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The recent change in market dynamics requires companies to completely revisit assumptions about recruitment solutions. In August 2021, John Kotter and Gaurav Gupta at Chief Executive discussed how power has shifted from employers to workers in some key ways.
Not too long ago, employers were able to call most of the shots and have their pick of top talent. Today, the pendulum has swung in the other direction. Now, because companies have more roles to fill than they have options to fill them, the market power has shifted to workers, who are leveraging this opportunity in record numbers.
Some factors contributing to this fortuitous trend for workers, which in turn, is extremely challenging for business leaders, include:
While most of a company’s empty roles in the past have usually been in lower-level positions, many companies are seeing increased turnover in their C-suite and executive-level employees.
While companies obviously don’t have as many executives as they have employees, they might not need to take on the task of executive staffing and recruiting as frequently, but it presents its own challenges and opportunities, often requiring a deeper search.
When you recruit specialized staffing, such as key executive roles for a company, it is important to not only vet for the qualifications and expertise necessary for significant decision-making, but for executives who can positively influence company culture, support employee work-efficiency and drive success.
When companies are filling a role that has direct influence over an organization’s direction, oversight and operations, companies may find it beneficial to adopt a strategic talent acquisition approach.
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