Execu Net Executive Job Market Intelligence Report 2012
Executive Job Market Intelligence Report 2011
1. 1 9 TH A N N U A L E X E C U N E T R E P O R T
2011 Executive
Job Market
Intelligence
Report
2. [ ] 2011 EXECUTIVE JOB MARKET INTELLIGENCE REPORT
Market Overview
MANAGING WITH ONE EYE ON GROWTH, ONE FOCUSED ON THE REAR VIEW MIRROR
C ompanies across the U.S. economy
and in every industry learned
some tough lessons during the “great
innovating and maximizing the financial
contribution of smaller operating teams.
“Want a strong global
recession.” But as they entered 2011, This focus on revenue is revealed in broad business focus. Need to
many had also learned how to maximize corporate demand for sales, business know how to use metrics
productivity, mitigate risk and stretch development and sales enablement to demonstrate business
management capability and creativity as leaders across the U.S. economy, and
never before. especially in dynamic industry segments
results.”
from healthcare and biotech to high
Buoyed by slow but continuing economic technology, energy and utilities and the
recovery, more employers are starting emerging green tech and environmental
to focus on growth and beginning services markets. Equally positive, several
to fill gaps in executive performance sectors hit hardest by the recession – from
by selectively recruiting for new consumer products to financial services business confidence by picking off top
management positions, “trading up” with and manufacturing – are rebuilding their talent from competitors. This is especially
new hires for existing leadership roles management infrastructure to support true, for example, in the high technology
and working to retain high performers at business objectives. space, where some companies are
every level. expanding rapidly.
Unlike previous economic recovery cycles,
Yet, while they are increasingly employers have assumed the potential Overall, business growth is poised to
taking steps to capitalize on future double jeopardy of balancing growth continue through 2011. Executive recruiters
growth potential and the yield of high plans with conservative investment. The expect double-digit growth in demand for
productivity from business streamlining, sustainability of this approach will play management talent this year, compared
companies are also clinging to what they out through 2011, as many employers to the double-digit drop nearly all of them
learned from the recession and keeping reach a pivotal break point with key experienced during the global economic
one eye rearward should recent history executive leaders who have pushed crisis. This is evidenced in executive search
loom to repeat itself. themselves and their teams to their own firms’ own hiring plans, as many, just
performance thresholds for more than like their corporate clients, say they’re
two years running. poised to rebuild their executive research
and consulting teams to keep pace with
“Quality folks in short Resilient North American employers escalating demand for top talent.
supply as demand grows are also proving themselves more
circumspect when it comes to investing But today’s increasing demand for
rapidly.”
in new markets, expanding their real management talent comes with a
estate and capital equipment holdings, twist. Employers want more value from
and growing their workforce and the recruitment process, especially as
management resources. technology puts more of the process in
their hands and they seek to cultivate the
Throughout the economic downturn, most impressive candidates from social
Having banked cash reserves as a fiscal the “strong” have survived, some have media and business networks.
precaution, companies continue to prospered; most have worked to retain
demonstrate restraint when it comes to their cash positions. Profitability has Looking ahead, the good news is that wide-
making fresh investments. While cash been driven by cost reduction and scale business retrenchment has slowed
was king during the darkest days of the streamlining. Now, more employers are and more companies are poised to invest
global financial crisis, the corporate focus sensing opportunities and starting to with caution in the right markets and with
today is clearly on growing revenue, take advantage of them, and many are the most capable, battle-tested executive
maintaining expanded productivity, beginning to capitalize on improved management leaders at the helm. n
2 WWW.EXECUNET.COM
3. 2011 EXECUTIVE JOB MARKET INTELLIGENCE REPORT [ ]
Will You Be Ready When
Opportunity Knocks?
