Much has been written on “The great resignation», So we are going to accumulate a few observations on our side.
It has been reported that almost half of all full-time employees are actively seeking or considering a new job search. As a leading chief marketing executive search firm, we agree that within the executive marketing ranks there is a lot of movement. From our perspective, here is what we see and how companies should react.
The chief marketing officer of the executive search firm says “it’s not so much a resignation as it is a realignment of priorities.”
The quarantines of 2020 and subsequent disruptions to a normal work routine caused employees to re-evaluate their work / life balance. For many executives, personal satisfaction takes precedence over a “work at any cost” mentality. This is of course a candidate driven market, so what are the implications for businesses?
Executives want flexibility. The pandemic has demonstrated to most businesses that employees can be effective by working remotely without being in the office every day. At the executive level, our C-Suite internships know that face-to-face interaction is essential with their peers, CEOs and teams – and they value that interaction. But for many employees, they are no longer willing to sacrifice family / life opportunities to be present in person at the office when they can still meet the demands of the job.
Expectations of leaders have not changed and the need for performance is more real than ever, but effective CEOs realize that a balance is needed for maximum employee satisfaction and performance. With WFH, the pressure valve has been released so that executives feel “less guilty” of prioritizing a sporting event for a child, for example, over work he can do after hours or another. day.
The creation of a work environment that celebrates this redefinition of priorities and takes into account the general well-being of all employees is increasingly becoming the expectation of top performers.
Leaders want growth. The best successful marketers want to create value for the business and participate financially in the growth they create. They are motivated people who help transform a business and are energized by this challenge and opportunity.
If growth and financial opportunities are lacking, they tend to be more open to finding a company that will reward them for their skills and expertise. If you don’t offer upward mobility and long-term incentives, you risk falling behind. In today’s market, applicants realize that there are other options available to them.
Previously, individuals who did not intend to relocate were limited to their target businesses on the basis of a reasonable commute. Today, with so many companies offering remote and hybrid roles, these executives have no geographic restrictions on their employment opportunities. Your competition has just spread across the country. The blinders are off because it has opened up a world of possibilities; from businesses they could work for to industries they could explore.
Recently, we placed a remote CMO at a company that needed to travel to spend a week per month at headquarters. To get the top candidate they were looking for in this marketing executive search, they hired someone 2,000 miles away. The company was thrilled with their new Marketing Director and the candidate was thrilled that we gave them an opportunity that was nowhere in their set of considerations. This type of arrangement is more and more common.
Businesses need to understand that the market has changed.
It’s a world of supply and demand, and so far the demand for talent has never been greater. Wages are increasing rapidly. Expectations are changing. Competition is intensifying. And the opportunities for marketers are increasing.
Now is a good time to assess how you stack up. You may not be able to offer a fully remote role or unlimited PTO – and that may not be realistic for your business – but you need to know where you stand. Making sure you’re paying a competitive rate and giving your top marketers a reason to stay with long-term incentives will help your retention rate.
Strong marketers, marketers who can fundamentally change the course of your business, know their market value. Make sure you also know this before you start your search for marketing executives or are at risk of “The great resignation”Come into your business.