Retained Executive Search – the latest market trends!
In 2024, we have observed developing trends shaping the retained executive search industry. Not only are these improving the executive hiring landscape, but they also allow companies to create a winning talent acquisition strategy. When it comes to hiring senior executives, this is vital for success. Planning is everything!
So, what has changed since 2023? Are there trends we observed last year that are now dominating the industry? Having spoken to many clients and candidates, here’s what we are noticing in the world of retained executive search.
2024 trends to watch within retained executive search
Sustainability and ESG (Environmental, Social and Governance)
Investors are increasingly prioritising companies with strong ESG performance, influencing organisations to integrate sustainability into their core strategies. Furthermore, potential employees, particularly younger generations, are increasingly valuing purpose-driven work and prefer to work for companies that are committed to positive social and environmental impact. If this is the executive hire you are looking for, a retained recruitment partner can dedicate research to candidates who fit this criteria. Retained search is not like any hiring process – the recruitment partner will treat it as a full project from the brief to the starting date. Assessment tools like psychometric testing, behavioural interviews, and the use of AI help recruiters analyse candidates and their sustainability track history
Diversity, Equity, and Inclusion (DEI)
Of course, this is not a new trend in the world of executive search. Diversity in the C-Suite has been discussed at length and for good reason. It is a conversation that requires ongoing attention and improvement within any business. So, what is the role of an executive search firm? Many companies are investing in training for their consultants to recognise and mitigate unconscious biases in the recruitment process. They can also support efforts to increase diversity at the highest levels of organisations. Keeping one recruitment partner on board for these projects is pivotal. They will understand your strategy, approach, and areas in which you want to improve.
Soft skills and emotional intelligence
The role of emotional intelligence in executive leadership has become more significant than ever. Having already outlined the ever-growing importance of DEI, emotional intelligence plays a big part in this. Emotional intelligence refers to the ability to recognise, understand, and manage emotions while also being attuned to the emotions of others. So, it’s not just about a proven track record of technical skills and business success. It’s an important factor in retained recruitment because this model allows a recruiter to delve deeper than what is presented on a CV. Furthermore, working in a continued exclusive/retained capacity means your recruitment partner is constantly cultivating candidate relationships, giving you access to a pool of talent who understand the benefits of emotional intelligence.
Global talent pools
Globalisation continues to impact executive search, with companies looking beyond local markets to find the best talent worldwide. This trend is driving cross-border searches and increasing the complexity of managing international talent. Due to international expansion, there is a growing need for leaders who understand global markets to manage operations across different regions. This necessitates searches beyond local talent pools to identify executives with international experience and cross-cultural competence. Of course, a recruiter specialising in retained projects will have a wide database of global talent with the skills to lead a business into new markets. Furthermore, it provides you with more time to strategise if there is a specific location in mind. Your first hire will likely be a senior hire. From here, the recruiter can then continue to build a talent pipeline so future hires are lined up.
How can we help you?
TechNET CxO is the trusted retained executive search partner for many technology and IT companies! Explore our full range of research services to discover what we do. If you’re looking for senior talent, submit your vacancy today and we will be in touch!
