Uncertainty is a word we heard often in 2023. Facing economic and geopolitical instability, companies tightened budgets and braced for a recession. Private equity CEOs and CFOs were tasked with increasing profit margins without compromising critical growth. Talent scarcity rounded out a long list of business adversities that led to a challenging year for hiring. But, we have good news: financial experts are predicting the rise of an employer’s job market in the coming year.
That’s why our word for 2024 is balance. Although you will still encounter many challenges in your executive talent recruitment, you can find your equilibrium by embracing these strategies.
balance desires and preferences
Talent preferences have drastically evolved in recent years and many employers are either struggling to keep up or resistant to change. But successfully hiring top executive talent in today's job market requires employers to skillfully balance their organizational needs with the preferences of potential candidates. Here are key ways you can take a more flexible approach:
remote and hybrid work
We’re finding that many executive candidates are still expressing a strong preference for remote and hybrid models. On the other hand, businesses are more likely to require executive talent to return to the office. Our advice: don’t let this misalignment be a conversation stopper, especially if the candidate checks all your other boxes. We’ve found remote work preferences don’t remain a top priority when candidates and employers have the opportunity to forge a solid connection.
interim vs permanent hiring
In this cautious market, executive candidates are often hesitant to accept interim roles, fearing instability. However, we recommend companies consider interim-to-permanent hiring. This approach allows both parties to assess compatibility before committing to a permanent arrangement. Essential to success in these placements is bringing in a candidate who already aligns with the company culture and role requirements.
employer branding
A high-quality employer brand in tune with strategic goals can attract executives who are well suited to drive business goals forward. Today’s in-demand executives are looking for companies offering competitive salaries and excellent work-life balance. Sustainability and DEI&A initiatives — with proven results — are essential to being regarded as a best-in-class employer in 2024 and beyond.
Additionally, a well-established brand increases a company's visibility among potential candidates. This is particularly important for winning over passive candidates who may not be actively seeking new opportunities but are open to compelling offers.
balance high tech with deep connections
AI and intelligent automations have gained a significant foothold in recruitment but less so when it comes to hiring for the C-suite. Recruitment at this level remains very much relationship-driven. As such, we recommend a human-forward approach that uses technologies to fine-tune candidate matching.
strategic and proactive candidate engagement
Prioritize hiring by identifying roles crucial for navigating current market conditions, such as experts in value creation, financial analysis and deal structuring. Establish relationships with potential candidates early, even before a specific role opens up. Engaging passive candidates is vital, especially when people are less likely to risk job security. As a recruitment partner, this means staying in close contact with top talent, knowing where they are in their career journey and being able to recommend them for a new position before they hit the job market.
Building value-adding relationships is what we do best. Our up-to-date candidate database and strong connections enable us to deliver highly sought-after candidates within hours. Whenever and wherever talent needs emerge, we’re already there.
A thorough intake process and deep industry insights are crucial to identifying candidates who are best suited for the role and company. It’s about understanding what the organization needs even before they communicate it.
soft skills and cultural fit
Another trend we’re seeing is an emphasis on executive candidates who have experience working with cross-functional teams and the latest technologies, including AI and intelligent automations. For finance executives, look for candidates who are also skilled in areas like digital transformation, ESG (environmental, social and governance) integration and international markets. This diversity in skills will be crucial in adapting to the evolving market.
That said, soft skills and cultural fit continue to be paramount in candidate selection. Emotional intelligence and collaboration skills are in high demand, reflecting a shift toward more dynamic, inclusive and responsive leadership styles. Given the uncertain market conditions, it's important to hire professionals who are flexible and can adapt to changing scenarios. This includes being able to handle complex deals and navigate fluctuating market conditions.
balance recruitment effort with industry insiders
Talent acquisition is constantly evolving. Strategies that work in one industry may not resonate in another. Hiring for interim roles also requires a different approach than permanent positions. That’s why Tatum’s recruitment experts are deeply entrenched in their niches, staying ahead of market trends and industry developments. Our decades of experience, expertise and industry know-how drives a competitive hiring advantage for our partners. Nationwide search coverage, extensive resources and flexibility enables us to react quickly and scale on demand.
We’re hands-on and collaborative, equal parts strategic advisor and trusted partner. Our approach begins with understanding our clients’ pain points and criteria for success. We are quick and responsive, with high precision and constant care.
As we look to the future, Tatum remains committed to being at the forefront of talent acquisition. We invite you to partner with us as we navigate these changing tides together. Let's collaborate to find the perfect balance in your executive hiring strategy, ensuring your organization not only meets its current needs but is also poised for future success. Contact us today to begin this journey toward transformative talent acquisition.