Executive search Thailand is becoming a well-known alternative to contingent recruitment models, especially for candidates who are difficult to find. But what are the trends behind this particular type of data-driven, specialist form of recruitment?
It’s not difficult to conclude that we will observe the impacts of COVID-19 over the next few years or even decades. Since the first time the disease was discovered the search for the perfect vaccine, consolidate supply chains and work around regulatory issues has intensified the changes already in motion in the STEM-related industries.
With the pace of innovation increasing and businesses adjusting to new ways of operating and new operational models, we are also likely to see an increase in executive searches. With furlough plans and budget freezes being unlucky features of this year, executive searches have been a lifeline for many hiring managers -leveraging information and market insights to assist them in identifying the top candidates in an ever-changing and volatile market for talent.
In this article, we’ll walk you through the executive recruitment trends that are redefining the STEM hiring landscape. We’ll also talk about how they’ll unfold in the near future.
1.) Flexibility
The idea of creating flexible companies was becoming more popular prior to COVID-19, however now, it’s on the top of HR and hiring managers’ thoughts. While it’s not a deterrent in productivity, remote work is nowadays seen as an advantage particularly since the majority of employees desire the flexibility to do their job.
If the limitations of 2020 have taught us something, it’s that the outputs are now much more crucial than physical site of teams.
Business leaders are required to discover new ways to motivate remote workers. The pandemic has also changed the look of leadership. As the senior skills set evolve the leaders who can inspire their employees will be highly sought-after.
Of course, some STEM roles like Medical Scientific Liaisons (“MSLs”) or any other positions that require Key Account Management (“KAM”) skills are required to travel frequently to work. However, with the zeitgeist about work and wellbeing of employees changing, employers are considering ways to make these positions more flexible and attractive for candidates.
As work gets less organized and more fluid, more STEM-related businesses are splitting their operations across different regions. This is especially true of businesses that are fully digitalized and have embraced the Industry 4.0 technology, which has the digital change helping to increase the scale of sectors like R&D manufacturing by embracing more general trends like nearshoring or strategic outsourcing.
The “new normal” — which is an increasingly global, remote and digital approach to work gives businesses the opportunity to search further to find the best talent.
2.) Diversity and Inclusion (“D&I”)
The claims of “diversity” can rightfully be dismissed as mere words of praise if the phrase is used without any action to support it. However, on a positive note however, STEM-related companies invest more money and time than ever before to ensure that the teams they employ are multi-cultural.
The advantages of having a different workforce are numerous. Apart from leveling the playing field, and offering the same opportunities to everyone (and developing a more enthused more harmonious, peaceful and less angry society in the process), all the evidence suggests that having more diversity is beneficial for your bottom line. In the hiring process, a majority of professional or high-level searches require information on diversity in order to assist the decision-making process.
According to research conducted by McKinsey, “companies in the top quartile for gender or racial and ethnic diversity are more likely to have financial returns above their national industry medians.”
This is not the case for businesses in the bottom quartile as well, with McKinsey suggesting the idea that “diversity is probably a competitive differentiator that shifts market share toward more diverse companies over time.” Additional research conducted by Catalyst supports this assertion: companies that have higher levels of gender diversity are associated with less absenteeism as well as employee turnover.
The increasing diversity of race, gender, ethnicity and socioeconomic status is now a top priority for many firms. Furthermore, the last few years have seen an increase in the hunt for neuro-diverse people. The GCHQ is one example as it is currently looking for people with dyslexia since they’re believed to possess advantageous skills for certain positions.
3.) Talent pooling and pipelining
Although the past year has been difficult for many industries, the life sciences sector has been at the forefront of the fight against COVID-19 and has seen rapid expansion. However, as any business executive is aware, sustained growth relies on the ability to draw and keep top talent.
This isn’t as simple as hiring on an ad-hoc basis but in today’s highly competitive candidate-driven market, having strong skill pipelines as well as a large talent pool is essential for any business’s chances of attracting candidates. Through identifying talent early and balancing it with a solid Employer Value Proposition (“EVP”) a business can guarantee continuous expansion and provide the best possible environment to encourage creativity.
While some companies choose to utilize this data internally, working with a trusted executive-search firm will give companies direct access to the most effective talent pipelines in STEM.
4.) Data and technology
No matter if we want to and/or not, technological advancement has huge influence on the world, an impact that has been especially significant because lockdown regulations have limited our ability to interact face-to-face. This trend was not overlooked by those in the field of executive recruitment.
In the majority of companies interviewing via video has become the common practice. This could include one-way interviewing, one-on-one interviews and panel interviewing. The majority of high-level candidates must be prepared for several of these during the process of interviewing.
Assessment tools and tools for personality profiling are also increasingly used. The organization of group gatherings and getting an idea of the personality of a person isn’t easy or simple therefore a range of profiling technology and psychometric tests are being used today, and more than prior to the epidemic.
Perhaps the most innovative technology-based aspect in the executive search industry is artificial intelligence (“AI”) and its increasing use has enhanced and improved the capabilities of consultants. AI technology allows consultants to analyze large data sets with speed which then helps in hiring decisions and helps managers forecast business results. Importantly, AI also helps remove biases that are inherent to humans in making decisions.
5) Social recruiting
LinkedIn is among the top ten brands that are growing fastest in 2021. With three new users joining every second, and an additional three people getting hired through the platform every minute It’s now a serious option for job seekers or recruiters alike. A growing number of companies that specialize in executive searches are relying on social media to find, recruit and attract top talent these.
As more and more people are spending more time on their laptops, the rise in social media use implies that executive recruiters can reach out to people through various ways. Utilizing channels such as LinkedIn, executive search recruiters can increase their network and boost personal contact with candidates.
Social recruiting isn’t just a trend for executive search, but it is also a trend when it comes to contingent hiring. It’s actually becoming more and more integral to a company’s strategy for recruiting and instances of people hiring via Tinder as well as TikTok are now common practice!
