Because so much has been written about “The Great Resignation,” we’re going to add our two cents.
Nearly half of all full-time workers are actively searching for or contemplating a new job, according to reports. As the premier executive search agency for chief marketing officers, we can attest to the fact that there is a lot of mobility among the senior marketing ranks. Here’s what we’re seeing from our vantage point, and how businesses should respond.
Executive search firm for Chief Marketing Officers “it’s not so much a resignation as it is a priority realignment”
Employees have re-evaluated their work/life balance as a result of the 2020 quarantines and subsequent interruptions in their typical work routine. Personal fulfillment is gaining precedence over a ‘work at all costs’ approach for many CEOs.
To be true, it’s a candidate-driven market, but what does this mean for businesses?
Flexibility is important to executives. Most businesses have learned from the epidemic that workers may be productive working remotely without having to be in the office every day.
At the senior level, our C-Suite placements understand the importance of face-to-face connection with their colleagues, CEOs, and teams – and they cherish it. However, many individuals are no longer ready to forego family/life chances in order to be present in person at work when they can still satisfy the job’s needs.
Executive expectations haven’t changed, and the pressure to achieve is as strong as ever– yet great CEOs understand that a healthy work-life balance is essential for optimum employee happiness and performance. The pressure valve has been opened with WFH, allowing bosses to feel ‘less bad’ about preferring a child’s athletic event above work that can be done after hours or on another day, for example.
Top achievers are increasingly expecting a work climate that welcomes this re-prioritization and addresses the overall well-being of the whole person.
Executives want to see their companies develop. Successful top marketers want to provide value to the business while also benefiting financially from the growth they generate.
These are determined people who are excited by the task and opportunity of helping to change a company.
They are more likely to shop about for a firm that will compensate them for their talent and knowledge if there is a lack of development and financial opportunities. You may be lagging behind if you do not provide opportunities for advancement and long-term rewards.
Candidates in today’s market are aware that there are alternative possibilities open to them.
Individuals with no plans to relocate were previously limited to their desired employers based on a realistic commute. With so many organizations now providing remote and hybrid jobs, these leaders’ career options are no longer limited by geography.
Your rivalry has now spread over the whole nation. The blinders are off since this has opened up a whole new universe of possibilities for them, from the firms they might work for to the sectors they could pursue.
We recently placed a remote CMO with a firm that required one week of travel per month to headquarters. They recruited someone 2,000 miles away to find the top-level candidate they desired in their marketing executive search.
The organization was ecstatic with their new CMO, and the applicant was ecstatic that we introduced him to an opportunity that wasn’t even on his radar. This kind of arrangement is becoming more popular.
Companies must recognize that the market has changed
It’s a supply and demand world, and for the time being, the need for talent is at an all-time high. Salaries are rapidly rising.
The public’s expectations are shifting. The level of competition is rising. Marketing leaders have more possibilities than ever before.
Now is a wonderful moment to see how you compare. You may not be able to provide a completely remote position or limitless PTO—and that may not be feasible for your company—but you should be aware of your options.
Your retention rate will be aided by ensuring that you are paying a competitive rate and providing long-term incentives to your best marketers.
Strong marketers, those who have the ability to profoundly alter the course of your company, are aware of their market worth. If you don’t know it before you start your marketing executive hunt, you might end up with “The Great Resignation” at your firm.
Thanks to Bob Van Rossum at Business 2 Community whose reporting provided the original basis for this story.
