Hiring Trends And CXO Hiring

The Indian market evolved as it liberalised in the 90s and multinationals marked their strong presence.  Back then, retained executive search was still in its infancy in India; since then, senior level hiring has grown significantly and so has the executive search profession itself. The profession has become challenging in the fast paced multilevel expressway of hiring. The years since then to now have been marked with big changes and a retrospective enquiry confirms the fact.  The face of both hiring in general and leadership hiring stands altered today. Those days (90s to millennium) most 'CXO' jobs were advertised in the media. Organisations selected available people as opposed to launching an extensive search for the right people. Also several accomplished candidates did respond / apply to job advertisements.

 

Today, most CXO level roles are filled through executive search firms or through references and much less through advertisements in print media. Most global executive search firms have a firm foothold in the Indian talent market. Now Executive Search is synonymous with finding top notch talent. Firms such as Egon Zhender and Kornferry Internationalhave made sure that a career in executive search is very strongly mainstream and no longer 'off-beat'.

Another influencing catalyst has been that of the booming digital media, search engines, social and professional networks, powered by the internet. Job searches are atheists in terms of location as companies vie for the best fit for the position. Access to potential candidates has become easier but fitment remains the key parameter.  Box files full of CVs are a bygone feature as electronic database and communication clears the way. Skype, Whatsapp and professional social media has some features of the 90s; such as staying up late to get hold of candidates on their landlines; a long extinct exercise. The seasoned Indian talent today is in no way in a beeline for multinationals only and many prefer working for Indian origin corporate houses. The structured and rigid career path has given way to a radically fired culture where longevity is no longer the sole sacred virtue. In short, 'Cradle to Grave' company careers are passé.

 

The total rewards system is another influencing factor for change. Compensation is not limited only to monetary gains as talented individuals seek out firms which provide learning opportunities and innovative cultures. As per general estimates, average compensation has grown by about 1500 per cent in the last 15 years across most sectors. Negotiations are protracted and not straight-forward like in the past and typically people were selected for jobs. Today, people are sought out for jobs and compensation is structured to attract and retain people. Senior level hires’ reward plans often include stock plans, long term incentives, profit share plans and commissions as firms prepare to 'golden cages' their talent.

Reports and studies suggest an upward swing in hiring. Many organizations are poised to increase hiring across levels, thanks to a stable political environment and macro-economic conditions. As talent becomes a true differentiator for organisations the opportunities for executive search industry become more lucrative to command a higher stake in the talent market.