In an interesting report which looked at Executive Search trends for 2020, prior to the Covid-19 outbreak, there are some interesting insights identified in searching for and securing senior talent.
I mulled over in my head whether I should bring this to your attention because some of the content will be dramatically affected by the pandemic. For example, the when Executive Search firms were asked "what are your top overall challenges for 2020?" they said;
- 48% Skills Shortage
- 30% Economic uncertainty
- 28% Embracing digital transformation
Clearly these priorities may have changed but there is still a lot of relevance and value in the report. Economic uncertainty is very high and I wonder what that figure would be today if the survey was sent out again? Embracing digital transformation has been thrust upon us in earnest. And we're adapting.
When looking at the key challenge facing search firms there are consistent themes around;
- the demand for a more diverse pool of candidates at shortlists - when there still remains a lack of diversity in the pools being fished in. The report says that there is diversity out there but often at too junior levels of management to offer enough breadth at senior level. At TMP we offer first 100 days coaching for Director or Senior Executives stepping up to a new level of responsibility or accountability.
- search firms are working out how to best use digitalisation to support their clients' hiring processes at senior level. We're lucky here at TMP Peoplescout as we were first and foremost a digital recruitment communications company, with award winning employer branding expertise, who expanded into Executive Search. We are unusual in that regard.
- a general shortage of great candidates - although this could change with the uncertainty in the economy, dare I say, the recession. This can do 1 of two things in the candidate psyche; I've got a job, so I'll hang onto it at all costs, or those with growth mindset might look around knowing that crisis creates opportunity. We are just emerging from record levels of employment making it a candidate driven market. I wonder if this will be the case now .............................. watch out for more candidates!
Working in Executive Search requires a certain depth of experience in the working world or in recruitment and the biggest challenge business leaders are facing is getting their staff to do things differently says the report;
How would you evaluate your team's adoption of your technology?
Only 14 percent have adoption figured out and a fifth are barely using their technology at all (little or no adoption).
What is the top obstacle preventing internal adoption of your technology?
Interestingly, leaders and practitioners provided very different reasons for poor adoptions. CEOs cited a lack of time as the top reason (25 percent) while end-users pointed to limited training resources (24 percent).
|Limited training resources||22%|
|Team doesn't see the value||21%|
|Cost of training||12%|
|Too hard to use||14%|
If you're just telling staff that they need to adopt technology and not giving them a reason ....... why change. What's in it for them too?
Come on it's time to get creative and see what technology can bring rather than what it can replace.
What are you doing to drive the conversation?
"There's a shortage in diverse candidates. They tend to be too junior for senior/top roles."