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Friday, March 1, 2024

Trends to Watch for Executive Hiring in 2023

If your organization plans to expand or overhaul the C-suite next year, you’ll want to note some critical trends in executive search. 

We’ve witnessed notable changes in the world and among company hiring practices in the past few years, including the war in Ukraine, increasing inflation, and more employees who seek flexible working arrangements. 

To accommodate these changes, companies are making significant modifications to their organizations. Some companies have reduced hiring to conserve cash, while others are changing entire operating structures in their business. 

Here are a few key trends to watch as we head into 2023:

More Remote Opportunities

Despite Elon Musk’s proclamation in June that Tesla employees should return to the office for a minimum of 40 hours per week or “pretend to work somewhere else,” the demand for flexible working environments only continues to increase. Not everyone views remote work the same way that Mr. Musk does.

Since the pandemic, fewer employees have wanted to return to the office full-time. They want the ability to work from home as often as they choose to.

Many employers recognize the benefits of remote work and have chosen to allow employees to continue to work from home full-time. Others have hybrid arrangements, where employees can work remotely a few days a week and come to the office on other days.

Executives must be ready to deal with the challenges presented by remote work. If they decide to offer flexible arrangements, they’ll need to be up-to-date on all remote working technologies, including meeting software and communication platforms like Slack.

Remote work isn’t only for line-level employees; some executives also prefer it. The benefits are clear: less commuting, more time with family and friends, and greater productivity. 

If your organization plans to stay remote or offer flexible working arrangements in 2023, you’ll want an executive team comfortable working from home. Your team should be able to ensure that employees maintain their focus on company objectives.

Greater Focus on Analytical Abilities

Executives are considered to be the key leaders of their organizations. They must communicate well with other executives, delegate to employees and develop strategies for their respective divisions.

While organizations once expected executives to drive company objectives and encourage leadership teams to meet them, times are changing. Nowadays, more companies seek executives with strong analytical abilities. They want executives to focus on critical data and ensure the company’s strategy is on target. 

Of course, executives won’t create the data or develop intricate spreadsheets. These tasks remain the responsibility of mid-level managers and team members. However, executives should be able to review the data, determine its accuracy, and take strategic actions to meet company goals.

More Focus on the International Hiring Market

Most U.S. companies have executive teams that live in U.S. cities. However, the pandemic taught us that employees could potentially work from anywhere. As a result, some companies are more willing to consider executive candidates in other states and even other countries.

Tech-based companies and those with offices abroad are more likely to consider international candidates for executive positions. Applicants with the necessary skills can apply for executive roles with U.S. companies. 

Organizations with overseas offices may consider hiring executives in those locations, especially if a significant portion of sales comes from outside the United States.

High Levels of Collaboration

In the past, many executives operated in silos, only communicating with their counterparts when necessary. That isn’t the case in today’s business world. Companies expect their executives to assist in all areas of the business. Collaboration is critical; without it, organizations can quickly lose sight of strategic objectives.

Executives must stay in regular communication with other senior leaders and adjust their strategies to align with company goals. For instance, if the CRO is seeking to grow revenues by 10% over the next year, the COO can’t suddenly stop production on a crucial product to cut costs. 

Instead, executives must learn to work together and choose strategies that align with the organization’s overall objectives.

Understanding of Online Marketing

Digital marketing, SEO, and social media management are vital aspects of most organizations’ advertising and customer retention plans. With more ways than ever to reach potential customers, it’s become crucial for companies to stay on top of their online marketing efforts.

Online marketing is essential, but so is brand management. A bad review on social media can easily cost the company revenue, customers, and reputation.

While executives don’t need to be digital marketing experts, they should understand the basics of how online marketing works. If the organization operates in a business-to-consumer environment, senior leadership should know how critical the brand’s online footprint is to its overall success.

Analysts expect digital marketing to increase in the coming years. According to Statista, spending on online ads will expand to $681B in 2023.

Understanding of ESG

More companies are stepping on the ESG bandwagon. ESG stands for “Environmental, Social, and Governance” factors. Companies are focusing more on diversity, the environment, working conditions, and corporate governance to meet these metrics.

The public is less willing to accept companies that continually act against these basic principles. People are demanding better benefits, wages, and opportunities. They also want organizations to look closely at their environmental footprints and make necessary changes to protect natural resources and reduce pollution.

Executives must have a strong understanding of ESG principles and be ready to implement them in their roles. It’s no longer socially acceptable to ignore the needs of workers or the impacts pollution and waste have on the environment.

Taking Advantage of the Best Executive Trends of 2023 

As the world changes, so does the boardroom. Companies are moving away from outdated principles such as working in the office, top-down leadership, and offline advertising. They’re moving toward more international opportunities, inclusive working environments, and online brand management.

Newer executives must understand these recent trends and implement them in their management strategies. We’ll likely see continued advancement toward a more technology-driven and collaborative workforce in future years.

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