This report is different from other trend reports.
Written by Scott Aldsworth, President
The Bowdoin Group works with clients in high-growth, innovative industries, and we see various hiring strategies at multiple stages of growth. Our perspective comes straight from our clients, and our reports help you make the best hiring decisions.
“Our focus is on the future of managing your recruitment and compensation strategies for 2023 and beyond,” Scott Aldsworth, President of The Bowdoin Group.
We suggest you consider two essential takeaways when developing a recruitment strategy within your executive team.
- C-level candidates with experience in managing through downturns are in high demand. These individuals bring unique skills and abilities highly valued by organizations, especially those operating in industries prone to volatility or disruption. The last financial crisis in technology was 20+ years ago, and many leaders in positions today had not entered the workforce, leaving a gap in experience and crisis management skills.
- Executives with experience in the startup world are more discerning about the opportunities they are exploring. A few years ago, if a company failed, there was always another excellent startup opportunity around the corner. That is no longer the case. With the current tight fund-raising environment, experienced executives seek the right combination of A-list investors, a great management team, and a game-changing idea.
There is a high demand for candidates who have successfully managed through downturns:
When hiring for your next C-Level role, guarantee your candidates have these three proven abilities.
- Ability to navigate uncertainty: C-level candidates with experience managing through challenging times or with minimal funding are better equipped to navigate uncertain and unpredictable situations. They can make quick decisions based on incomplete information and adapt to changing circumstances.
- Strategic thinking: C-level candidates who have managed through an uneasy economic landscape have a proven track record of focusing on the bigger picture to develop and execute strategic plans to steer their organizations through challenging times.
- Effective leadership: C-level candidates must inspire and motivate teams in challenging times. This becomes most important when communicating with shareholders and executive teams by managing expectations and instilling confidence.
Consider these three factors when hiring an executive position for a startup:
- A-list investors: Executives are often attracted to companies that have secured funding from reputable, well-respected investors. This can signal to executives that the company has strong potential for success and has already gained validation from industry experts. If a new executive is being asked to raise a new round of funding, ask yourself if there’s a plan in place. If not, this will impact the type of person you need to hire.
- Excellent management team: Executives seek companies with strong, experienced management teams. If candidates are willing to take the risk, they want to ensure the C-Suite is solid and will support the success. If they are tasked to build a team, ensure they’ll have the resources and support available to do so.
- Game-changing idea: Articulating why an idea is better than other alternatives in the market helps boards and founders differentiate their product or service from competitors. By highlighting the unique value proposition of their vision, they can create a competitive advantage that helps them stand out in a crowded marketplace. This not only attracts candidates to an organization but secures funding, attracts customers, and ultimately drives innovation.
When evaluating potential opportunities, executives consider company culture, growth potential, total market opportunity, and overall market trends. The right combination of factors will vary depending on the individual executive’s goals, experience, and priorities.