What is the demand scenario for executives in 2024?
Managers, directors, C-level and board members play essential roles in defining a company's direction and strategy. Each executive manages one or more aspects of the business and brings practical and theoretical experience and knowledge that enable the company's growth, innovation, profitability and longevity.
And Brazilians are among the most resilient professionals in the world. A survey carried out in 2023 by the analysis software developer SAS, shows that 68% of leaders in Brazil feel prepared to face important changes, while the global average is less than 54%.
With this level of resilience and preparation, it is to be expected that attracting and retaining executives is not a simple task and, if your company operates in sectors such as agro, banking, finance, marketing, technology or insurance, it is essential that it is prepared to face high competition.
A recent survey by PageGroup indicates that these sectors will be highlighted in the search for talent in 2024. The manager level in the areas of controlling, planning and finance, legal, HR, operations, marketing, products, new businesses, cloud infrastructure, digital transformation and innovation; the director level, in the areas of services, industrial, commercial and also of the board of directors (focus on ESG) will possibly be the most sought after by companies.
What are the main deliverables of executives for your company?
Overall, executive hiring can bring numerous benefits to your SME, positioning you for success in competitive market scenarios and enabling you to meet and exceed your goals.
Among the executives’ main contributions are:
- Set strategic direction: the overall objectives, vision and strategic direction of the company. They develop medium and long-term plans and initiatives to guide the organization towards achieving objectives.
- Provide leadership and guidance: It is up to executives to inspire and motivate employees, promote a positive work culture and ensure alignment with the company's values and mission.
- Promote talent development: enable talent development and succession planning to build a strong leadership channel within the organization. They invest in employee training and development initiatives and mentor high-potential employees to promote growth and advancement.
- Drive growth and innovation: identify expansion opportunities, explore new markets and develop innovative products or services to keep the company ahead of the competition.
- Manage financial performance: they oversee budgeting and financial planning, as well as monitor key metrics to drive profitability and sustainable growth.
- Build and maintain relationships: cultivate relationships with key stakeholders, including customers, investors, suppliers, partners and regulatory bodies.
- Boost corporate social responsibility: define the company’s corporate social responsibility (ESG) initiatives. Ensure ethical business practices, environmental sustainability and community engagement efforts to create positive social impact.
By listing some of their deliveries, we identified that executives contribute significantly to the development of their company, and that the activities they develop reverberate throughout their organization.
Aiming to make the process of Attraction, Selection and Retention of Executives assertive for your company, we list below the 11 main steps, that are:
1 - Define the position and requirements, clearly and objectively:
Describe in detail the role, responsibilities and main deliverables of the position. Identify the main skills and technical knowledge (hard skills), personality characteristics, behavior and social or emotional skills (soft skills) and also the qualifications necessary for success in the role.
2 - Create an attractive job description:
At this stage, it is worth having the assistance of professionals such as copywriters who produce persuasive texts. Develop a job description that is rich in details and highlights the unique aspects of the role and the organization. Clearly communicate the opportunities and challenges associated with the position.
3 - Use executive search companies:
Count on executive recruitment companies - like Good Bridge itself - that have extensive experience in attracting and selecting top talent.
Provide information about your company and complete insight into your organization's culture, values, vision and goals.
These companies have up-to-date talent pools and other search resources and conduct assessments, interviews, and reference checks to provide you with a select pool of qualified candidates - also called short list - with detailed analysis of the profile of each professional.
4 – Leverage your network and industry connections:
Take advantage of attending industry events, conferences and networking to build relationships with potential future candidates.
5 - Use online platforms:
Take advantage of social media to showcase your company's culture, values and vision. This will help attract candidates who identify with you.
6 – Get involved in succession planning:
Promote a culture of talent development and succession planning within the organization.
Identify and prepare internal candidates for executive roles to ensure a pipeline of potential leaders.
7 - Involve key stakeholders:
Involve key stakeholders in the recruitment process, including board members and other senior executives.
Ensure alignment of the candidate's suitability with your organization's strategic objectives.
8 - Provide a competitive remuneration package:
The Executive Search companies can help you to develop attractive and competitive compensation packages that are aligned with industry standards, and that reflect the value that the executive will bring to your organization.
A trend in the market is the offering of flexible benefits packages, which adjust to the executive's lifestyle.
A survey carried out by the consultancy Mercer Marsh Benefícios, showed that - of the companies that adhered to this model - more than 70% identified an increase in talent engagement.
Currently, the flexible benefits model has greater adherence among large companies. Therefore, if your company is an SME and offers it, it can differentiate itself from peers.
Examples of benefits that your company can offer are: flexible and hybrid hours (in-person from home), privileges (car provided by the company, gym membership, among others), public and market recognition of the executive's major contributions, profit sharing, training, private pension, health plan, among others.
9 - Communicate the process transparently:
Maintain open and transparent communication with qualified candidates throughout the recruitment process.
10 - Negotiate and integrate:
Conduct careful negotiations to finalize the terms and conditions of the engagement. Take advantage of the help of the Executive Search company, as it will certainly pay attention to the desires of both sides (your company and the candidates) and will help with negotiation.
Develop a robust onboarding plan to help new executives integrate seamlessly into the organization.
11 - Evaluate continuously:
Constantly talk about the performance and successes of the new executive and ensure that he receives constructive insights, which enable the continuous development of the professional, the company and, consequently, the results obtained.
By following these steps, we are confident that your company will be ready to attract, hire and retain executives aligned with your organization's purpose.
May you and your team be very successful in 2024! And remember: the Good Bridge team is available to help with this process, whenever you need it!