An Overview of Executive Recruiting in 2020
Finding the right candidate for a job in a growth company can be risky, especially when it comes to hiring for an executive role. As an executive recruiting firm, we know what executive teams are looking for, and what goes into decision making.
With niche financial executive roles needing quality candidates across a number of industries, it takes the right executive recruiting firm to overcome hiring challenges and trends.
|The State of Executive Recruiting in 2020
Tight Labor Market
According to multiple reports, executive hiring is experiencing a high demand for talent contrasted with a low supply of suitable candidates. This issue impacts nearly all industries, but none more so than community-centric banking. This trend is not specific to any one functional vertical but impacts the entire spectrum of executive leadership.
“Given the well documented mass exodus of Baby Boomers from the workforce, and the lack of talent development within the big banks, up and coming talent with the willingness to commit at least five years to their next role are fewer and farther between,” Mr. Biegenzahn said. “As the talent pool shrinks, our clients are having to conduct nationwide searches for candidates that used to be abundant in their own backyard. Taking on the intricacies of a national search and a relocation have become commonplace for us and our clients, with 47 percent of our searches in 2019 necessitating candidate relocation into the market.”
Demand for Diversity and Inclusion
Diversity and inclusion have been buzzwords within corporate circles for years. No longer are these simply catch phrases, but instead are now business imperatives. “Put simply, a diverse workforce drives innovation through the natural dynamic friction caused by people looking at the same issue through different lenses,” said Mr. Biegenzahn. “Diversity and inclusion are always one of the top three objectives of our clients when conducting an executive search. In 2019, 59 percent of our candidates placed were representative of a diverse workforce.”
“What we’re seeing, more than ever, is that candidates are demanding to work for a company that not only speaks of its commitment to diversity and inclusion but demonstrates it in its hiring,” he said. “Put another way, candidates are looking for institutions that have a diverse employee population and are progressive about bringing diversity of thought into the boardroom.”
Community financial institutions have been focused on building out their boards with members who bring functional experience the enterprise can benefit from – marketing, human resources, technology, etc. “In some instances, seeking expertise outside the industry,” said Mr. Biegenzahn. “This means that many board candidates are gainfully employed in their field of expertise. As such, they don’t have the flexibility with their calendars to attend the numerous board and committee meetings. Therefore, we counsel our clients to be more willing to have board members engage electronically. This will give your institution a greater likelihood of recruiting strong board members.”
“Not only is building out your board a way to drive a direct impact on franchise value, but the candidate marketplace is clamoring for board opportunities,” Mr. Biegenzahn said. “Nearly every executive I speak to has a desire to someday sit on a board. Often a prerequisite is prior board experience. This means that you can have access to first-time board members with professional pedigree you may think is out of reach. It isn’t.”
Clarity Executive Recruiting
Our executive recruiting team can help find suitable candidates for your unique financial executive role. We know what it takes to be a great finance executive in a medium-size growth company. Our predictive technology and behavioural science insight help us find the best placement for your company. Learn more about executive recruiting today.
Clarity is a recruitment agency specializing in the placement of designated Accountants and Finance professionals in the GTA and Vancouver. Our mission is to improve decision-making in hiring by investing in behavioural science and hiring technology. We specialize in Project & Interim Resourcing, Permanent Search and Executive Search and recruit Finance and Accounting Executives for growth companies. We are a tenured team of successful recruiters who have worked in the major industries across Toronto and Vancouver. firstname.lastname@example.org.
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