Senior Executive Market Updates – New years resolutions?
InterExec wish all of our clients, network and global contacts a very happy and relaxing Christmas. It is a great time to have some personal space to reflect on future career direction and what will be the most effective route to find the unadvertised senior executive role that represents your ideal target.
Although the Christmas period is fast approaching, there continues to be strong levels of activity across a number of business sectors and geographic regions.
Specifically, across the Middle East, Europe and the US the InterExec network of over 15,000 search consultants have consistently reported a strong Q4 market and positive expectations of higher levels of activity in Q1.
Sector wise edtech, technology, consultancy, industrial and energy have all continued to be strong markets in terms of senior executive mandates.
Search consultants focused on private equity are stating with increased confidence that the market into the new year is looking positive. Acquisitions and investment are already being lined up for the start of 2024; partially thanks to more acceptable interest rates and a sense that Western economies are at the least getting a handle on inflation.
One of the InterExec network comments, “We have seen a noticeable pick-up in Q4, following a quieter Q3. With an election year coming and the fact that the year-end usually sees increased activity – and organisations using up their annual budgets – we feel this is likely to be sustainable, particularly in Q1”.
The market in Australia has been recently buoyant in terms of activity. However, the period from mid-December through to Australia Day at the end of January is comparable to July-August in the Europe; a high volume of decision makers on holiday leading to a flurry of activity from early February onwards.
Technological advances, especially in AI, are creating a demand for new and different skills. This is especially true in financial and professional services, two of the sectors which are being changed most rapidly by AI.
The financial services sector has undergone a revolution in the last twenty years; for instance the ways people spend money and interact with their bank.
Meanwhile, the way businesses can access and use data to understand their customers has changed how products are built, marketed and priced. This has led to a shift in financial services jobs towards more highly skilled roles. Reports indicate that 73% of FS industry roles are now classified as highly skilled (managerial and professional roles), up from 52 percent in 2004.
The financial industry also faces a growing demand for specialist green skills, with insurers needing to calculate climate risks, asset managers needing to understand the ESG landscape and bankers needing to engage with clients on sustainable investments. In addition, 260,000 highly skilled people are expected to leave the sector through retirement and attrition in the next 12 years.
Consequently, across the key business sectors new opportunities continue to emerge for proven senior executives, especially with skills in business transformation and driving new growth.
Focussing and preparing you and planning the entire process by which you identify and find that new challenge is InterExec’s core skill. With Q1 looking particularly strong, getting the process underway at the very start of January, with the resolution to find that next key challenge, is the ideal time to plan and prepare your campaign.
Finding the right search consultant with the most appropriate job opportunity to match your objectives in this unadvertised and often politically complex marketplace is one of the key InterExec skills.
Please do not hesitate to get in touch with the InterExec team at any time up to 6 months prior to when you hope to move.