With the world changing as rapidly as it is, each year will always be different. Luckily, there are some trends you can be aware of to help you keep up. Many of the current trends in the executive search industry are responses to challenges search firms face.
To keep up with the market and see growth in 2021 and beyond, learn how to incorporate artificial intelligence into your firm’s workload, improve interview process, keep eye on the data and have a culture of diversity and inclusion.
The Use of AI
Artificial Intelligence may sound intimidating, but it can become a powerful workhorse in your executive search firm that saves you a great deal of time and money.
Thirty-five percent of executive recruiters say that AI is the most significant change affecting the way they hire. It takes over repetitive aspects of recruitment, such as automating candidate searches and finding prospects through advanced search algorithms.
Reinventing the interview process
One trend is using online assessment tools to evaluate soft skills early on in the process. Some companies are hosting paid job auditions for candidates to do real work. While acing an interview is essential, the traditional sit-down interview is becoming less relevant to employers, and prospects need to be able to show they can be a useful part of the team and work harmoniously.
Diversity
Many companies were served lawsuits for discrimination and harassment. However, variety isn’t about checking off a box or avoiding lawsuits, but about improving company culture and performance. Growing research suggests that diverse teams are more engaged, productive and innovative.
Despite the benefits of diversity, most companies fail to achieve their goals in that respect because they aren’t casting a net for candidates of different backgrounds. That is where executive search firms come in–by looking in the right places and finding a variety of prospects for companies that need them. And checking executive resume samples to go with it. Â
Data
Executive recruitment will become increasingly driven by data. Talent acquisition used to be a decision-based, people-driven profession. Now it’s more of a numbers game since hiring managers have been using increasing amounts of data to inform their decisions. With advances in technology and AI, the volume of data and the analysis of it has allowed managers to predict outcomes.Â
Internationalization
With the rise of globalization, talent is increasingly willing to travel for work or relocate. That makes one reason to bear the global market in mind and look for candidates beyond your country’s borders. Another reason is that with the increased digitization of virtually everything in the workplace, companies are hiring more people to work from home, from anywhere in the world.
Final Words
Knowing these trends, you can use them to your firm’s best advantage in 2021 and beyond. You can serve your clients better by finding them diverse candidates that help them meet their diversity goals. Use tools to acquire and analyze talent data so that you know the facts about candidates that companies want to hear, and be sure your search extends to the global market.
