Executive Job Market Trends in Q1 2022

It is hard to believe that we are only entering the third month of 2022 given how much has transpired in the executive job market since the start of the new year. We went from battling a dangerous new variant that set us back in our hard-earned progress to a total elimination of all remaining COVID-19 restrictions in the UK. Just as we were seeing a light at the end of the economic darkness caused by the pandemic, an unnecessary war in eastern Europe broke out, causing economic tremors that are likely to be felt worldwide.

As we exit winter, here are factors you need to consider about the executive job market as it stands as of Q1 March 2022.

Executive Job Market Snapshot

Our previous executive job market update was conducted right at the height of the Great Resignation, an employment movement which has seemingly continued into the new year. After a two month fall in the total number of vacancies during a period when businesses froze their hiring plans due to uncertainty from omicron, the total number of vacancies in the UK rose to a new record high of 1.3 million in January 2022. According to recent research from Benefex, 17% of UK workers are actively looking for a new job, 53% are open to new opportunities, and just 30% are committed to staying put for at least the next 12 months.

Even so, there appears to be recovery in the marketplace. According to the most recent Office of National Statistics (ONS) ‘Employment in the UK’ report, the UK employment rate was estimated at 75.5%, a slight increase from the previous three-month period but still lower than before the pandemic.  The unemployment rate also continues to fall, currently at around 4.1%. Many of the employment and economic figures we have been seeing month on month indicate that the market is rebounding, but we are still not where we were before the pandemic. One might assume that should we continue on the path we are on, it wouldn’t be unreasonable to expect a return to ‘normal’ levels by the end of 2022. While that may still be a possibility, certain trends in the market indicate that that recovery may not come as quickly as we had hoped it might.

Key Market Trends

Changing Roles for Compensation

People may feel that they are earning more on paper, but when considered alongside inflation and cost of living, wages are not growing at the rate they should be. Data from the ONS found the annual growth rate for average total pay, including bonuses, increased to 4.3%. The strongest growth was experienced by those in the finance, insurance, and property industries. In January of 2022, median monthly wages for payrolled workers increased by 6.3% compared to January 2021, and they were 10.3% higher than before the pandemic in February 2020. However, once inflation and cost of living are factored in, real pay fell on the year by 0.1% and wages excluding bonuses fell by 0.8%. We are likely to see this worsen as severity of the energy crisis deepens, the rise in National Insurance contributions takes effect, and the cost of living in the UK continues to increase. Prior to the events in Ukraine, inflation was expected to rise above 7% this year, but there is no telling what this figure could be come in the wake of this conflict.

If you are looking to alleviate some of the pressure from this financial squeeze, moving on to an external role may be your best option. Early in Q1, the Resolution Foundation think tank and the London School of Economics’ Centre for Economic Performance published a report that found that workers looking to achieve a pay rise this decade will need to change company in order to do so. If a pay rise is a priority of yours or a need to secure an improved financial trajectory, you will need to keep an open mind to making a change. That’s not to say that your existing organisation will be totally unwilling to promote you or compensate you further. You just might find that the grass is greener further afield.

Fierce Competition for Executive Roles

However, finding that new role might be a bit of a challenge. The Great Resignation has created a record number of vacancies in the market, but primarily in more junior roles. Executive roles are still rather hard to come by, with an increasing global pool of qualified candidates vying for the same spot. Executives are likely to find that the majority of jobs in the market do not match their skills or qualification and that when suitable roles that do become available, they go fast.

Executives should leverage and further extend into their networks to get a leg up on these openings, as many executive job market vacancies are never posted publicly.

Recent HBR research indicates that the leading indicator of career success is investing in and growing future relevant and aligned networks.

If your career transition goals involve entering a new territory, changing role, or switching industries, building your personal digital brand is crucial because more talent is sourced and found digitally.

So much of the modern executive job search is digital and having a notable online presence can be a great way to differentiate in a marketplace full of qualified executives with similar skillsets and experience. Not only that, establishing strong thought leadership can also help you get in front of the right people and expand your network to meet your objectives. This blog outlines how to accomplish this effectively. Navigating an executive job search is likely to continue to be a major challenge for executives, so setting yourself up to attract opportunities will be incredibly valuable during your transition period.

Shifting Priorities

But just because roles are scare, that does not mean you should settle for any opportunity that comes your way. If the Great Resignation and this pandemic period as a whole have taught us anything, it’s that the workforce is ready to command more from their working lives. 70% of respondents in the previously mentioned Benefex survey reported that their expectations have changed since the coronavirus, and three quarters said their experience at work is more important than it was a year ago. Nearly half admitted to raising their expectations when it comes to wellbeing, provision of high-quality digital tools, and the ‘where’ aspects of their workday. Benefits packages and adequate recognition for their work was also important for around 40% of UK workers.

With only 25% of workers rating their employee experience as excellent and only 36% of respondents reporting that they felt well looked after by their companies during the pandemic, it is likely that many will feel motivated to move on in pursuit of ‘more’ from their employers. Senior executives might especially experience this shift, feeling that they have reached a point in their career where they have earned the right to have more flexibility in their working lives.

Now that the remaining UK COVID-19 restrictions have ended, the time has come to put proposed new ways of working into practice permanently. Most organisations seem to be changing with the times and listening to their staff’s expressed desires by adopting hybrid or flexible ways of working, but a select few businesses are sticking to their guns and requiring staff to return to the office full time. In our previous market update, we advised anyone considering an executive job search to determine their stance on flexibility ahead of time. That advice is worth reiterating here, with some additional considerations. Businesses have had enough time to decide on a model and test it out, so by now many should know what the road ahead looks like for their teams and are unlikely to change their minds. Therefore, if flexibility is important to you in your next role, ensure you are looking at companies who are already demonstrating a willingness to offer that. The time for trial and error and toying with new models has come and gone, and businesses should know where they stand by now.

If their values don’t align with what you’re looking for, you might be better off holding out for an opportunity that meets your needs. As an executive, you have put in the hard work and the hours to reach the level you are at. But at the same time continue to develop and promote your value and your indispensability to your future employer to continue to succeed in your career.

The goal of an executive job search should always be to enrich your career in some way, whether it comes through higher compensation, increased stimulation, or better work life balance etc .

