 2,579,069 | 2,967,000 | −13% | 100% |
8 | Sam Headhunting | 2,299,796 | 1,116,000 | +106% | 100% |
9 | Boyden | 2,178,013 | 3,282,000 | −34% | 100% |
10 | JFP Executive Search | 2,149,000 | 1,760,000 | +22% | 100% |
11 | HR Satama | 2,076,000 | 1,779,000 | +17% | 80% |
12 | Staffpoint Executive | 2,050,000 | 2,179,000 | −6% | 2% |
13 | Korn Ferry | 1,986,557 | 1,986,000 | 0% | 49% |
14 | Amrop Finland | 1,961,000 | 2,346,000 | −16% | 100% |
15 | Alumni / Harvey Nash | 1,825,000 | 1,841,000 | −1% | 100% |
16 | Odgers Berndtson | 1,808,000 | 1,762,000 | +3% | 100% |
17 | Eezy Personnel | 1,717,249 | 2,250,000 | −24% | 37% |
18 | Compass Human Resources Group | 1,600,000 | 1,184,000 | +35% | 85% |
19 | Adecco Finland | 1,500,000 | 647,000 | +132% | 1% |
20 | HRS Advisors | 1,400,000 | 1,655,000 | −15% | 68% |
Key insights
The top 20 firms together represent a significant share of the market, likely well over half, which indicates moderate concentration at the top despite the long tail of small operators.
MPS leads the market by total executive search revenue, even though less than 60 percent of its business is pure headhunting.
Pure specialists are led by Egon Zehnder and Heidrick & Struggles, both above €3.4 million in turnover.
Fastest growth was recorded by:
Adecco Finland (+132 percent)
Sam Headhunting (+106 percent)
Compass Human Resources (+35 percent)
Several major companies experienced significant declines, including Egon Zehnder (−36 percent) and Boyden (−34 percent), reflecting lower demand for retained executive search assignments.
Profitability in 2024
Total reported profit: €22.6 million
Median profit: €7,600
Average profit: €174,000
The profit distribution is strongly skewed. A small group of companies captures the majority of total profit, while many boutiques operate with tight margins. This pattern resembles other professional services fields where scale and brand recognition influence profitability.
Year-on-year trends
Market contraction
Executive search volume decreased about 18 percent from 2023 to 2024.
Growth in specialization
More than one-third of companies are now pure headhunting specialists.
Polarization by size
The market is divided between global networks and boutique firms, while the middle segment continues to thin.
Focus on cost efficiency
Companies maintained profitability overall but faced slower profit growth.
Boutiques gaining ground
JFP Executive Search, Fairchild, and Sam Headhunting show continued strength in brand and performance even in a declining market.
Summary
The 2024 Finnish headhunting market is professional, highly specialized, and structurally fragmented. Although the total value declined to €80.9 million, the industry remains competitive and dynamic with 46 pure headhunting companies and over 100 active companies overall.
The year highlighted significant contrasts. Large international search enterprises saw declining revenues, while several national boutiques achieved strong growth. Client behavior appears to be shifting from high volume toward high value and from large brand names toward flexible, specialized providers.
How was the data collected?
Listeds collected survey responses on behalf of Duunitori from operators in Finland’s executive search field in October 2025. We asked companies to confirm their revenue from the most recent financial year. A total of 34 responses were received, and the official revenue figures for other companies were retrieved from Kauppalehti’s pages. In cases where companies offer other HR services in addition to executive search, Duunitori’s suggested percentage coefficient was used — the same as in the previous year.
Subscribe to Listeds Pulse newsletter
Get exclusive insights on executive and boardroom changes in Finnish listed companies every Monday.
Join 500+ leaders, investors, journalists and recruiters who stay ahead with Listeds Pulse..
Subscribe free today
Subscribe to Listeds Pulse newsletter
Get exclusive insights on executive and boardroom changes in Finnish listed companies every Monday.
Join 500+ leaders, investors, journalists and recruiters who stay ahead with Listeds Pulse..
Subscribe free today