Key Points
Mumbai: CEO and CXO searches have gotten unusually longer - sometimes extending up to 6-9 months or more from 3-4 months earlier - as many seasoned pros are dropping off at the fag end of the notice period even after accepting an offer, said at least half a dozen leadership search companies...
This is leaving companies, leadership consultants and even boards in a quandary as the time taken to fill a CEO/CXO vacancy - from the start of a search process till the person joins the new company - has extended more than ever before, said people linked to C-suite searches...
Earlier this was a challenge in the middle management level searches but now it is common at the C-suite level," said Jyoti Bowen Nath, managing partner at Claricent Partners.. "Even if we have a backup candidate it pushes the search process by another 2-3 months," added Nath, who had four C-suite candidates who reneged at the last moment...
Chief executive officers, chief finance officers, chief legal officers, chief technology/information officers, and chief sales officers, are highly sought after functions in large traditional sector companies, new-age brick-and-mortar firms as well as several IPO-bound startups, said experts...
Harsh Mariwala, chairman of Marico, said: "Boards should take interest in succession planning and the primary responsibility of finding a successor should be that of the CEO and the CHRO."..
You might be interested in
Wary firms, candidates on fence slow top-level hiring
04, Apr, 24Companies keen to check candidates’ history of competence, behaviour over as long as 10 years
Success(ion) Planning: India Inc stresses on plans for next-in-lines amid talent war
28, Oct, 23Besides, a push from boards and investors amid a manifold increase in the complexity of risks facing any company is leading many - especially in sectors such as financial services and technology, and at large diversified conglomerates - to take succession planning to at least two levels below the CEO and CXOs.
Exasperated US recruiters do have themselves to blame too
13, Apr, 23Despite a softening labour market in the US, companies are still struggling to fill job vacancies, with 57% of CEOs reporting problems attracting qualified workers, according to a survey by the Conference Board. The lengthy and convoluted hiring process, including multipage questionnaires and months-long interviews, is turning off potential employees, with recruiters overlooking internal candidates for outside talent. Companies need to bring discipline to their hiring processes, focusing on what is actually needed for the job and keeping track of how many candidates they have considered and how many offers they have made.