The marketplace has definitely shifted during the pandemic period to enable the UK workforce to become more comfortable with demanding more, and this is unlikely to revert any time soon. Know what your ‘must haves’ are and get a clear idea of what types of things would allow you to feel like you are progressing rather than remaining stagnant, and don’t settle.

Sought-After Skills

Given these trends, there are several skills that anyone undergoing an executive job search should focus on in order to successfully navigate the evolving world of work, differentiate themselves, and make maximum impact in their new role. Here are the capabilities our experts recommend you champion in the executive job market at this point in time:

• Adaptability: The ability to pivot remains a top skill for executives in the future of work. Things are changing swiftly and often. Demonstrating that you can change alongside of them, or even get ahead of them, will be immensely valuable to any organisation. Disruption has become a regular facet of working life, and the most competent and successful executives are those who do not get bogged down by change. An open mind, a willingness to listen, and a focus on continuous learning will be a major asset.
• Technological Savvy: As always, technological capabilities are of immense importance in an increasingly digital world. That’s not to say that everyone needs to learn to code or become an AI expert. For the executive, the focus should be on understanding the key technologies that are causing disruption and the role that they might play on one’s specific industry, organisation, and job function. We recently published a blog on what this might look like in various different senior roles.
• Soft Skills: This point has been made many times, but is worth reiterating once again in the context of the previous point. Part of developing a future-focused relationship with technology, especially AI, is understanding that the role of the human worker will inevitably change. The fact of the matter is that certain technologies can get the job done better and faster than we can, and therefore the attention will need shift towards filling the gaps these tools cannot reach. Many of these are what have been traditionally considered to be ‘soft skills’ such as creativity, communication, leadership, strategy, and so on. Your hard skills and experience are likely to get you into the running for the types of jobs you may be after, but being able to provide those extra capabilities will help better your chances at becoming the successful candidate.

The end of pandemic restrictions signals the official start of a new chapter in our professional lives, but many of the challenges we have seen in the executive job market these past two years are far from over and new ones are beginning to take shape. It is impossible to predict what shape the rest of the year may take, but there is no need to put career plans on hold. Executives in transition should continue to take the time to assess their capabilities, strengths, and skills to best position themselves in the marketplace and prepare for future success.

Who of us hasn’t looked around a meeting room, a networking event, a classroom, or a conference and felt out of place at some point in our lives? It’s an easy trap to fall into, especially in a professional setting.

Perhaps you’ve recently been promoted, switched to a different function or sector, or have just moved company to a more ‘prestigious’ or well-known organisation. Perhaps your meteoric rise to the top happened so quickly that you never had time to pause and assess along the way. Maybe you’re sat at a table with people who are older than you and have been doing their jobs for way longer than you have, or alternatively you find yourself surrounded by people who are younger and sharper.

If situations like these make you feel like a fish out of water or cause you to question your place at the table, it is likely that you are one of the millions of professionals who experience imposter syndrome. But what is it really, how can you be sure you have it, and what can you do about it?

Identifying & Understanding Imposter Syndrome

In the dictionary[1], the imposter syndrome is described as “a psychological condition that is characterised by persistent doubt concerning one’s abilities or accomplishments accompanied by the fear of being exposed as a fraud despite evidence of one’s ongoing success.” Essentially, it’s a feeling that occurs when we benchmark ourselves against our peers and believe that we somehow do not measure up, even if that isn’t the case. Some symptoms include increased anxiety, stress over potentially being ‘caught,’ and in severe cases, depression. This fear and panic often leads to stagnation and performance losses, which can severely impact one’s career.

How can you tell if you have it? It might not be immediately apparent. However, if your internal script includes thoughts along the lines of “Oh my God everyone here is brilliant…. and I’m not,” and instead of shutting them down you agree with them, that is a pretty good indication.

All of us experience some form of imposter syndrome at various points in our lives, but may not have had the right words to identify the feeling. In a survey of 1,000 UK professionals, 85% expressed they suffer from imposter syndrome[2]. 25% reported feeling as though their success was pure luck, while 15% felt they were only in their role because their organisation was understaffed.

The sensation affects people of all genders, ages, ethnicities, and socioeconomic backgrounds and statuses, but is known to hit some groups harder than others. Various studies have shown that women are more likely to be impacted, as are those from non-white ethnicities and younger generations. Of the 85% of UK workers who reported suffering from imposter syndrome, 90% were women. In that same survey, millennials were nearly twice more likely to attribute their success to luck or understaffing than their baby boomer counterparts. When you think of the current diversity issues facing the FTSE 100 and the corporate world in general, it makes sense why these individuals. These are still very white and male dominated spaces, with older and more experienced people at the top. Members of these groups may find themselves amongst these peers and fixate on their differences, rather than on what they bring to the table.

That said, this is not just a female, BAME, or young person problem as it is often perceived to be. Absolutely anyone can be affected, not just these groups. Even some of the world’s top business leaders, athletes, government leaders, and other public figures widely considered to be one of the ‘best’ at their craft face these feelings of inadequacy, with the likes of Sheryl Sandberg, Howard Schultz, Serena Williams, Albert Einstein, Michelle Obama, David Bowie and more all having spoken out about their struggles with this mindset. At the end of the day, we are all just human and battling our own insecurities.

Our Advice

In our experience, imposter syndrome is more common the more successful you become regardless of age, demographics, or background. This has become more prevalent in recent years thanks to COVID-19’s restrictions on personal networking and an increasing number of individuals reaching senior positions at an earlier stage in their career. But how do you prevent those insecurities from stunting your growth? Here are the top 3 tips we share with our clients struggling to overcome their own mental hurdles:

