The past few years have been a bit of a rollercoaster when it comes to the job market, to say the least. Entering and exiting the pandemic has created uncertainty in a highly dynamic landscape, in which emerging technologies and systems add further disruption and speed to the flow of work. While attempting to predict the future is a fool’s errand in the best of times, we just can’t help but look forward to 2024, and see if we can’t ascertain a few trends to be on the lookout for. We hope that through exploring some of these executive search trends, your organization can benefit and stay ahead of the curve in its executive search efforts.

Hiring for Skills Versus Experience – AKA Hiring for Growth

One of the top executive search trends we are anticipating for 2024 is hiring for skills over experience. It is one’s skills, not the reputation of past employers, that will truly warrant a second look from hiring committees. The focus for the new year will be on what candidates can do now, not just in the past. A recent update from Hunt Scanlon, “We expect businesses to focus on the skills they need to bring on and develop now. This will help them align to the long-term strategic direction of the organization.” In this same vein, we are anticipating a return to a focus on the quality of candidates over quantity, as we saw in recent years in response to the “Great Resignation”.

Following the Great Resignation, hiring teams had to adjust expectations, hiring to preserve needed personnel numbers rather than slowly assessing to find the best of the best for each hire. In this upcoming year, hiring teams will now be faced with the challenge of finding the absolute ideal candidate, the so-called “purple squirrel”. As this makes it harder for individuals to get hired, Forbes reports that “current employees are more reluctant to leave their roles, even if they’re feeling unfulfilled, and job seekers will be upping their game to get an offer”. As a result, the support and expertise of executive search firms will continue to be a tremendous benefit as these firms are able to engage their vast networks to identify the ideal candidate, enabling teams to focus on organizational growth and success.

DEI & Culture

Diversity, equity, and inclusion have been important to executives for some time, and the critical need for DEI is expected to grow significantly in 2024. Organizations are recognizing the significant benefits that diverse leadership teams bring, including improved innovation, increased profitability, and an enhanced positive reputation. A recent study by McKinsey further explained the profitability element, demonstrating that the higher the representation, the greater the probability of outperformance. “the relationship between diversity on executive teams and the likelihood of financial outperformance has strengthened over time”. That said, performance is only one factor of DEI in organizations. The far more important element is how a strong culture of DEI makes people feel. The outperformance simply becomes a happy side effect of a team that feels seen, heard, and respected as individuals. Executive search firms and hiring teams alike must continue to embrace this idea in 2024, as candidates and employers will be prioritizing DEI alignment in both applying for and hiring for roles. Elissa Dumiak, Managing Director of Scion Executive Search explained how the firm incorporates this concept. “Our commitment to diversity, equity, and inclusion isn’t a checkbox – it’s a commitment to harnessing the power of varied perspectives. In every executive search, we know we’re not just filling a position, we are helping organizations to shape the future of leadership! At Scion Executive Search, we hold inclusivity as our guiding principle.”

Candidates frequently apply for roles with organizations based on brand, and that trend will certainly grow in the new year. Therefore, employers need to take steps to ensure their HR team and public image remain attractive to candidates, in touch with current events and public sentiment, and highly strategic with a bottom-line focus. Ultimately, what this comes down to, is a concerted effort to bring people into the organization’s sphere, rather than waiting for them to find your organization. Emi Chiba at Gartner’s human resources practice, explained that the 2023 job market led to a recruiting ecosystem shift into platforms aimed at “attracting and engaging candidates rather than applicants or newly hired employees.” Organizations that can demonstrate flexibility and adaptability to changing norms will attract more candidates and actively participate in the lowering of barriers to career progression for historically underrepresented groups.

Remote and Hybrid Work Models

As we all witnessed, the pandemic dramatically accelerated the shift towards remote work and hybrid work models. As a result, executives are increasingly open to flexible work schedules, and this trend presents a unique opportunity for organizations to broaden their potential pool of candidates. While some organizations opt for a “return to office” model, we anticipate the majority of organizations prioritizing a flexible hybrid model, with an openness for flexibility and negotiation on work location. Many employees are looking to meld the benefits of remote and in-person work or have developed a preference for one or the other. Employers that can embrace these variations will hold a more content workforce while also opening doors to new candidate possibilities that they may have not previously considered due to locational constraint.

Generative AI

A huge theme of 2023 that will continue to grow exponentially in 2024 is the role of artificial intelligence in the workplace and cybersecurity across the globe. The ability to comfortably use and interact with generative AI will have a significant advantage in the progression of an individual’s career. Kristy Threlkeld of Indeed explains, “While it’s unlikely employers will see a trend of workers displaced by AI in 2024, a considerable upsurge in job postings that mention generative artificial intelligence, in particular, reflects the rapid rate at which the adoption of AI has changed – and will continue to transform – the landscape of the way people work.”

In the recruiting world, Hunt Scanlon found that 82% of CEOs and senior leaders expect AI to have a significant impact on their businesses in 2024. Positives and negatives abound in this trend, as AI tools can help executive search experts sift through global talent pools more effectively, and assist in the creation of content and postings that draw in top applicants. However, the executive search world will continue to strongly rely on the experience and expertise of its recruiters to maintain the human touch which is so critical to finding the perfect fit for a given role and organization.

Ethics and compliance surrounding the use of AI will also become increasingly important considerations for organizations. Leaders need to think critically about their tactics for how data will be used with generative AI, including how it will be used throughout the organization, and how to stay on top of evolving rules and regulations.

Conclusion

Heading into 2024, we recommend that all organizations embrace an emphasis on growth, quality, adaptability, and strategic investments in talent and technology. Inclusive practices, tactfully embracing technology, healthy work environments, and happy employees will all be central to the success of organizations both in their bottom line and in attracting and retaining top talent. Elissa Dumiak with Scion Executive Search explained it best, “A defining characteristic of successful leaders and organizations is the ability to maintain a growth mindset. As executive search professionals, we seek leaders who not only possess expertise but also have the hunger for continuous learning. These are the individuals who will thrive in the dynamic landscape of tomorrow.”

By partnering with a forward-thinking executive search firm, organizations can gain a competitive advantage in the talent acquisition landscape. Here at Scion Executive Search, we help our clients embrace diversity, apply data-driven approaches, and find executives with the right skills needed to help your organization achieve its goals. Connect with us today and learn how we can help your organization stay ahead of the curve by identifying top executives who will drive organizational efforts toward a prosperous future.

About the Author

Bailey Olderog, Technical Writer (she/her/hers)

Bailey Olderog brings her passion for storytelling and language to her role as technical writer at Scion Executive Search (SES). She is dedicated to telling the stories of others, and it has been her lifelong effort to make contributions that ensure that even the quietest of voices are heard.

Bailey has spent most of her career in service to those who serve. Her extensive public sector experience includes ghostwriting for elected officials and military generals, authoring investigations and public reports, and bringing a voice and audience to those without a platform. She believes language is an art and enjoys using language to advocate for others in ways that are professional, clear, and respectful.

Veterans’ mental health and support have been the guiding star in her career; Bailey volunteers at and has extensively advocated for veteran organizations in her native Texas. She has spent over a decade researching PTSD in veterans, using her research and connections to advocate for positive change and support for military families. She has written extensively on behalf of service members in need of assistance, as well as for military leaders seeking authentic ways to connect with their personnel. She has organized events and supported advocacy efforts for organizations such as Gideons 300 and Texas Veteran County Service Officers. On a nice day, you can often find her volunteering at a park or trail cleanup.

Bailey received her degree in political science from Southwestern University in Georgetown, Texas, where she also minored in studio art.