Finland’s executive search market shrank by 18 percent in 2024, falling to €81 million according to the findings of the Listeds and Duunitori survey. The contraction has forced a reset across the sector, accelerating the adoption of AI, raising expectations for transparency and scientific assessment, and widening the gap between high-quality operators and companies relying on lighter processes.
Although the overall market remains subdued, early signals point to stabilization. Companies with senior-level rigor, credible methodology, and global sourcing depth appear best positioned for a gradual improvement heading into 2026. Only six enterprises surpassed €3 million in executive search revenue in 2024, underscoring how concentrated the upper tier remains in a market of 133 active providers.
Lauri Vaisto, Duunitori’s principal consultant in strategy and employer branding, notes in an article that executive search reacts more slowly to economic cycles than the broader labor market. “Employers have reduced and postponed these strategic hires, but they have not abandoned them altogether,” he says, suggesting that latent demand may return quickly once economic confidence improves.
AI accelerates the shift toward transparency and value
InHunt Group, ranked fourth among recruitment service providers with €4.39 million in executive search revenue, sees the market dividing more sharply between credible and low-quality operators.
The quality of search processes has declined significantly in the sector due to the negative financial performance, InHunt CEO Kari Juutilainen said. "Lower prices and lighter processes inevitably increase errors and reputation risks.”
Juutilainen expects AI to accelerate changes to pricing and service expectations. “As companies learn to use AI better for identifying the right search criteria and attraction factors, standardizing interviews for consistency and quality, and moving candidates more efficiently through the process, it is no longer justified to charge tens of thousands of euros for the work.”
A more selective, senior-led market
Mercuri Urval, the second-largest search provider in Finland with €4.73 million in revenue, sees demand concentrating at the top of the leadership pyramid.
Partner and Director Teemu Tiainen says, “In a changing environment, the importance of leadership selection keeps rising and organizations expect more fact-based and quality-assured methods from their executive search partners.” He notes that international and multi-country assignments are increasing as Finnish companies seek growth abroad.
Juutilainen expects search partners to be used less for full recruiting cycles and more for sourcing depth. “Companies will need headhunters even more in the future, not necessarily for entire recruitment processes but to ensure access to a wide and high-quality candidate pool.”
Companies that outperformed the downturn
SAM Headhunting team.
SAM Headhunting, now ranked 8th nationwide after growing more than 100 percent to €2.3 million, was one of the market’s strongest performers.
Senior Partner Taru From says the company benefited from increased demand for high-impact leadership roles. “Growth comes from C-suite searches and broad industry expertise.”
Consulting expert From sees the early signs of a rebound. “We have now seen gradual signs of recovery and believe that the market has started moving toward growth as we head into 2026.”
Adecco Finland, ranked 19th, delivered the fastest growth in the top 20 with a 132 percent increase in executive search revenue. Though search represents only about 2 percent of its total business, the company recorded substantial gains by pivoting toward senior roles and interim placements.
“We began to invest more heavily in direct search, executive-level roles, and interim placements so we can serve a broader client portfolio,” said Suvi Onkamo-Häkkinen, Adecco's country manager in Finland.
IMS Talent, ranked fifth with €3.43 million in revenue, remained stable despite the national decline. Partner Sari Salojärvi expects moderate improvement ahead. “Toward 2026, we again believe in growth opportunities for ourselves, and perhaps in a slight recovery for the industry.”
Salojärvi notes that demand for top leadership remains structurally consistent. “In our view, the top leadership search market is generally quite stable; there is always demand for leadership changes.”
A fragmented market that may consolidate
The new survey underscores how fragmented the Finnish executive search landscape remains, with nearly two-thirds of all providers generating under €0.5 million in revenue. Larger international enterprises saw steep declines, in some cases more than one-third. In contrast, fast-growing specialists such as SAM Headhunting and JFP Executive Search expanded during the downturn.
Duunitori’s Vaisto believes the market is moving into a more structured phase. “The executive search market is developing the way many industries do: large providers expand their services, smaller ones specialize and move quickly,” he says. “I would not be surprised if this fragmented market begins to consolidate through acquisitions or new forms of collaboration.”