• Understand that Benchmarking is Subjective: No one has ever criticised someone who climbed Mt. Everest for not earning it. There’s a silent, universal understanding that this is a major accomplishment that involves lots of training, preparation, hard work, and determination. Our careers are a much more subjective experience, but is it not the same thing? Didn’t you also have to train, prepare, and work hard to get where you are today? While there are 17 known routes to the top of Everest, almost everyone climbs it via one of two routes and likely will have faced either similar or the same set of conditions, obstacles, and challenges as those who made the trek before and after them. Careers are not like that, and so that makes it harder to compare ourselves to one another. Think of all the different places you could be from, schools you could attend, courses you could take, people you could have in your network, and work experience you could possibly obtain. The possibilities are endless, and therefore no one will ever have the exact same combination of all these factors as you do. There are a limited number of ways to get to the top of Everest, but a million different ways to build your career. Understand that your journey is uniquely yours and is valid, even if it doesn’t quite look like the journeys of those in similar roles.
• Challenge and Change Your Self Talk: Very rarely is outside criticism the source of these feelings, and imposter syndrome is most often the result of the things we tell ourselves. We think ourselves into downward spirals and enable these negative thoughts to continue to persist without challenge. When you catch yourself thinking these things, try to flip the thought. Ask yourself why you feel that way, what evidence you have to support it, and if that thought is really true. We are often our toughest critics and lack the same patience and compassion that we might grant to someone else in our same position. Become consciously aware of the conversation going on in your head when you’re in a situation that triggers your impostor feelings in order to stop them in their tracks. For example, instead of thinking, “Wait until they find out I have no idea what I’m doing,” tell yourself “Everyone who starts something new feels off-base in the beginning. I may not know all the answers but I’m smart enough to find them out.” Show yourself the same grace you would show to a loved one if they voiced similar doubts in themselves.
• Fake It to Make It: And if taking control of your thoughts doesn’t have the desired effect, take control of the situation. Now and then, we all have to fly by the seat of our pants, and usually this improvisation is one of the best ways to figure things out. Instead of considering “winging it” proof of your ineptness, learn to do what many high achievers do and view it as a skill. ‘Fake it until you make it’ is a worn-out phrase, but its message still rings true: Don’t wait until you feel confident to start putting yourself out there. Courage comes from taking risks. You just might find that you know more or are more capable than you think.

There is no cure-all for imposter syndrome, and it is likely to come and go throughout your career. The best thing you can do for yourself is to work on building your own confidence and periodically stepping back to appreciate how far you have come. Take time to track and recognise your success, which will help you to more confidently say ‘yes’ to opportunities. For some, this confidence might come from being around fellow colleagues in networks. Sometimes those around us are able to see us more clearly than we can see ourselves during our moments of doubt. When these feelings set in, ask for feedback from those you trust and whose opinions you value. If this is helpful to you, it is worth remembering that you are not the only one who may be feeling this way. As a leader, there are likely other members of your team battling their own insecurities, in which case you should strive to be the type of leader who ‘pays it forward.’ Be that mirror for your people, just as your peers help you see yourself.

For others, validation from your network might not be the key, in which case it might be helpful to take on a mentor or coach to help build your confidence and adequately benchmark your success. If you fall into this camp and would like some help navigating your career progression, get in touch with our team.

[1] https://www.merriam-webster.com/dictionary/impostor%20syndrome

[2] http://hrnews.co.uk/85-british-workers-suffer-from-imposter-syndrome/

Executive Outlooks: Securing a 2022 Promotion or Increased Reward

It’s that time of year again. Businesses will be wrapping up their actions for this year and planning for the next, making decisions about strategy, objectives, and skill requirements. Many organisations choose the end of year as an opportunity to reward the year’s high performers with increased compensation, promotions, new responsibilities, or projects for individuals to take on as they enter the new year. When managed astutely, it’s a win for both parties, really. The executive gets to go into the festive break with a bit of good news to celebrate, and the organisation can ensure they have the right people in the right roles for a fresh start in Quarter 1.

But how can you secure a new position or title, or increased reward package? If you are looking to do this at the executive level, here is what you need to know.

Advancement at the Executive Level

For executives, promotions and raises don’t happen quite as often or as easily as they would at other levels. Once you reach a certain point in an organisation, there are often fewer opportunities and a limited amount of career moves you can make without leaving the organisation. For many, the only way ‘up’ is to accept a partnership, secure a directorship, or aim for a seat on the board.  If the latter is of interest, you can read our previous Executive Outlook blog which discusses the process at length here. Board seats are highly coveted, highly selective, and are not the right move for every executive, but at the top of the organisation these are often the only positions one could be ‘promoted’ to.

That said, that does not mean there are no moves for an accomplished and established executive to make. Rather, it means that you may have to rethink what you might have in mind for your ‘promotion’ or enhancing your remuneration package.  In both cases, it is worth taking time to outline a strategy for negotiations. You might want to enter discussions by thinking about your approach from both a professional and wider holistic perspective rather than just focusing on position or salary.

Executive ‘Promotions’

When we typically think of a promotion, we think of climbing the next rung of the organisational ladder, moving a step higher than we previously were. Progression is very straightforward in this model. But like we said, once you reach the top of the ladder, there’s no next rung to climb. Instead, you can choose to step off the ladder and onto the ledge, moving laterally. You’ll stay just as high as you were while on the top rung of the ladder, but in a different spot. From this spot, you might have more solid footing, or perhaps a different vantage point. It’s different, yet does not compromise the hard work you put in to climb this high in the first place.

Essentially, you should be thinking in terms of ‘enhancement’ rather than ‘advancement.’ There are many ways for executives to enrich their career without having to move up or down, or change their career, industry, or organisation altogether.

Career fulfilment can come from a wide range of sources, and some moves you may be able to make within your current organisation include going after that aforementioned board position, taking on more leadership responsibilities, or spearheading a big project or new initiative, perhaps related to the company’s ESG, CSR, or transformation goals. You might choose to enrich your career outside of your organisation by pursing an NED role, establishing yourself as an industry voice or thought leader, offering your time in a mentorship programme, looking into opportunities within academia as a guest lecturer, and so on. Every professional activity you participate in contributes to your bigger career picture and helps to build your reputation as an executive. While more executive responsibilities may not be available at this time or you may not be a clear choice for them now, taking on additional responsibilities at work or establishing your value in the industry outside of your own company may help build your case for consideration when the opportunity arises down the line. Even if that is not your long-term goal, adding variety and enrichment to your current role may help you get more out of your career and enable you to feel more fulfilled.

Executive Remuneration

In the current economic climate, organisations are competing globally for the best talent. The departure of an executive can be a serious setback for business continuity and performance, and more so if he or she joins a competitor. Organisations are therefore increasingly prepared to invest in keeping executives “on board” or rewarding those who have proven valuable to the organisation using financial incentives.

