This year is shaping up to be just as unique and challenging as the two that preceded it. We may no longer be subject to all the effects of the pandemic, but that hasn’t slowed the pace of change we’re experiencing. Here are a few things we’ve noticed for executive recruiting in 2022.
New Skill Sets
The business landscape post-pandemic has highlighted the need to be agile and adaptable. We’ve seen that change can come about quickly, and the ability to look ahead and pivot when necessary in an uncertain world is more important than ever. Handling adversity and uncertainty requires a leadership approach that is not afraid to make a proactive decision without all of the information and to move quickly.
Candidate Driven Market
The “great resignation” is one unexpected outcome of the pandemic and is symbolic of the change to a candidate-driven market. According to the International Executive Search Federation (IESF), “The biggest and most significant change that we’ve seen in the world of recruitment is the shift to a candidate-driven market. For the first time in a generation, there are more available jobs than there are candidates, and therefore the applicants hold more power than ever before. This means that recruiters will have to work harder to stand out and attract top talent.“
Investing in Employees
With candidates harder to recruit, companies investing in current employees through continuing education, reskilling, and upskilling have become more popular. Their institutional knowledge can be hard to replace. Per IESF. “Organizations should consider building tailored retention and training strategies based on the current demands and values of the workforce.”
Executive search recruiters are used to longer hiring cycles. Executives typically like to transition from their existing organization as well as into their new organization. It’s not just two weeks’ notice, there is more work to wrap up and transfer to their colleagues. The cycle is even longer as companies work hard to retain their top talent.
Remote working has become the norm. And this is just as true in the recruitment process. According to IESF, “Candidates are expecting remote work and remote interviews, at least at the first stage. Recruitment partners need to find ways to embrace the remote recruitment process.” This is a shift from the typical in-person interview process that executive search recruiters are used to.
Working with an executive search partner, companies are mapping the workforce landscape to gain a better understanding of who is available to them, what they are expecting, and how interested they are in a new opportunity. The process is similar to SWOT analysis and is proactive, so companies are more educated and prepared when they are in a position to hire. “This knowledge can be very powerful in strategically shaping recruitment, training and retention programs to realistically meet the needs of the business,” per IESF.
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