Every so often, firms have undervalued the predicament associated with spotting the best leaders to ensure their company’s continued success, as they strive to stay afloat after the financial crisis.
Executive consultants report a trend they noticed globally, and what predominated among CEOs: “Perpetual disruption is the new way.” This modern mentality that senior executives have adopted, realises the need for a strategy to scout, engage and retain the most talented leaders who will drive innovation and business progression.
Below are some key findings from strategies used in various markets to select C-level executives. These were formed on observations from interviews with executive recruiters.
Global war for executive talent
Thanks to a ground-breaking McKinsey study in 1997, which exposed the war for talent as a calculated business challenge and “a critical driver of corporate performance”, the significance of C-level recruitment became evident. Nowadays, this is resurfacing. Not only do the companies underrate the excessive effort needed with the search and selection of senior managers, but also omit having a functional system in place that risks firms having a fragile management in charge.
Capability to show international flexibility definitely identifies a chief executive. As a way of validating this, and, integrating national databases and drawing larger markets, notable executive search firms have reformed their strategy to include global networking practices.
Small businesses are now global players
“US exports’ known value grew by 1.4% from 2012 to 2013, while small business export value improved by 4.5%, led by firms with an employee base between 250 and 499 people”, US Small Business Administration reported in June 2015. Statistics show that small firms were once confined within national borders, but now, they can leave a global fingerprint. Not only does this means increase in profit and opportunities, but also, increase in responsibilities for smaller scale enterprise.
Rise of executive headhunters
In the age of constant change, executive search recruiters are essential for organisations to succeed. Executive headhunters obtain value from swiftly filling executive vacancies, while supplying the best talent that suits the employing company’s culture, values and design.
Reliance on traditional recruiting style
Despite the latest technological advances, recruitment partners are still needed to apply their skills and experience in selecting C-level executives. The quest has not become faster or easier, for the reason that “recruiting an executive leader still relies heavily on human interactions and qualitative assessments of the candidate”.
Receding Employee Loyalty
In grown economies, the “job for life” culture is dead. Skilled leaders prioritise fulfillment of their personal career development, and so, they switch jobs at a steady pace.
All sectors are experiencing hasty change. Organisations will have to deal with the diminishing loyalty of employees, “the mismatch between what education systems and universities offer and what companies need, and the impetus to have more talented people than their competitors.”
Without a doubt, financial or economic success is driven by knowledge and talent. Yet, leading-edge networks are substantial in the future and effectiveness of executive recruitment.
(2015). Small Business Market Update, June 2015. Small Business Bulletin. Retrieved from https://www.sba.gov/sites/default/files/Small_business_bulletin_June_2015.pdf