These incentives may come in various different forms. The most obvious option is a salary increase. However, most executive roles are compensated at a rate that is on par with the market, and therefore, salary rises at the executive level are less common than they are at other levels of the business.  Instead, the organisation may offer stock options or some sort of equity stake. Alternatively, you may receive a one-off bonus if the organisation is in a position to offer one.

In some cases, it’s likely you won’t have a say in which form your renumeration takes. The offer will most likely be determined by the organisation’s current financial position and their ability to pay. It is also worth remembering that remuneration at the executive level is often carefully balanced against shareholders’ interests. Executive pay has been at the heart of some recent cases of corporate mismanagement, with escalating pay levels and high-profile pay issues prompting unprecedented shareholder attention. As a result, the organisation may be overly cautious, or executive renumerations may be dictated by structural organisational policy. This is important to be aware of, as it may have an impact on what your organisation is willing or able to offer you financially.

That said, many organisations are open to offering financial incentives if they are in a position to do so. In which case, it is important to ask yourself how prepared you are to present your achievements and articulate the role you played in helping the organisation meet its aims.

Advice for Advancement

If you are ambitious for more responsibility or renumeration in the new year, you want to ensure that you are creating a win-win situation in your negotiations. It’s not only what you did the past year to prove that you deserve recognition, but what you’re eager to contribute in the future.  Progressing at executive level requires a combination of personal traits, positive outward behaviors, leadership competence and trustworthiness.

If you are looking to take on more leadership opportunities, what examples can you provide to demonstrate that you are capable? When trying to secure a new opportunity, it is essential to be able to show that you can work at the level you are aiming for. Are you handling your current responsibilities well enough to add more on top? Are you fulfilling your current operational or leadership duties well enough to take on more, and are your team successful enough under your leadership to warrant you leading others? Prepare some solid examples ahead of time, whether you plan to make your case in an annual review, an end-of-year wrap up meeting, or an informal discussion with a key stakeholder who holds influence. Being able to demonstrate conclusively how you are contributing to the growth and development of your team or the organisation’s future will go a long way.

Beyond proving that you already provide value to the organisation, it is beneficial to demonstrate how you might continue to contribute to the organisation’s success moving forward. Instead of thinking in terms of the organisation rewarding you for the sweat equity you’ve already put in, approach it from a position of why they should invest in you as part of the business’s future. What can you provide that might add value long term? What sets you apart and increases your worth compared to your peers? What new industry insights can you bring to the table?

This is where upskilling can be particularly valuable. If you can bring future-focused skills to the table, that will help to increase your professional value. Perhaps you have already been working on your personal digital brand, and are becoming more visible in your industry as a thought leader. The strength of your personal brand reflects well on the organisation and may provide a bit of leverage when attempting to make your case.

Determining the best next step for your next career requires thoughtful planning, realistic self-reflection, and the right approach. Maybe you know exactly what you’re after and are prepared to go for it straight away, or maybe you don’t have a plan beyond feeling like you want more and need to do something. Don’t rush to ‘just get something done’. This is your career and for you to find the enrichment you’re looking for, you’ll need to be completely clear on what opportunities or activities might provide it. That way, you’ll be more successful not just in the new year, but well beyond.

If you need neutral yet experienced insight to help determine your next move in taking your career to the new level, get in touch with  one our team for a complimentary career discussion throughout January.

In the blink of an eye, we’ve arrived at Q4 of 2021. As we begin looking forward to the festive season and all it brings, now is also the time for reflection and planning for the New Year.

If you have your sights set on a career move in 2022, here are factors you need to consider about the Executive market as it stands as of November 2021.

Executive Job Market Snapshot

A fair amount has changed since our previous market update in early Q2. The government’s popular furlough scheme has come to its official end, and back in April, only a quarter of UK adults had been vaccinated against coronavirus. Today[1], that number is much higher, with 87% of the UK population aged 12 or over having received a first dose and nearly 80% fully vaccinated with both doses. A new development is that over 8 million people have had a third ‘booster’ dose. While this is excellent news for the state of public health in the UK, it also comes as great news for the recovery of the professional market.

The statistics reflect this as well. Currently, the UK unemployment rate stands at around 4.5%, which is a decrease from the 4.9% rate we saw at our last update but still higher than the pre-pandemic rate of 4%. However, these figures are met with vast opportunity with the number of vacancies available in the market hitting an all-time high of 1.1 million between July and September of this year. The number of employees on payroll has also broken records, rising 207,000 to 29.2 million in September 2021.[2]  However, at senior levels within the professional and executive market place, the numbers employed are 600,000 less today than pre Covid-19.

But with the unemployment rate higher than it was pre-COVID, why so many unfilled roles? We’re experiencing what has been dubbed ‘The Great Resignation,’ wherein professionals are leaving their roles or considering leaving their roles without having another opportunity lined up. This is creating even more vacancies in the marketplace rather than creating one-for-one swaps. What is driving these executives to take the leap? If you are one of them, what do you need to consider? The following trends may shed some light and help you better plan for your own executive career transition.

Key Market Trends

The Future is Flexible

One of the biggest changes to the professional world over the past 18 months has been our idea of what ‘work’ and the workday need to look like. Now that staff know they can work from anywhere, many are disinterested in returning to the office full time. Remote work provided greater autonomy and freed up more time for family, exploring interests and hobbies, focussing on wellbeing, and pursing more continuous learning and upskilling opportunities. Whilst some employers are calling their staff back into more traditional 9-5 workdays in the office, many executives are unwilling to sacrifice their improved work-life balance now that they have it. Hybrid and flexible working models seem to be the solution many organisations have turned to. Currently, an average of 44% of staff are back in the workplace at least some of the time and that number is predicted to rise to 56% by the end of the year.[3]

If you are considering an executive transition in the new year, your stance on flexibility will be important to determine ahead of time. If you are looking to work remote or hybrid, prioritise this as part of your search. Filter your search with this criterion and understand opportunities and potential barriers of compromises. Be up front with potential employers or any contacts who may be putting feelers out for you. Let it be known that this is what you are looking for in your next role. That way, you end up in an organisation that shares your views and will be much happier in the long run.

