What are your market predictions?
New hiring strategies. Every functional area and every industry focus have very different hiring strategies right now. From where I sit, technology (function) and industrial (industry), the market is still very strong and seems to be returning to a pre pandemic cycle (summer is slower, big rush in the fall before slowing down again during the end of year holidays). The volume of executive searches is still above average as companies continue to put a larger emphasis on utilizing technology to better automate and operationalize a business.
I think the future of executive hiring will still be strong, but companies will continue to be more selective and thoughtful about the roles they go to market with. Employers are also focusing more on succession planning, trying to maintain high performing talent by promoting from within. The increased number of executive coaching and internal assessments we are seeing are significantly increasing from years past.
Any advice for folks who are looking in this market?
Patience is a virtue, especially as summer is coming to a close. Between the uncertainty of the market and the summer months coming to an end, processes have slowed. It has been over two years since people have taken a “Pre-Pandemic Style Vacation," and there is a level of exhaustion in the workforce. People, including hiring managers, are taking a break for the first time in a while and prioritizing time off. This makes scheduling, getting feedback, and progressing a search more challenging. The world is not coming to an end – it may just take a few more weeks than average. I suspect that things will pick back up in the fall and return to a “pre pandemic” speed.
Any common mistakes people are making? Any common reason people are no's?
I see two major areas of why people are getting no’s or not being asked back:
Impact – especially in technology. Companies are still paying a premium for high quality external technology talent and there is an expectation of an instant ROI. Being a great engineer or a technologist is no longer your golden ticket; you have to give examples of how you partnered with the business to drive long term impact. Hiring managers are also looking for hands-on leaders. When hiring technology leaders, we often hear “this is not a desk job,” meaning, everyone is expected to be out in the “field” meeting with end users and proactively trying to enhance the business. Regardless of team size, if you aren’t willing to roll up your sleeves and produce a high level strategy, you are less likely to get an offer. Keeping the wheels on the bus and the lights on is no longer an option.
Compensation and Egos: these are two very sensitive areas for most executives. During the height of COVID we were seeing people getting 50-150% raises and demanding top dollar without relocating and being unwavering. We also saw people getting 5 or 6 offers at a time. Similar to the housing market, everything is starting to level out and that reality isn’t the norm, as recruiting and the demand has slowed. Everyone is 100% entitled to request whatever they would like to earn, but also try and educate yourself on what the market is paying in that sector and for that size company. If you ask for something significantly higher than what a company is willing to pay, they will likely write you off as a candidate. You can certainly lean on your recruiter in this realm. Try to be as transparent with the recruiter as you feel comfortable being; they will help set expectations.
For Egos – we have seen people go in and BOMB interviews because they haven’t done the research or given any pre-thought to examples that may be good to share. Regardless of your interest level, always do research before an interview. Even if you decide the role isn’t for you, it will be a positive reflection of you in the market. Know who you are interviewing with and any information about the role and or the company you can find. Ask thoughtful questions. “What is the culture” has become such a generic question -- try swapping it for “I read in your most recent earnings about XYZ. How do you imagine this role helping in that strategy?.” How you behave in an interview and during a search process is critical as the market is so much smaller than you think.
