The Western New Year and January has flown by, and the Eastern Chinese New Year has come to an end.
What lies ahead for 2024 Year of the Dragon and what are some of the key trends we might see?
No doubt it will be a bumpy ride for many, inflation is still on the rise in many countries, with job cuts across Technology, Financial services and Consulting continue. More recently the UK & Japan falling into recession.
Rise of Fractional Executives: There's an increasing trend of hiring fractional executives, who are experienced C-suite professionals working on a freelance, contract, or part-time basis. This approach is beneficial for plugging talent gaps, focusing on specific projects, and bringing in new perspectives with the advantage of high-level expertise without the commitment to a full-time salary Whilst this may be a good solution for businesses it may not be for the individual. Particularly since salaries are often not being offered in line with the skills or qualifications desired.
Focus on Diversity and Inclusion: Boards and C-suite levels are increasingly emphasizing diversity and inclusion (D&I) in their recruitment strategies. Diverse organizations are seen as stronger, more resilient, and demonstrate better performance. The aim is to ensure representation through diversity of persons, bringing a variety of experiences and thoughts to the top levels of organizations.
Whilst this is an important element for any organisation it is also critical that it does not happen at the expense of cutting out talent in favour of ticking a box.
Technology's Impact: The rapid advancement of technology, particularly generative AI, is significantly impacting business change and C-suite roles. Many leaders expect the pace of technological disruption to accelerate further in 2024, with a focus on preparing their organizations to adapt and scale these technologies effectively. This can be a useful and a cost-efficient plan for organisations, if the tech is understood from the outset and the implementation strategy is sound. Whilst many see tech as a way of reducing staff numbers, (which in some cases it can), to save cost, it should be used to enhance people’s productivity and boost profitability. Anyone currently seeking a new role would be well advised to take short courses on Gen AI, many being provided by top academic institutions. This makes you more knowledgeable and better placed to secure a new role in a fast-evolving job market. Networking and researching who you would like to work for/with, as well as partnering with an Executive Search firm to push your search forward and obtain feedback on progress or your profile.
Organisations that outsource to executive search firms can also benefit from their extensive networks and expertise. This is critical to attracting talent, since in-house teams often do not have the level of experience required or the knowledge to manage an effective search and campaign, which can result in frustration for both hiring managers and the candidates themselves.
Crafting a Strong Company Culture: Attracting top-notch C-suite executives requires a clear sense of mission and a culture that reflects the company's objectives. A positive reputation and a culture aligned with the company's goals can attract high-quality candidates. Remember that seasoned hires will not only be considering the role and package but the leadership team and how they will fit in and be able to add value and build alliances to influence decision making in future. Ensuring that they are visible on the corporate website or LinkedIn can help with this.
Each of these trends highlights the evolving nature of C-suite recruitment, emphasizing the need for adaptability, technological readiness, and a strong focus on diversity and company culture. If you would like to discuss your recruitment strategy in sourcing senior talent, feel free to connect with me and find out more how CGC can assist in growing your business in 2024.
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