The Skills Divide

The number of vacancies and the unemployment figures demonstrate that the issue is not with the number of roles or candidates available in the marketplace. Rather, it’s a skills issue. The jobs available simply don’t match the people. At the executive level, this looks a bit different. Rather than having an overabundance of skilled staff and too many roles that they are overqualified for (or in some cases, that individuals no longer have the relevant skills for), the problem is that there are very few opportunities available at this level and a highly competitive market of executives to fill them.

At this level, the skills focus needs to be about differentiation. The candidates who stand out will be those who possess the in-demand, future-focused skills that will help the organisation progress and futureproof. Executives who show a clear understanding of the direction their industry is heading and who demonstrate the ability to meet the evolving needs of the organisation are those who will stand out from the pack. Let’s look at what those skills might be.

Sought-After Skills

In our previous update, we listed four skills that will be crucial for anyone looking to make an executive career transition. These are still the main areas to focus on, but it is worth reiterating and expanding on these given the current trends.

• Technological capabilities: We have undoubtedly become much more digitally-oriented during the pandemic, and that will continue and expand to include more advanced tools. A PwC survey found that 52% of companies accelerated their AI adoption plans because of the Covid crisis, close to the results of a similar survey conducted by Harris Poll and Appen at 55%. Executives are beginning to invest in upskilling to respond to this change rather than resisting it. A survey by The AI Journal found that most executives (74%) anticipate that AI will deliver more efficient business processes, help to create new business models (55%), and enable the creation of new products and services (54%).[4] The task at hand for executives is to get up to speed with the tools available, understand their potential impacts and benefits, and begin thinking critically about how these capabilities can be leveraged in their desired role, industry, or organisation. Understanding these impacts may highlight other areas for improvement that can help the executive get ahead of the curve. For example, most professional roles will be done in partnership with AI, wherein the technology will do the more mundane, time consuming, or routinised tasks and the human will take on the more strategic and creative roles. With that in mind, the executive may choose to focus their attention on improving in these areas or other human-specific capabilities that technology cannot fulfil.
• Communication: Now that hybrid working is taking off and becoming more widely practiced, it is essential to develop the right skills for staying connected with colleagues across locations. You might be really excellent at delivering your thoughts in person, but not as great at presenting virtually. Or maybe you are a strong verbal communicator, but not as skilled at putting your thoughts into written word. Hybrid models combine all forms of communication, and therefore you should strive to strengthen your capabilities in the formats that may not be your current strong suit. The success of these working models hinges on teams’ ability to stay aligned and leaders’ ability to keep everyone on track and on the same page. Focusing your attention on this specific soft skill will prove incredibly valuable in any role you are looking to pursue.
• Collaboration: Our changed relationship to the office has carried over into how we conduct our workday, with much more emphasis on project-based work. It is essential for executives to have strong collaborative capabilities to help lead and execute projects. It is more likely that the executive will be managing and overseeing, so the focus needs to be on delegation. In a hybrid model, it can be challenging to fairly distribute work and monitor individual contribution and impact. It falls on leadership to keep their finger on the pulse of the project to ensure things are running smoothly and each member of the team is successful. Assessing your own management style and making changes as needed is crucial for navigating the next chapter of the working world.

The climate for a New Year career move is looking much more promising than it did this time last year, but still requires focus and determination from the candidate. If you are serious about advancing your career in 2022, it’s best to begin now. Set your objectives, determine your goals, begin plotting your strategy, and do the necessary legwork that you have to do to fill gaps in your knowledge or capabilities. That way, once the holiday break is over, you’ll be able to hit the ground running and be seen as a leader of the future that organisations want to invest in.

[1] https://coronavirus.data.gov.uk/details/vaccinations

[2] https://www.bbc.co.uk/news/business-58881124

[3] https://www.ft.com/content/e0c6e4f7-4d5d-477d-9ac7-fc74e8391075

[4] https://hbr.org/2021/09/ai-adoption-skyrocketed-over-the-last-18-months

Your career can feel very personal at times. You chose your path. You pursed it via your studies and work experience. You have built and nurtured your network of connections, contacts, and colleagues through the years. You have experienced the highs of success and lows of setbacks, the pride of a promotion, the stress of a deadline, and the other range of emotions in between. Your career is a part of your legacy and the impact you make on this world. With all that in mind, it makes sense to want to be in full command of any career moves you might make. But sometimes, to keep moving forward, you may need to seek specialist external support to improve your career valuation and change trajectory.

Executive career coaching can help professionals gain a valuable new perspective on their goals and objectives, their position in the competitive marketplace, the skills needed for the future, and the steps to take in order to reach that next level. But, what benefits can a professional career coaching programme really provide?

Why Career Coaching & When to Seek It

Today’s marketplace is more competitive than ever, moving at a faster pace and with greater ambiguity. Desirable positions that are a step up are not as readily available, so when these opportunities do arise, there will be many of your peers, both internally and externally vying for the role. With the rise of remote work, qualified candidates can be sourced both nationally and globally, adding to this competition and making it more difficult to stand out.

Executive career coaching can help you as a candidate put your best foot forward whether you are looking to pursue an entirely new role, rise in the ranks of your own organisation, secure an outside opportunity such as an NED position, or take your career to the next level. Coaches are here to help you strategise your options and prioritise your next move, determine what it will take to get there, and execute the right approach.

Because our careers are so personal, it’s easy at times to get stuck in old habits or wear blinkers or put blinders on. An executive career coach is able to look at your skills, experience, values, and capabilities through an objective lens and help you to become clear on what you have to offer and how to optimally position yourself. This strong self-concept is incredibly important for executives to have as they navigate the shifting world of work and an increasingly competitive landscape.

The most common time to seek a coach is typically during a career transition, between roles, or while angling for a new opportunity or promotion. But you don’t have to be in the job market to benefit from the expertise of an executive coach. In fact, this third-party perspective can be invaluable when making any major career decisions, building and expanding your network, or establishing yourself as a thought leader.

The Role of a Career Coach

At Rialto, the executive coach can wear a lot of different hats depending on the needs of the client. The coach can take on an information-focused role if the executive needs insights, advice, ideas, expertise, inspiration, guidance, or consumer intelligence in order to achieve their goals. If the executive needs access to the right people or resources, the coach can help to unlock those doors, make those introductions, offer endorsement or credibility, or lend thought leadership or influence. Other times, the executive just needs support and encouragement. The coach then takes on the role of cheerleader, challenger, motivator, stabiliser, and sounding board.

