According to the latest edition of the Boyden Executive Outlook, companies are ready to hire. The improved outlook is due to better economic stability in developed markets along with increasing competition across multiple industries globally. Among the findings, grouped by sector, I found the following points particularly interesting:
There is a VERY limited candidate pool in the US for clients in the oil production arena. With Baby Boomers retiring in large numbers, there is a considerable lack of experienced managers to fill the pipeline. Leadership demands across Europe, the Middle East and Africa have remained strong as well.
With the conclusion of the recent elections in Australia, hiring strengthened almost immediately and looks to improve even more throughout the fourth quarter. European companies are investing in regional development throughout Singapore and Southeast Asia. Executive recruiters can expect strong demand for CFOs, supply chain, business development, and sales professionals. Hiring is vigorous in India as well, particularly in manufacturing, mining and construction, finance, insurance, and real estate.
Growth in Central and Eastern Europe is outpacing Western Europe, particularly for experienced sales, marketing, and regulatory professionals. In the US, growth remains strong in both the biotechnology and pharmaceutical markets. Executive recruiters in the UK note that the healthcare sector is beginning to see room for expansion, particularly in the private sector.
Growth projections are huge for e-commerce and mobile businesses and will continue into 2014. There is an emerging trend for technology and marketing roles to become intertwined; executive recruiters would do well to cultivate a pipeline of talent in this area. Expansion from South Africa into Africa will require professionals with deep understanding of the vastly diverse consumer base throughout Africa. High-level supply chain, manufacturing, and operations skills are also in demand. In Latin America, there is increased demand for chief operating officers, country managers, and regional VPs. China has seen a recent increase in senior-level roles in both the consumer goods and retail sectors.
Most of the financial services industry is forecasting growth into 2014 as companies seek to hire compliance, regulatory, and risk professionals. Salary increases in some areas have risen 35-40% recently as a direct result of the “talent war” in this space. A new free trade zone in Shanghai is expected to impact the financial services sector as well as the broader economy. Regional banks in the Middle East report plans to strengthen their senior management teams.
CEOs across all industry sectors are looking for experienced and highly strategic HR leaders to help transition large companies into flexible global businesses. HR professionals with global experience are particularly in demand to help manage the huge workforce changes that are predicted. Executive recruiters should be on the lookout for HR leaders who can help implement enterprise-wide technology shifts.
Technology is no longer just a cost-saving tool; it’s also a way to create a competitive market edge. IT professionals with strong ‘soft’ skills are becoming highly-sought, and are difficult to find. Enterprise sales is a strong sector in Singapore. Executive recruiters in Central and Eastern Europe should see an uptick in hiring of senior supply chain and logistics professionals among distribution companies.
The optimism that executive recruiters shared in the Boyden report aligns closely with a business barometer survey that NPA recently conducted among member firms. More than 86% of NPA members expect improved business conditions over the next 180 days. Is your recruitment firm ready to take advantage of the coming hiring boom?