Few things are more important to a company than making the right hires, but when we’re talking about C-suite hires, the stakes are all the higher. If you’re planning to hire an executive for your leadership team this year, get ready to up your game. Changing candidate expectations, and especially this tight job market, are posing new challenges to filling those vital roles.
Here are some of the trends we see on the horizon for 2020.
Competition is ramping up.
In this tight hiring market, recruiting at all levels has turned into a talent war worthy of the “Hunger Games.” Take that up to “Game of Thrones” when competing for C-suite executives. Standing out from your competition has never been more important as it is in this market. But what if you don’t know what your competition is offering? This is one area where an executive search firm can really help you. We’re out there in the trenches every day, we know the compensation and benefits packages that are being bandied about, and we can make sure you’re ready to compete.
Newsflash: They’re choosing you, so …
Gone are the days when you could walk into an interview with high-level (or any level) candidates, sit back and let them impress you with a litany of reasons why you should hire them. A paradigm shift has occurred. Now, you must impress them. A few reasons for this: There are simply fewer candidates to choose from when you’re filling top spots in your organization. Many of the people you’ll be considering will still have their current jobs and are merely seeing what’s out there. If they’re out of a job because of an M & A, a restructuring or an outright firing, they have likely left with a generous severance package and will have time and resources to wait for the next move that’s right for them. Combine all of that, and your candidates are the ones holding the cards.
… Candidate experience is key.
This is true at all levels, but especially so when you’re talking about C-suite hires. It means what the candidate experiences from first contact to the first few days on the job, and beyond. For executives, first contact means discretion, finesse and confidentiality. (A search firm is your ally, here). Just as important to candidate experience is your office environment. Could your furniture use some updating? How about your technology? Look at your workplace with a critical eye. Will it impress your future CFO?
A focus on diversity will continue to be important.
Study after study confirms that creating a diverse workforce isn’t just the right thing to do, it’s the smart thing to do for your bottom line. More diverse companies outperform less diverse companies for a lot of reasons, not the least of which being diversity of thought, new ideas and fresh perspectives lead to greater creativity and innovation. But, there’s another reason to focus on diversity when hiring for your C-suite, and it has nothing to do with your C-suite. It’s your mid- and lower-level employees. Millennial and Gen Z employees expect it, and if you want to hire top younger talent (and of course you do), your leadership team needs to reflect that.
Hiring the right person for your C-suite vacancy is vital. At Andcor, we specialize in filling C-suite vacancies with the perfect match. Get in touch with us and we’ll be happy to answer any questions you might have about finding the best person to steer your ship.