An executive might choose to seek out a specific individual that has a special niche in one of these areas or seek out a programme or coach that fulfils all these roles. For example, in a Rialto executive coaching programme, clients work closely with our team of specialist accredited executive coaches and mentors, all of whom possess extensive business and leadership experience. These coaches help clients understand their capabilities and where they can deliver impact, where they stand amongst their competition, realise their goals and ambitions, and remain competitive in the future of work. These coaches can play whatever role the client needs them to fulfil, whether it be the role of an advisor, connector, or supporter.

Choosing an Executive Career Coach

You have worked hard to make it this far in your career and should not entrust the future of it to just anyone. If you are investing time and money into an executive coach or programme, it needs to be a worthwhile fit with clear targets.

As with any successful relationship, there needs to be a good rapport between you and the coach or coaching team. Trust is a crucial component for success. Career coaching is a vulnerable process. You need to feel comfortable enough sharing both your strengths and weaknesses, successes and failures with your coach or coaches. You also need to be open to accepting their insight, advice, and criticism. If you do not trust and respect the person you are working with, then all of this effort goes to waste and you will not get the results you desire from your programme.

Credibility is also essential in these relationships. As an executive, surely you would not want to accept career advice from just anyone. If you are looking to move up, you’ll want to work with someone who has been in the shoes you are looking to fill, or someone who can lend relevant insight and experience that is applicable to what you are trying to achieve.

You might often see loads of people on social media promoting themselves as career coaches with flashy advertising or attention-grabbing posts. But is it all smoke and mirrors? A read through their LinkedIn profile or even a quick Google search should be able to tell you if that person has the background and skills you need in your corner. A credible coach’s experience should speak for itself, and you should feel comfortable enough to enter that relationship without any doubts that he or she will be able to walk the talk.

A safe method is to go through an accredited provider such as Rialto, where the expertise of our team and their proven track records in industry have been vetted to back up their promises. At Rialto, we have worked with thousands of executives through the years to take their careers to the next level, with much success.

Entrusting your career to an initially unknown individual can be intimidating, but it can make all the difference when looking for a new role, building your network, securing a board position, earning a promotion, or preparing for the future of work. If you are interested in taking the first step to improve your career trajectory, earnings potential or work-life balance in the coaching process or would like to learn more about our executive career coaching programmes, get in touch with our team.

It’s hard to believe that we are fast approaching the final quarter of 2021. As the ‘Out of Office’ replies dissipate and the summer lull picks up pace, expect to see more than just a busier workload and fewer team members on annual leave as autumn beckons.

Many organisations have been discussing the introduction of plans for new, hybrid working models for months now, but many have not truly put them into practice yet. With the entire UK adult population on track to be offered both vaccinations by the end of September, it is likely that people will begin to feel more comfortable returning to the office.

The Government’s Coronavirus Job Retention Scheme has been gradually winding down for months now but is currently scheduled to finish on 30 September. The furlough scheme helped businesses keep their staff on payroll during the challenging 18 months of the pandemic, and provided a safety net for many staff. Official figures show that around 3.4 million people were on furlough in July 2021, and the scheme has supported around 11.5 million jobs throughout the whole pandemic.

The development of new business models has required leadership teams to evaluate the strengths and weaknesses of their organisations together with the imperative to implement further digital transformation. There will have been serious discussions about culture and staff, and an evaluation of the skills and capabilities that will be necessary to drive the business’s plans forward within an environment of new operating practices and greater use of technologies. Other organisations may still be struggling to sustain pre-pandemic levels and will be dealt a blow by the loss of furlough grants. Both cases will unfortunately lead to redundancies.

No business leader wants to have to make staffing cuts and in many cases, it presents both a tough personal and leadership challenge. Cutbacks cause tension, anxiety, and hurt feelings not just with those leaving, but also for those who remain. Executive outplacement services can help mitigate this and enable exiting staff to transition smoothly to a new role. But what exactly is ‘executive outplacement,’ and why might you need it?

What is ‘Executive Outplacement’?

‘Executive outplacement’ is an umbrella term for a suite of services related to helping executives find and secure their next role. You may have also heard it referred to as ‘executive transition services.’ Within an executive outplacement programme, such as those offered by Rialto, you work with an expert or a team of experts who are well-versed in the demands of the rapidly changing senior level job market. The expert(s) will assist with everything related to a job search, such as the development of a compelling value proposition, helping draft your CV and other written materials, assisting with your presentation, interview skills and elevator pitch, understanding the different approaches to managing different campaign strategies and providing advice throughout the process. These are the bare minimum services you should expect from your programme, but the mark of a good programme is its understanding of the demands of the current market and the need for candidates to differentiate by the most effective means possible. These programmes will include services related to market/industry research, skills and capabilities benchmarking, personal branding and reputation building, and digital and real-world networking and influencing.

For example, on a Rialto executive outplacement programme, the executive job candidate will partner with a team of experts that cover different specialties in the outplacement process. The team will start by helping the executive determine their specific goals and by conducting research into the skills needed, the industry trends and conditions, and the competitive landscape for available opportunities. The executive would receive assistance with drafting a strong digital profile and CV to showcase their skills, as well as a compelling value proposition and other targeted personal statements. They would also work with an expert on their personal brand, which will include coaching on strengthening their online presence and generating valuable thought leadership to help them differentiate and get noticed t attract opportunities. A good outplacement will also help with high-level face-to-face or virtual networking, connecting the executive to the right networks and provide advice on the type of people with whom they should be connecting. When discussions are secured, the executive will practice with their expert in a mock format.

While outplacement work is always conducted one-to-one, it is usually offered on a wider scale by corporates for their departing staff, usually via a partnership with a third-party provider such as Rialto. Organisations who provide services that help staff find their next role normally experience good ROI in terms of the company’s reputation and remaining staff morale.