E xecutive business leaders welcomed
2011 hoping for a continuation of
the economic recovery that began to
confidence in the growth of the executive
employment market has been reinforced
in recent months not only by broad
“Great sales people are
accelerate last fall (at least in executive economic indicators but also by their difficult to move.”
hiring activity terms) and banking on own experiences in the trenches with
optimism from knowing they were both corporate clients and executive
another full year separated from the candidates.
major downturn. Never before in the
19 years that ExecuNet has chronicled The savviest of executive job seekers,
the ups and downs of the executive be they currently employed or already
employment market have the critical in transition, know that performance
measures of business performance expectations remain very high, and the
and executive excellence so perfectly time to demonstrate results remains Executive recruiters’ market access and
intersected. Both now rely and hinge on painfully short. industry insights continually prove a
organizational and individual agility and bellwether of the broader corporate
an equal focus on the road ahead as well These conditions invariably raise the bar hiring outlook. Their collective views
as the abundant lessons of the difficult on and the competition for the most are encouraging and should signal to
road already traveled. sought after management roles. They also restless and career-proactive executives
make the consequences of an ineffective that a sense of equilibrium is returning,
This reality is crystal clear in the transition plan especially consequential and with it, more promising career
vision of executive recruiters whose in their search for what’s next. opportunities. n
ExecuNet’s Recruiter Confidence Index 2003-2011
2010-2011 Monthly Confidence Levels
90
80
70
60
50
40
DJIA = 12,391.25
30
DJIA = 9,686.48
20
10
0
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.
BY QUARTER
90
HURRICANE KATRINA U.S. MIDTERM ELECTIONS
80 U.S. PRESIDENTIAL ELECTION
DJIA = 14,000
70
60
50
40 GULF OIL SPILL
U.S. UNEMPLOYMENT = 6.1%
30
20 FINANCIAL MARKET MELTDOWN
U.S. MIDTERM ELECTIONS
10
DJIA = 8,600
0
Q2.03 Q4.03 Q2.04 Q4.04 Q2.05 Q4.05 Q2.06 Q4.06 Q2.07 Q4.07 Q2.08 Q4.08 Q2. 09 Q4 .09 Q1.10 Q2.10 Q3.10 Q4.10 Q1.11
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4. [ ] 2011 EXECUTIVE JOB MARKET INTELLIGENCE REPORT
Business Growth
NOT A ONE-ACT PLAY
S ignificant pockets of opportunity exist
for battle-tested executives based on
their industry and functional experience,
High-Growth Industries,
predicted by executive search consultants
as the following charts illustrate. Yet 2011
while these will streamline the career 1. Healthcare
decisions of many top business managers,
2. High Technology
they will also force strategic introspection
in the minds of others considering the 3. Clean/Green Technology
risks and opportunities presented by a 4. Life Sciences (Pharma/Medical/Biotech)
potential cross-over to a new industry,
5. Manufacturing
role and/or relocation.
6. Financial Services/Banking/Insurance
Depending on your current position and 7. Energy/Utilities
visibility within your current employer 8. Business Services
organization, among its competitors and
9. Internet/Online Services
partners and broader industry space,
and/or amid your own unique business 10. Consumer Products
network and among key executive
recruiters, opportunities for career Top Growth Regions for Executive Hiring
development may be highly transparent BY REGION ACCORDING TO EXECUTIVE SEARCH FIRMS
or especially difficult to see beyond the
day-to-day demands you face.
