Finding and Retaining Senior-Level Talent in 2019
The Digital Revolution is changing nearly every industry for the better. Companies of all sizes are trying to contend with the rise of new technologies, hiring trends, and a workforce that’s becoming increasingly remote and freelance.
When it comes to filling top leadership positions, companies and HR managers need to keep these trends in mind as they compare different candidates. The wrong hire could cost the company in more ways than one. Learn how executive search has changed over the last year and what these trends mean for the future of recruiting.
Making Use of Big Data
Few decisions are as important as choosing the company’s next C-suite executive or senior manager.
The average cost of replacing a senior-level employee is around 213% of his or her annual salary. So, replacing a $100k CEO would be around $213,000.
That’s why recruitment teams are making use of big data to better inform the decision-making process. Thanks to the Digital Revolution, recruitment teams can quickly analyze and retain information about a candidate, including his or her company’s business model, new trends in the industry, and information about competitors.
Recruiters are now expected to take all this information into account when comparing and searching for executive-level candidates. It’s not just about where the company has been. Executive search is also about what the industry will look like in 10 or 20 years.
Finding and Embracing New Leadership Styles
If the company is going to survive or even thrive in the years ahead, recruiters need to hire and retain executives who are prepared for the future.
Tomorrow’s leaders need to feel comfortable thinking outside the box. The economy tends to favor disruptors who take risks and capitalize on new trends before they reach the mainstream.
For example, if AI is taking the industry by storm, recruiters should look for executive-level candidates that have experience implementing this technology.
The same philosophy applies to managing the company’s employees.
To retain top talent, executives and managers need to be willing to embrace new hiring trends such as remote and freelance work arrangements, sending employees abroad, and implementing open-career models to give employees more flexibility.
80% of millennials say they want to work abroad.
21% of business leaders feel that global mobility is a priority for attracting and retaining top talent.
Recruiters should incorporate these trends into their executive search. If a candidate isn’t open to the idea of remote work arrangements, he or she may not be the right choice for a company that’s looking to attract the next generation of talent.
Investing in Comprehensive Onboarding
Considering the cost to replace senior-level talent, recruiters and companies need to make sure they’re giving new hires enough time to familiarize themselves with the company and its goals.
New hires also need the space to implement their own vision at the company, instead of accepting the status quo. Companies and organizations across all industries need to embrace the latest digital trends if they want to find success. This usually means making space for new executive-level hires to express their opinions and implement real, lasting change.
If executives feel their ideas aren’t being heard or the company isn’t interested in changing the status quo, they will take their talent elsewhere.
As important as it is for new hires to learn about the company during the onboarding process, the conversation should go both ways. As executives learn about the history of the company, they should also have a chance to take the company in new directions.
Executive search isn’t what it used to be. Tomorrow’s leaders will need to embrace new hiring and digital trends if they want to find success in their industries. Recruiters need to keep these trends in mind when finding and hiring executive-level talent.
Still having trouble hiring and retaining senior-level talent? Attend a recruiting conference to learn more about the digital transformation of executive search and other hiring trends.