Why Corporates Need Executive Outplacement

Whatever job cuts are being made now, you will need to hire staff in the future and continue to attract customers.  If handled poorly, redundancy can leave employees with a poor perception of your brand. By contrast, executive outplacement enables them to leave on a better footing and builds your positive reputation as a supportive, caring employer, which is particularly important in today’s intensive social media spotlight. Employees who receive outplacement support are likely to feel more valued and appreciated by the organisation, and are therefore less inclined to share their negative thoughts on social media or on review aggregator sites like Glassdoor. Reviews like these don’t just look bad to your customers who may see them, they may also deter excellent candidates from applying for open positions in the future. The COVID-19 and corresponding social and economic issues have created a demand for more empathetic and compassionate leadership. Offering executive outplacement meets this demand.

Offering these services can also have a positive impact on the staff you are retaining by helping to enhance the “psychological contract” between the organisation and its people.  Even in situations when the economic case for making redundancies is clear, your people can still feel very let down and anxious during cutbacks, which will affect creativity, innovation, and productivity.  This will be a time of heightened emotions which need to be carefully managed by leaders in order to maintain morale and mitigate panic. The peace of mind that offering such support can provide should not be underestimated. Knowing that there is a safety net in place to help leavers move forward helps reassure staff that they will not be left hanging should their role be made redundant. Morale and productivity are maintained, or at least not as severely impacted, as remaining staff can find comfort in the fact that their employer cares and is doing whatever they can to help. This will go a long way to assist with retention.

Why Individuals Need Executive Outplacement

If the executive’s current or former company does not offer these services, that does not mean the individual cannot seek them out themselves. An executive can always go direct to a reputable provider such as Rialto. They will receive the same scope of services and personalised attention as corporate clients. The benefits and value these services can provide the executive more than justify the cost of such an investment given the accelerated results of job search and better-quality outcomes.

The executive job market is highly competitive and is likely to become even more so following the end of the furlough scheme. Working with an experienced executive outplacement partner can help you to gain a deep understanding of what you are up against and help you to put your best foot forward in the market. In the case of Rialto, we have successfully assisted more than 5,500 leaders and executives with making successful moves over the last 10 years.

All in all, executive outplacement is a great way for employers to support their people during difficult periods. These services help leavers move forward and successfully navigate the market that they are having to enter. The benefits to the individual are both professional and psychological, offering long term value to one’s career and ensuring that they don’t feel left behind or less valuable because of their redundancy.

If you are interested in partnering with Rialto for your organisation’s executive outplacement services or are interested in seeking these services for yourself, get in touch with our team.

In recent instalments of our Executive Outlook series, we examined what it takes to secure the seat at the top of the organisation and succeed as a CEO, and provided some insight on joining the board by becoming a Non-Executive Director (NED). While these positions are arguably two of the most desirable and highly sought-after leadership roles, there are several other seats at the table that hold significant voice.

Being appointed as a member of an organisation’s board is both a huge honour and a massive responsibility. As with any position of leadership, one should have a deep understanding of what is required of the role and what your value is. Every day at The Rialto Consultancy, we work with both executives who hold board positions and executives who aspire to them. This has given us strong insight into the process for securing and succeeding in these roles. Read on for our top tips for developing the right strategy to obtain a board position.

Role Overview

An organisation may have various Senior Vice Presidents, Directors, and other senior leaders spread out across its departments, offices, and geographies, but it only has one main board. There is no set number of board seats an organisation is required to have, but most range from three to 30. Some analysts suggest that seven is an ideal number, but the makeup of the main board will really depend on the needs of the organisation.

In addition to the main board, which serves as its primary governance and decision-making body, there are frequently opportunities internal to an organisation to join executive committees or operating boards as well as verticals for specific initiatives, projects, or functions, which can contribute to your career and personal development in a positive way. For example, many companies are putting together committees for COVID-focused health and safety initiatives in the post-pandemic return to work. There are sub committees or verticals tasked with embedding topics such as digital, D&I, and sustainability into day-to-day business operations. While positions on these committees may not always come with a title change or salary hike, they add value by showing initiative, involvement, and a deeper investment into the organisation that may result in a promotion or opportunity down the line.

Similarly, there are external board positions you could secure to help make you a more desirable candidate for an internal role you may be after, such as that of an NED. Some external board positions you could hold might include a role at your child’s school, on the board of a charity you are involved with, or a trusteeship. Holding these positions of leadership can help you develop the necessary skills and positions you well for future high level or high responsibility opportunities.

Regardless of whether it is an internal or external board you are serving on, your purpose remains the same: to lead, govern, and act in the best interest of that organisation and its shareholders/stakeholders. While some board members are brought in from outside of the organisation, many are promoted from within it. Aiming for a board position is like any other job search or attempt at a promotion: you’ll want to put your absolute best self forward. But due to the high demands of these roles, the responsibilities involved, and the limited availability of these positions, you will need to compete effectively. When developing your strategy for securing a board position, we recommend taking the following steps:

Know Your Value

To gain a seat at the table, you must first identify what you bring to it. If you have not yet developed your own personal digital brand, now is the time to do so. This blog can help you get started. Just as every successful business offers something valuable to the marketplace, to be successful as a board member you need to bring your own unique contribution. Take stock of the relevant skills, experience, and knowledge that you have to offer that might be worthwhile to the rest of the board. What perspectives can you provide? Perhaps you have a non-traditional background, a wealth of experience in your field, or strong connections in your industry. What gaps can you fill? Once you can answer these questions, you should have a solid idea of what attributes and skills to champion.

Champion Your Personal Brand

Identifying your personal brand and USP is only part of the battle. You must also communicate it clearly and effectively in both online and offline networks so that you become known for the skills, capabilities, experience, and messaging that you want to champion. There are various ways to do this, including thought leadership on social media. This blog will help you to develop your online presence and drill into the ‘digital’ element of your personal digital brand. The goal of this activity is to be seen by the right people for the right reasons. If your USP is your decades of experience in your industry, share some of that wisdom in your content. Comment on the issues facing your sector and share relevant examples of how you tackled similar challenges in the past. Organisations want executives who are at the top of their field sitting on their boards, and you can build that perception about yourself with strategic thought leadership and personal digital branding activity. It takes time and patience, but will definitely be worth it.

Master the Art of Influence

In order to get in front of the right people, you have to know who you are attempting to influence. Typically, new board members are appointed by the existing board. What do they read and listen to? What social media are they using? What topics are they interested in or engaging with? Meeting your audience where they already are and providing thoughtful insight into topics they are interested in can go a long way for building your name recognition among the right people. If you are aiming for an internal board position and already hold a leadership position in the organisation, you are likely already acquainted or working with at least one member of the board. Even if you have close relationships with several sitting board members, strategic thought leadership and personal branding activity can help to paint you in a new light and position you as the person who immediately springs to mind when a new board member is to be appointed.