NORTHEAST/NEW ENGLAND
What the broader economy has already 2
telegraphed is only reinforced by the
market views of executive recruiters,
corporate staffing and talent acquisition
leaders. That is, the number and nature MIDWEST 5
of highly attractive senior-management METRO NYC (INCLUDING NY/CT/NJ) 4
roles is steadily escalating – slowly, but
undeniably, for the past several months –
and this portends the kind of opportunity
1 MID ATLANTIC
3
many have been waiting for. THE SOUTH (SOUTHEAST AND
SOUTHWEST, INCLUDING TEXAS)
“We’re seeing a resurgence in the high
technology markets that continues to
AND WEST COAST (TIE)
1
drive executive hiring on the West Coast,
and the South remains an attractive 6 INTERNATIONAL -
OUTSIDE U.S. AND
alternative for companies that want to CANADA
tap into a lower cost of doing business,”
says Mark Anderson, ExecuNet’s President
and Chief Economist. “The Mid-Atlantic Overall, the North American executive upon more resources to get their job done
region has the benefit of a resilient employment market has been improving or to seek opportunity elsewhere, as well
pharmaceutical and biotech hub, and slowly but steadily over the past several as for the unemployed executive waiting
the New York tri-state area has been months, according to ExecuNet research. for business growth to serve as the
watching the rebuild of financial services 2011 portends more good news for catalyst for their next job offer. n
institutions with great interest.” business leaders wanting either to call
4 WWW.EXECUNET.COM
5. 2011 EXECUTIVE JOB MARKET INTELLIGENCE REPORT [ ]
Matching Key Business Goals with
Executive Talent
W Mission-Critical Corporate
hat can you really deliver on? This is
the most important question that
Objectives for 2011
frames the inescapable challenge faced
by companies as well as leaders “in-role” 1. Attracting new customers/increasing market share
and “in transition.” That’s because no 2. Expanding existing products and services
company can afford a fool’s errand. No
3. Launching new products and services
executive can afford the reputational
risk that springs from poor business 4. Focusing on our current core competencies, products and services
decisions. No executive employment 5. Investing in innovation to develop new competencies, products or services for
seeker can get ahead and most effectively the future AND
message their potential without having Investing in/fostering innovation (tie)
a solid, compelling and convincing story
with which to reply. Most Sought-After and Hardest
to Find Executive Characteristics,
What’s clear is that, for 2011, companies
are shifting from defense to offense and
according to executive search consultants
placing a premium on proven executives Most Sought After by Employers Hardest to Find for Recruiters
who can help them grow and exploit
1. Ability to build and lead high 1. Industry-specific experience
market opportunities ahead of the performance teams
competition. As they do, it’s not surprising
2. Industry-specific experience 2. Ability to build and lead high
to see executive search consultants
performance teams
forecasting the highest demand for
business leaders who can help expand 3. Leadership skills 3. Strategy and execution leadership
the corporate top line while boosting the 4. Strategy and execution leadership 4. Leadership skills
bottom line. 5. Change agent 5. Functional/technical expertise
The executive talent market for the
balance of 2011 will be characterized
by continued selective and strategic a historic indicator of business growth The implications, Anderson explains,
executive hiring to fill newly created and re-investment, a function that are that companies pay recruiters for
positions and to improve their executive recruiters expect to see more round pegs fitting specific qualifications,
management bench strength by making demand for in the months ahead. and, therefore, industry and functional
new hires to upgrade the skill sets for experience are more highly demanded
existing leadership roles. Today’s business growth story is centered by recruiters who have to fit their clients’
on building high-performing teams specifications. “If you are changing
While many companies remain risk- in what remains an improved yet still industries or functions and want to
averse, there is some risk of waiting pressure-sensitive economic environment be a change agent, the clear message
too long to recognize a shifting and finding leaders who can execute. is ‘go direct to hiring companies’ and
management talent market and/or “Five years ago, ‘building and leading demonstrate your ability to build, mold,
failing to identify critical retention risks high-performing teams’ didn’t even rank and motivate strong high-performing
before such top performers head for among the top three most sought-after teams,” Anderson adds. n
greener pastures. management skill sets,” says Anderson.
“Now, that’s the top talent-related
It’s important to note that Marketing demand dynamic among employers and
ranks in the top five highest growth the second highest targeting concern for
functions after several years of lag. That’s executive recruiters.”
