5 Executive Search predictions for 2023
What is the best preparation strategy for executive search and hiring top executive talent in 2023?
Candidate competition has been fierce in 2022, and we predict the same leading into the new year. It is important for companies to be proactive in their executive search – finding a talent partner and executive search firm like TechNET CxO may just be your answer to help guide and influence your hiring decisions.
What we know…
After placing a huge number of senior-level candidates in 2022, we are well-prepared to predict next years’ market trends, and what to remember when putting together your executive search strategy.
Candidate retention
Attracting the perfect candidate, even with a high salary, excellent company culture and benefits galore can be hard, but holding onto them is even harder.
Retaining C-suite talent can be especially challenging as competition and demand for business leaders is red hot – a business simply cannot function without a business leader, and there is usually a much longer process in place to hire them.
Across the Ascent Group, it takes approximately 4 weeks to hire permanent employees. However, our average executive search assignment is 9 weeks. Whilst this is quick compared to the industry standard of 16 weeks, it is still something to be mindful of in 2023.
But what do you do when you’ve secured the candidate?
Workload
We can all agree that a heavy workload will have a huge impact on stress levels and burnout at work. Executive candidates will already have the weight of the world on their shoulders due to the amount of responsibility and expectations, however setting challenging, yet realistic goals and maintaining a manageable workload will almost guarantee happier employees and improved retention rates.
We are not suggesting that expectations shouldn’t be high at senior level, however you will find that by setting achievable goals, your team may achieve more than expected.
However, hiring doesn’t stop with the Director, COO or VP – businesses have a responsibility to staff their entire teams with like-minded individuals whose goals and objectives are aligned and to fairly share the workload.
Executive skills shortage
Cyber Security
Particularly for executive level positions, we expect to see a skills shortage in Cyber Security as more and more businesses are investing in technology, and cyber teams are too understaffed to manage the amount of technical crisis. Unfortunately, the cyber workforce shortfall is approximately 3.5 million people worldwide, and these staff shortages lead to bigger problems such as lack of oversight in many cases.
IT
As more and more tech emerges, we can expect it to become increasingly difficult to keep up with IT skills and innovation, requiring tech professionals to upskill over the upcoming years and avoid complacency at all costs.
eCommerce
Our sister agency Cranberry Panda recently co-hosted a round table event where the eCommerce skill shortage was a hot topic. It was concluded that 90% of hiring managers are still recruiting based on a candidate’s skills, rather than their behaviours or values – further advocating the idea that there is a serious skill shortage in the eCommerce industry.
Positive candidate experience
When hiring senior talent, it is more crucial than ever to ensure that the candidate experience is positive at every stage. This is because successful business leaders are extremely high in demand – where other jobs may become redundant, business leaders are, what we call, recession proof.
Automation technology has enabled us to provide an engaging, knowledgeable, and attentive candidate experience as it is incredibly time saving. By automating our processes, communication, and workflows, the candidate is informed at every stage of the hiring process. Our consultants are spinning many different plates and it can be easy to lose track of each and every candidate, but our automated technology reduces the risk of human error.
Internal mobility
Internal mobility and the skills shortage go hand in hand. We expect to see more training and internal upskilling in 2023 as companies restructure as a way of compensating for talent shortage and preventing attrition.
Rather than hiring new faces, many companies will be looking to their team to step up, retrain and grow beyond their existing roles. These types of people already have a good understanding of the business and its needs, and the relationships with the people around them that will allow for a smooth transition into a more senior role.
In turn, this will also help with talent retention as progression and growth is a necessity for anyone that is serious about their career.
Interim hires
To meet business needs, we are seeing more and more companies utilising interim hires to their advantage by filling a skills gap – this is particularly the case for executive level talent, and we don’t see it slowing down anytime soon.
Interim hires are expected to be mission-oriented, provide a quick turnaround and adjust quickly and effectively to new environments, therefore they are often a great choice when you’re urgently looking for a short-term talent solution.
New year, new hire
As we head into the festive period, many companies may be slowing down for the season. However, January is the perfect time for welcoming fresh, new talent to your team with the help of an Executive Search firm. Get in touch with one of our experts or request a call back today!