In the past few years, a lot of things have changed in Executive Search. Not only has the pandemic affected the cultural landscape and workforce expectations, but technological advances and globalization are also having an important impact on Executive Search.
According to Deloitte, 60% of respondents to their global survey have already updated or are currently updating and revamping their talent sourcing strategy, and another 27% are considering changes. With over 15 years of experience in this field and extensive knowledge of global searches, at MBI Talent Group, we would love to share some of the trends that are changing Executive Search.
Technology in Executive Search
In recent years, talent acquisition teams have increasingly shown a preference for incorporating technology into their process. As a result, advanced digital technology is now a crucial element in the search process for identifying the most suitable candidates with the necessary capabilities.
According to the Recruiter Nation Report of Jobvite, updating recruiting technology is one of the biggest upward shifts in recruiter priorities (21%). Additionally, preparing to automate processes and improve efficiency is another one of these priorities (10%).
In this sense, the use of AI in the hiring process is a significant trend in Executive Search. According to McKinsey, AI can help teams improve interview questions for candidate assessments. AI can also be helpful in identifying potential candidates from a wider pool of sources, interpreting data from past executive searches to identify patterns, predicting which candidates are most likely to succeed in a particular role, identifying potential biases in the hiring process, and promoting diversity and inclusion. This approach can reduce bias and improve the overall quality of the hiring process.
Focus on Soft Skills
Considering recent studies that have shown that developing soft skills in the workplace can boost revenue by up to $90,000, increase productivity by up to 12%, and have a positive impact on employee retention, companies are placing a greater emphasis on this. In this sense, headhunters are including assessments to know the level of skills such as communication, emotional intelligence, adaptability, and collaboration when evaluating executive candidates.
To learn more about soft skills, we invite you to visit our article “Leadership Success: How soft skills play a Key Role.”
This doesn’t mean that technical skills are not important. However, executives with technical skills form the foundation of most hiring decisions, and having executives who possess soft skills can provide your company with employees who possess “career durability” and a greater likelihood of success.
Emphasis on Diversity, Equity, and Inclusion (DEI)
Diversity, Equity, and Inclusion have become key factors for leadership positions. A McKinsey study found that the higher the representation, the greater the probability of outperformance. In this sense, companies with ethnic and cultural diversity exceeded companies that did not have this diversity by 36% in profitability. Additionally, the study found that companies with more than 30% female executives were more likely to outperform companies with 10 to 30 percent, and in turn, these companies were more likely to outperform those with even fewer female executives or none at all.
As organizations seek to build diverse leadership teams that reflect their customers, employees, and communities, trends in Executive Search are moving in this direction.
We can help you with your Executive Searches!
At MBI Talent Group, we have more than 15 years of experience in Executive Search and Top Executive Search. Therefore, we can guarantee the delivery of 3 to 5 selected candidates according to the needs and culture of your company in just 5 days. Do you want to know more? Please contact us here: https://www.mbitalent.group/#contact