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6. [ ] 2011 EXECUTIVE JOB MARKET INTELLIGENCE REPORT
Expanding Network Remains the Critical
Opportunity Opener for Companies,
Executives Alike
“I Where Recruiters Find Executive Candidates
n-role” and “in-transition” executives
alike will reap the most meaningful
8%
return on their career management
activities if they put networking at the ONLINE JOB POSTINGS 2%
hub of their efforts. ADVERTISING
10%
SEARCHING RÉSUMÉ
That’s because, at the executive
DATABASES
management level, networking means far
more than jumping online and scouring 46%
publicly advertised job postings. After 11% NETWORKING
all, employers say networking is the RESEARCH
primary means through which their
hiring managers recruit new leadership
talent. Companies report that 92 percent
of their jobs with salaries at or above 23%
$200,000 per year are not posted publicly THE FIRM’S DATABASE
online. This trend continues to increase
as companies become overwhelmed by
response to advertised positions because interest in the company or future Top Methods Search Firms
what is published on their websites is potential opportunities, corporate talent Use to Evaluate Candidates
re-published by an increasing number of acquisition leaders are adopting some of
job ad aggregators. the basic talent hunting skills of effective
(in last 12 months)
third-party recruiting because of how 1. Phone screen
It is for these reasons, among others, technology has leveled the candidate 2. Face-to-face interview
that companies have long valued the sourcing playing field. Third-party 3. Online research
role of external management recruiters recruiters no longer own the exclusive
4. Personality tests/assessment tools
who bring their own networks, and the access to candidates; however, their
discretion required to cultivate them ability to assess the right fit and convince 5. References/Other
for superior talent, to bear against the best candidates to make a career
critical corporate talent needs. The role change is their competitive advantage.
of the executive search consultant as
trusted advisor is not going away, but Of course, since finding compelling Founder Dave Opton. “It’s all about who
it is changing as corporate recruitment candidates is only the first step in you know, who knows you and what you
needs change. the recruiting process, the quality of know about business, leadership and
introductions and referrals affected through yourself.” The knowledge you possess,
It is important to note that companies networking – face-to-face or face-to- Opton adds, is comprised of technical
are increasingly leveraging social and screen – carries the advantage of expedient expertise and increasingly, a function of
established business and association candidate screening and evaluation, the the meaningful business connections you
networks to connect with top critical next step before trying to close any maintain and learn from.
management talent. Whether to management search with the extension of
directly hire individuals whose profiles an employment offer. “Being visible and active in the right
are with increasing frequency found networks, therefore, is the door-opener to
online or merely to initiate professional At the executive level, the old saw so many compelling business and career
contact in the hopes of scouting their remains true, says ExecuNet CEO and opportunities,” Opton concludes. n
6 WWW.EXECUNET.COM
7. 2011 EXECUTIVE JOB MARKET INTELLIGENCE REPORT [ ]
Compensation Pressures Ease as
Competition for Talent Escalates
Employed Executives Expect Moderate
A fter two years of significant cutbacks
Increase in Compensation
on executive compensation, more
companies are loosening their pay
practices to align with their recruiters’ 2009 to 2010 2011 Job Change
Experience Expectations
need to attract proven leaders with a
realistic job offer. Employed Executives Overall 4% 7%
President/CEO/COO/Partner/Chairman -8% 10%
There are few bargains with respect to CXO (Other C-level)/Senior or -4% 6%
compensation. Companies and executives Executive Vice President
are learning from individual executives that Vice President -3% 3%
the risks involved in management transition Director -2% 8%
and the inherent risks of a still volatile real
Male -4% 6%
estate market (in the case of a relocation)
simply aren’t worth it if the composition Female -5% 7%
of a pay package isn’t fair, reasonable and
mindful of an improving economy.
Most Important Elements of Compensation Packages
Consider that 67 percent of executive (Other than Base Salary) Ranked by:
recruiters believe companies lose top-
notch executive candidates because their Executives Search Firms
compensation practices are too inflexible. Annual performance bonus 1 1
Healthcare contribution 2 6
Executive job-changers’ expectations Stock options/equity 3 3
remain modest, when one considers Profit sharing 4 5
their views about what it would take to
Perks 5 7
entice them into a career move in 2011.
