As the labor market continues to face mass resignations, workforce shortages and other disruptions, organizations heavily rely on strong leadership to guide them through difficult times. However, searching for and recruiting top executives to lead your company is more challenging than ever. Talent acquisition professionals must continually adapt their strategies to meet the needs of their business while enticing and retaining ideal candidates. To help you in your search for qualified C-level candidates, here are the two major challenges facing executive recruiters right now and some potential solutions.
A lack of experience
C-level executives require a lot of experience to get where they are. This often means that these roles are held by older, senior-level people with decades of demonstrated ability. But, as the Baby Boomer generation enters the age of retirement, many new openings are popping up for leadership positions without the qualified candidates to fill them.
According to Econofact, the U.S. birth rate has been steadily declining for years, dropping by 20% from 2007 to 2022. This has resulted in a contraction of available leadership candidates, as there are fewer young workers with the necessary skills and experience to fill the shoes of previous executives. So what can companies do to overcome these demographic difficulties in hiring executives?
In a recent report from the Society for Human Resources Management, they found that 81% of organizations plan on providing training for new employees in leadership roles to better support their talent management strategies. Rather than relying on a candidate to have all the necessary experience from the start, this strategy looks for key strengths and builds upon them with relevant knowledge and skills.
Similarly, organizations can train their existing employees to fill leadership roles through professional development programs. Of course, not every worker will be cut out for executive positions. That's why it's critical to get to know the strengths and weaknesses of individual employees to determine who is leadership material as they climb the corporate ladder.
Competition and C-suite passivity
Executives realize how much demand there is for their experience and skills, so they have a lot of bargaining power when it comes to job opportunities and negotiations. Not only that, but their demands are also shifting as more Millennial and Gen Z leaders rise through the ranks with changing values.
Additionally, companies that can afford to keep in-demand executives typically offer high compensation and enticing benefits. As a result, many C-level executives are comfortable where they currently work and are simply uninterested in changing roles to a new company. This passivity means there are even fewer qualified executives in the labor market.
To attract available candidates and potentially purloin passive employees, companies need to make sure they are offering a competitive C-suite package. This includes a reasonable salary and benefits like health insurance, retirement plans, stock options, bonuses and other perks.
However, pay and benefits aren't always everything. It's also essential to provide a work environment that rivals your competitors. For many prospective candidates, that means fostering a positive company culture, implementing flexible work from home hours and maintaining a healthy work-life balance for all employees.
Are you looking for C-suite candidates to fill your critical company roles? YES Partners makes it easy to find the right people for C-level positions. Click here to see some of the positions we have already successfully placed.
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