Global Trends and The War for Talent in a Complex Recruiting Environment
Last month we were present at the World Executive Search Congress in London. WESC annual event brought together executive search professionals and in-house talent acquisition teams to discuss trends in executive search process/ recruitment solutions, the impact of the new GDPR regulations on both in-house and external recruitment professionals, as well as other issues preoccupying corporate HR.
We have summed it all up for you to provide some insight on what is going on in the competitive market for talent around the world! Here are the main conclusions and takeaways, whether you use executive search solutions or have your own in-house executive recruitment team:
Quality-oriented, the duration of the executive search process has not changed
Regardless of today’s dynamic environment when time to delivery has become a key decision factor, the timescale in the executive search process has remained steady over the years. Contrary to the impression that the duration of the search process has decreased, data compiled and presented by ESIX (Executive Search Information Exchange network) shows that average search timelines are consistent. In 2011 an external search process took ca 135 days, while in 2017 the time to fill is 127 days. Consequently, it is important to anticipate your talent needs and prepare to dedicate enough time for each mandate. Compromising on the duration of the process means compromising on the quality of the search!
Diversity has become business imperative vs a “nice to have”
Diversity hiring has become a priority for companies – and statistics show that diverse companies perform better. From the executive search perspective, more companies tend to define and apply diversity programs which then translate into a diverse shortlist pallet of candidates. Therefore, if you have diversity targets, make sure your search partner knows your requirements and what is expected of them.
Assessment tools are increasingly forming part of the recruitment process
As the competition for top talent becomes tougher, companies are more open to “alternative” candidates, with backgrounds in a different industry than theirs. Pushed by the diversity objectives, executive searches are tending to broaden their reach in order to attract talent outside the traditional search pool.
GDPR – your company and your search partners need to be ready
From May 2018, the recruitment world will need to be in compliance with the new provisions of the GDPR. At company level, this means defining how you will collect and process data about your current employees and potential candidates you target or have on your database. You will also need to consider this in your working processes with recruitment agencies and executive search firms, as all parties are accountable for the data they exchange or possess. If you have not yet considered the impact of GDPR on your recruitment processes, it’s time to consult with your legal / compliance departments and take all necessary measures – and ensure you are working with compliant search partners!