Tips for Competing in a Competitive Executive Talent Market

Published on: Monday, January 28, 2008       Comments (0)       Category: Human Capital,  Leadership, 

Executive recruiters were very busy in 2007 and, despite concerns about the volatility of the U.S. economy, nearly 60 percent of them believe the pace of executive-level hiring will continue to grow through the first half of 2008, according to ExecuNet research.

Also, 52 percent of respondents anticipated the number of search assignments their firms will conduct in the first half of 2008 will surge between 10 percent and 29 percent.

Given what appears to be an extended competition to recruit top-notch management talent, what can your growing company do now to compete for exceptional leaders? The answer may have more to do with time spent planning ahead than the actual method engaged to bring new executive hires in the door.

Employers that take steps now to increase recruiting effectiveness and return-on-investment – as well as retention – will likely fare much better than those companies that delay implementing them as the competition for six-figure talent continues in 2008.

Here’s what your organization can do to compete in a competitive executive employment market:

• Anticipate the need to recruit at the executive level. If your company isn’t already working to identify and retain its best-performing executives, don’t wait until it’s too late. Otherwise, your competitive advantage may well become your competition’s advantage over you.
  
• Spend more time recruiting, developing and retaining top executives. An increase in executive-level recruiting will surely demand more of your current executives’ time to interview candidates and get new executive hires integrated into your organization. Invest in developing their skills and remember to constantly reinforce their decision to join your company.
  
• Assess the impact of new (and recent) executive hires. Before your company hires its next executive, it should review and assess the performance of the last executive it hired. How long did it take for that executive to make a measurable contribution? Is that executive’s daily activities properly aligned to business strategy? And has that executive created an exodus of talented people from his/her working unit, or have they become a magnet for talent?