Long-term performance bonus 6 4
In past years, particularly during high-
growth spurts in the economy, executives Professional development budget 7 11
have sought – and been granted – Employment contract 8 10
compensation premiums of 20 to 30 Commission structure 9 8
percent in the recruiting process. Severance terms 10 9
Relocation package N/A 2
North American employers will invariably
win some and lose some when it comes
to their attempts to consummate be a slow and far more methodical and and not over-price oneself out of the
employment overtures to superior scrutinized process given the broader corporate demand for one’s unique skills
candidates, who, increasingly, recruiters organizational pressures, increasing and experience.
report, have more than one employment regulatory oversight and the move toward
offer to consider. In fact, 51 percent of more pay-for-performance accountability While base salary remains the most
executive search consultants report the in executive pay and contracts. critical yardstick for executives to consider
candidates they’ve been engaged to when it comes to assessing a job offer,
recruit are indeed contemplating more With increased demand, the performance benefits – be they measured
than one solid job offer. compensation outlook is positive for in the short-term in bonus terms or over
executives, but certainly not as robust as the long haul by increases in stock value
Compensation restraints will ease in it was before the recession hit. It’s also and profit share potential – and healthcare
2011 as the market heats up, but it will important to keep things in perspective considerations remain critical variables. n
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8. [ ] 2011 EXECUTIVE JOB MARKET INTELLIGENCE REPORT
Companies Focus More on Retention as
Executives Prepare to Explore Job Market
M Executives Prepared and Ready to
ore executives (51 percent in 2011
versus 35 percent in 2010) report
Launch a Successful Job Search
their employers are working harder to
retain top talent and will work harder 70
69%
through 2011 on retention (58 percent in 60 56%
2011 versus 41 percent last year). 50 43% 36%
40 34%
Precisely one-quarter of executives 30
expect “high levels of turnover” among 20
their current employer’s management 10
team this year. And with increasing 0
corporate focus on executive retention, 2007 2008 2009 2010 2011
the competition for proven management
performers will invariably escalate – Executives with Updated
along with the stakes. Professional Marketing Materials
2009 2010 2011
What will likely reveal itself as an equally
important consideration for business leaders Executives with recently updated résumé 60% 54% 60%
through 2011 is exactly who leaves and CEOs with recently updated résumé 48% 57%
who stays. Particularly for small-to-medium- Executives who believe their résumé is “recruiter-ready” 56% 54% 59%
sized enterprises, the impact of losing CEOs with recruiter-ready résumé 46% 55%
even one high-performing executive can Executives with recently updated online public profile 71% 67% 72%
disrupt productivity, customer relationships
CEOs with recently updated online public profile 60% 74%
and team morale to the point where
organizational performance is dramatic.
While the issue of who is ready to explore Indicators that Will Trigger
their options is a highly individualized Executives’ Job Searches
concern, the trend line suggests a modest 1. Receiving viable calls from recruiters
but (based on the tumult of the executive
2. My organization’s poor performance
employment market over the past couple
years and the broader economy for that 3. Hearing about others finding success and landing new roles
matter) not insignificant increase in the 4. My industry’s improved prospects
numbers of executives poised to launch a 5. Seeing more job ads
successful job search.
6. Better stock market performance AND
Real estate market rebound and more homes selling (tie)
The key storyline for executives who
may have been out of the job market is 8. Improved unemployment rates
that you must think of marketing your
experience, knowledge and leadership candidate pool. Executive readiness a clear vision and understanding of
abilities collectively as a “product” – for a successful job search varies little your unique value to a new employer.
essentially, the solution to an employer’s by job level, function and even by Your individual job history clearly is
specific business problem(s). Doing so individual characteristics such as age not as important as your capacity to
will enable prospective employers to and gender. Readiness to explore new demonstrate your potential — and the
more quickly and clearly understand your career opportunities is less about having business results it can help employers
potential impact and differentiate you an updated résumé and more about the achieve — in terms that are clear, concise
among what is likely a more competitive confidence that comes with messaging and uniquely compelling. n
8 WWW.EXECUNET.COM
9. 2011 EXECUTIVE JOB MARKET INTELLIGENCE REPORT [ ]
ExecuNet’s 2011 Market Data in Perspective
A n improving economy is creating
opportunity in many forms – for
executives, companies and the recruiters 30
30
Executive Job Creation
20
MAR—2009
SEPT—2009
NOV—2009
AUG—2009
MAY—2009
who connect them and help them explore
OCT—2009
JUN—2009
DEC—2009
FEB —2009
APR—2009
20
JUL—2009
the potential found in one another.
