The Impact of Covid-19 on the Executive Search Market
Clearly these are unprecedented times that we are living through and with Goldman Sachs predicting zero global economic growth in 2020 as a best case scenario there will, without doubt, be an impact on the Executive Search market. Already as an industry we have seen searches delayed, deferred and postponed indefinitely however there will be winners as well as losers as part of this crisis.
It is not all bad news. Alongside the obvious industry sectors that are currently booming (on-line learning, shipping and delivery firms, remote collaboration tools, healthcare and on-line gaming) there are other sectors which are supported by longer term funding. Industries such as defence, AI, robotics and life sciences have the resources in place which will allow them to weather the storm (in the short term at least). As such all of these sectors are still recruiting, be it to cover immediate demand or to achieve longer term hiring strategies.
Regardless of your sector, we will come out of this situation eventually and as we saw in 2008 this will be the time for strong leadership. In order for companies to deliver their recovery strategies they will require the best possible Senior Leadership Teams in place and many may have been found wanting through this crisis. Therefore as the shoots of recovery begin to show around the world, markets will look for the right individuals to negotiate challenging times. Remember exceptional leadership talent is always at a premium.
One change that will last is the use of in-depth virtual interviewing. We are beginning to see placements completed 100% online. As a result, clients and candidates are learning to develop new skills. It is important for clients to create convincing recordings, videos, and visual presentations that showcase their company culture so candidates can gain a real sense of the company without ever stepping into the clients’ offices. And so as the world remains in lockdown, with more time than usual on our hands, now is the time to update and polish your CV and practise your on-line interview techniques. Remember, it is even more important to make the right impression in a 2D environment.
If, as a client or as a candidate, you need any advice of how to make the most of the virtual interviewing market at this challenging time then please don’t hesitate to speak us at Hanover Fox and we can share our experiences with you.
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