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Hiring C-level executives for your company has always been a tough task. Even when you are looking for entry-level candidates or those in the mid-levels, finding the best fit can be time-consuming. With changing market trends, tough competition to get top talents on board, and the growing use of AI to automate several steps in the hiring process, the field of recruitment has become a tough space to operate in if you can’t move fast.
If your talent acquisition methods aren’t paying you the results you have been looking for, it’s time to rely on an executive search firm to accelerate your recruitment process. Just make sure your executive search partner uses recruitment strategies that effectively align with your business goals so they can help you bring in the top talent into your company.
Not sure why you need to hire top talent? Because if your company has skilled talent and you can retain them, you will hold the key to the future.
With growing talent scarcity, skills gap, and fierce competition for top talent, it has become imperative to find and hire the crème de la crème of the industry you’re recruiting for quickly before your competitors can pounce on them.
If you are still sceptical about joining hands with an executive search firm, here are some facts, figures, and trends, which will help change your view and mind.
Read on to get some useful insights and make an informed decision.
- The market size of the executive search industry has more than doubled in size since 2015 and has continued to exhibit growth. (Statista)
- By 2030, over 85 million jobs could go unfilled due to the shortage of adequately skilled people to take them. This could result in about $8.5 trillion in unrealized annual revenues. (Korn Ferry report)
- When it comes to the willingness to make new hires in the first quarter of 2023, the top spot is taken by the IT industry (35%), followed by the financial and real estate sectors (28%), energy and utilities (26%), healthcare and life sciences (23%), and industrials and materials (22%). The list’s last three positions go to transportation, logistics, and automotive (21%), communication services (19%), and consumer goods and services (19%). (CEOWORLD Magazine)
- According to the U.S. Bureau of Labor Statistics, the overall employment of top executives is anticipated to grow 6% from 2021 to 2031, which is almost as fast as the average for all occupations. (U.S. BLS)
- With companies struggling to find C-suite executives and other candidates for STEM jobs, it’s interesting to note that 50% of respondents of a new study by IBM are interested in pursuing a STEM-related job. The study also found that almost 60% of respondents around the world plan to look for a new job in the next 12 months. (IBM Newsroom)
According to experts, people need to possess T-shaped skill sets to succeed in tech in 2023.
As companies looking to hire people in the IT domain prefer to employ those with an array of skills, candidates possessing a breadth of knowledge across their disciplines along with in-depth knowledge in a solitary area will surge ahead. Why? Because this will make them more valuable to companies, particularly to those that are continually adapting their workforces.
As the competition to hire top talent is heating up with every passing day, you shouldn’t trust your luck to find the right candidates for your company. Because if you do, the wait could be longer than you might have imagined.
Act now and get in touch with our team at InHunt World to meet your hiring needs quickly and efficiently so you can focus on growing your business, without worrying about where to source your next hire from.