10
10
There are many highly qualified and richly 0
0
JAN—2010
FEB—2010
MAR—2010
APR—2010
MAY—2010
JUNE—2010
JULY—2010
AUG—2010
SEPT—2010
OCT—2010
NOV—2010
DEC—2010
JAN—2011
FEB—2011
MAR—2011
experienced executives in the active job
market and currently holding jobs whose
-10
-10
respective searches for new employment -20
-20
will be stymied by a lack of access to
-30
-30
publicly unadvertised jobs and hiring
leaders seeking executive talent. -40
-40
-50
-50
But executives are learning to avail
themselves of the tools of today’s ExecuNet’s exclusive Executive Job Creation Index reveals an ongoing commitment
executive career planning and transition to business growth, with 33 percent of North American employers expected to
norms, whether they follow the course add new executive management roles over the next six months and 50 percent
of a sprint or something that feels more forecast to leverage the economic climate by selectively trading up with new hires
like a marathon. Some 72 percent of for existing executive jobs. Only 2 percent of employers are expected to continue
executives have an updated online profile eliminating executive jobs during the same period of time.
and 58 percent have actively worked to
be more visible online. They’re making Employers that have put their senior management teams to the test in recent
it easier to be found and to be found for years to confront stark economic realities, foreign competition and other business
reasons that match the demand they’ve pressures now recognize they can’t grow their business without adding new leaders.
messaged based on their experience and The outlook for executive job creation remains bright, but also poised to follow the
know-how, problems they can solve and same “slow and steady” rebuilding course that most businesses are navigating.
where there true passion resides.
Recruiter confidence is up. More executives are more willing to take calls about
promising job opportunities. And after a very difficult couple of years, the
Active Executive Job executive search outlook is positive and poised for modest growth through 2011.
Seekers Use their
Professional Contacts Looking ahead, what matters most are the business results that spring from the
executive recruiting process, not just the delivery of a candidate short-list that
Most Often to…
marries with the core competencies of a job specification. With a focus on profits,
1. Reconnect with former colleagues companies will need similarly focused recruiters to help them attract superior
2. Find advice for business problems management leaders who can transform challenges into opportunities and results.
3. Identify and develop new business
who present their leadership value not as the task of effectively charting their next
leads and referrals
“experience” but rather translate that into steps a steep one. The unguided trail may
4. Identify job opportunities “what I can do for prospective employers present roadblocks and navigate you to
5. Learn about competition and what will change for the company to a dead end. What’s most important for
have them aboard.” you to remember is that a solid business
Assuming their ability to overcome network and your work to proactively
the challenge of online visibility and Executives, particularly those who’ve not build it and cultivate relationships
continual and effective networking, there engaged in a job search or considered through it can put you on the road to
may be significant opportunity for those a career move for some time, may find opportunity. n
WWW.EXECUNET.COM 9
11. At your level, there’s no settling for
what’s on the lower branch
You’ve spent years honing your performance to be the kind of leader successful companies
dream of hiring. So when you’re looking for resources to help you attain your career objectives,
look for people who are as experienced and exacting as you.
ExecuNet is the leading private resource for senior-level executives who want to ensure their
skills are sharp and their expertise is known, and for companies seeking nothing short of the
best talent.
If you’re eager to be among executives who are being identified for leadership roles and
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organization today. We’d like the chance to meet your demands. Visit us online today at
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THE 19TH ANNUAL EXECUTIVE JOB MARKET INTELLIGENCE REPORT WAS PRODUCED BY
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