From generational expectations to economic uncertainty, unstable political climates, and cultural shifts, there are many factors influencing how executive recruitment takes place at the moment.
Here are a few executive search trends to keep in mind in 2024. These are the most likely areas to influence how we hire our leaders, who those leaders are, and where they’ll take us in the future.
Yes, technology will continue to be a primary focal point this year—as it has been for several years now. AI was already busy speeding up the recruitment process and reducing human bias last year.
This year, the shift from potential to applicability promises to accelerate. From helping identify candidates quickly to writing job descriptions, conducting assessments, and onboarding, technology is going to play a growing role in executive search. Buckle up.
The pandemic led to the mass adoption of remote work. That was years ago now. In the years after that initial shift, the message changed to an inevitable return to work.
In 2024, that “inevitable” shift is proving to be more nuanced than once expected. There are clear pros and cons that come with executives working remotely. This is the year that each company will seriously consider whether they are an organization that can embrace long-term remote work as a perk or not.
Experience has been a critical factor for executive candidates for years now. As a growing number of Baby Boomers retire and fewer experienced individuals are able to take their place, recruiters will de-emphasize experience over skills and capabilities.
New executive leaders will need to have forward-thinking mindsets. They must possess core competencies, including humility, transparency, and vulnerability. These are no longer considered weaknesses (as they once were in a great leader). On the contrary, they signal superior self-confidence and create trust in the workforce. These are the leaders who will be able to realign teams coming out of the pandemic and Great Resignation as they set up the workforce of the future.
By 2025, Gen Z is expected to comprise approximately one-third of the workforce. This growing group represents the most tech-savvy employees. However, they are also gaining a reputation for their poor interpersonal dynamics and in-person communication.
As executives begin to consider younger candidates for leading roles, they must tailor their search to seek those with the soft skills to lead others. They must also create talent pipelines that seek to mentor and upskill younger workers who possess certain skills but lack the high-performer mindset of an executive.
Creativity will also be on tap this year—especially when it comes to leaders. Those who can showcase the ability to be resourceful and innovative will stand out against candidates who are resigned to reacting to their surroundings.One fascinating example of this emphasis on creativity is the concept of Dyslexic Thinking as a resume strength. It’s been over a year since LinkedIn made Dyslexic Thinking an official skill on its platform. Business titans like Richard Branson (who himself is dyslexic) also espouse the growing importance of the mindset in forging creative and innovative teams.
DEIB (diversity, equity, inclusion, and belonging) has been controversial. At times, it has produced counter-productive results, especially in certain situations where diversity is considered before qualifications. This has led to the re-evaluation of DEIB as a concept, as evidenced by many firms releasing their DEIB staff and leadership.
However, the importance of inclusivity and belonging in the workplace remains at an all-time high. This year, leaders will further navigate the shift away from DEIB as a dated acronym. Instead, they will adopt a more holistic and fresh take on maintaining a workforce that is increasingly diverse, multi-cultural, and multigenerational.
Health and well-being remain priorities for modern consumers. Data continues to shed a sophisticated degree of understanding on individual wellness and self-development.
Heading into the year, surveys found that the top personal resolutions included fitness, weight loss, better diet, and improved mental health. Employees—including executives—expect their workplaces to support these efforts as they seek to achieve work-life balance and remain healthy, focused, and effective at work.
With so much change taking place, it’s important to find an executive recruitment partner that you can trust. Our team at Stanton Chase has both the past experience and up-to-date skills and tools to help you find the best candidates for each C-suite position. We understand the need to consider both the present and the future and to apply both when searching for candidates.
With so much change taking place, it’s important to find an executive recruitment partner that you can trust.
Understanding executive search trends is essential to finding and hiring the right candidate for each position. It helps you know where to look, who to look for, and what to offer as you seek the best talent in the present to guide your company into the future, both in 2024 and beyond.
Peter Deragon is a Managing Director at Stanton Chase Los Angeles, the Supply Chain Global Functional Leader, and the Capital Markets and Investment Banking Global Subsector Leader. He is also active in the CFO Practice Group and Financial Services, where he started his career. He has 30-plus years of experience as a trusted advisor and manager in B2B environments. In his free time, Peter supports charitable organizations, especially those focused on ocean stewardship.
William Brewer, CCP, is a Director at Stanton Chase Los Angeles. He is also Stanton Chase’s Global Human Resources Functional Leader. Prior to moving into executive search, Bill had 25 years of experience in corporate human resources. In addition to his executive search career, Bill is an adjunct Professor at the University of Redlands. Bill also serves as a mentor for the MBA program at the Paul Merage School of Business at the University of California, Irvine (UCI) and has been a mentor with the School of Business at the University of Redlands.
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