While being your own biggest fan is essential to your cause, it helps to have others who can vouch for you. Your influencers can be very valuable for helping build your credibility with the audience you want to influence. Mentors, colleagues, and even past clients can be some of your most valuable assets.

Tap Into Your Networks

Business is built on networks, and you never know who your connections might be connected to. So many aspects of business life revolve around who you know, and having the right relationships can lead you to the role you are looking for. But your network can provide so much more than a word-of-mouth referral. Lean into your network for advice, guidance, support, introductions, feedback, and insight. If you have executives in your network who already hold board positions, reach out to them to ask questions, find out more about their experiences, and get their advice for succeeding in the role. Turn to those who know you well and have worked with you closely to glean what you do well and what you can improve on.

A board position is a leadership role, and so many of the core skills required can be gleaned and strengthened from networking. You need to be good with people and work well with others. You need to be the type of person who takes initiative and proactively seeks out opportunity to learn, improve, and grow. Communication skills are key, as is the ability to listen and take feedback on board. All of these are valuable capabilities that nurturing your network can provide.

Carry out Strategic Research

You have decided to pursue a board position, but are you fully aware of what that will entail? Are you up to speed on board competencies and the mindset required for success? Are you clear on the expectations of the role, as well as any potential liabilities? If an external position, executive committee role, or NED position is what you are after, are you clear on what the time commitment will be and able to give that?

Talking to others about their experiences is one of the best ways to answer these questions, but there are some passive methods to explore as well. Read articles from trusted resources or thought leadership pieces from respected executives. If there are bylaws or handbooks available within the organisation, familiarise yourself with them. Another great tactic is to work one-on-one with a knowledgeable and credible executive coach who knows this space and can provide individualised guidance.

Craft a Board Bio

By now, you will have identified what you have to offer and who you are as a professional, and will have found a way to express that. You know who you need to influence, and maybe have some others on hand who are willing to vouch for you. You have tapped into your network and received valuable insight, advice, and feedback. And above all, you are clear on the role you are pursuing, the skills and mindset needed, the expectations involved, and the responsibilities. The time has now come to put the pieces all together into a well-crafted bio.

This bio should be informed by all of the research you have conducted and insight you have gained in early stages of the strategy, and tie your own skills and experiences to the requirements of the role. The bio should clearly and succinctly articulate what you have to offer and why you are the perfect person for the role. It may seem intimidating now, but these are the same messages you have been trying to portray in all of your activity thus far. It’s just a matter of piecing together all of the hard work you have already done. Be patient, be persistent, and be confident in what you bring to the table.

There are many elements to consider when planning to make this significant a career move as you will need to weigh up both the positives and associated risks, but with the right strategy you will be well on your way. Due to the scarcity of these positions, the requirements they entail, and the work required to build your personal brand, we recommend planning your move two to three years in advance of when you would ideally like to secure your role. This will allow you adequate time to make the best impression possible. Be consistent and persistent, and one day you should find the hard work pays off and you gain what may have seemed to be a far off aspirational role.

Every organisation needs third-party oversight to keep it accountable, and for listed companies this is even a listing requirement. This is enacted by government, trade and regulatory bodies, the organisation’s customers, and the court of public opinion. Just as important, the organisation’s own leadership and executive board need oversight as well. While the influences that impact the organisation as a whole will steer the board, many companies choose to bring in a Non-Executive Director (NED) to keep their decision makers accountable and ensure that leadership is running the business properly.

These executives are independent, objective, and typically have subject matter expertise, commercial knowledge, experience, or excellent reputations within the industry. They are brought in to provide key insights and fresh perspectives. NEDs have a seat in the boardroom, but unlike the rest of the C-suite, they are not involved in the day-to-day running of the business. Rather, they are there to guide and advise on policies, plans, and other major decisions.

There are more than 6,000 NED’s serving on the boards of the UK’s top 1,000 firms, and numerous others within the public sector, SMEs, NGOs, and non-for-profit organisations. But what does it take to secure one of these coveted roles, and how do you succeed once you get there?

Role Overview

The main purpose of an NED is to hold the board to account, represent the interests of the organisation’s various stakeholders, and provide outside perspectives to various organisational challenges. NED’s are not involved in the day-to-day running of the business, and therefore can usually provide a different perspective on issues such as policy, compliance, risk management, corporate governance, succession planning, and so on.

Four key areas where an NED might advise include:

• Strategy: NEDs should constructively challenge existing and proposed practices, and assist with the development of strategy.
• Performance: NEDs need to keep an eye on performance throughout the organisation to ensure goals are being met effectively, on time, and on budget.
• Risk: NEDs should ensure that all reported financial information is accurate, and that systems of risk management are compliant, thorough, and defensible.
• People: NEDs play a key role in determining succession plans as well as the appropriate remuneration of executive directors. They are also responsible for taking part in the process of appointing and removing senior management, when needed.

Remuneration for the NED role will vary based on a number of factors such as the organisation’s size and type, the industry, the experience of the individual, and the time commitment required. According to Glassdoor, the national average salary for an NED is around £71,000 per year, however this tends to be based on FTSE data. In contrast, those within charitable organisations, may be held on a voluntary basis without pay. Typically, for commercial organisations, remuneration varies widely, between £12,000 to £20,000 per annum in private SME’s, moving between £30,000 to £45,000 per annum at larger private companies. In the FTSE250, the average base salary for an NED is £53,000, while in the FTSE100 it can be anything from £100,000 – £300,000.

A more competitive and challenging business environment has also altered the mix of experience, expertise and skills which organisations are looking to add to their boards, including AI and digital knowledge and skills. Therefore, the criteria for choosing an NED may vary, and businesses may seek to increase the diversity of their board by onboarding NEDs of varying genders, ethnicities, backgrounds, and even ages.

Top Attributes of Successful NEDs

NED roles are highly sought after in almost every industry, so when these opportunities arise, they attract a large number of qualified applicants. To be successful in securing a role you must be clear on what you have to offer and what value you can add to an organisation and its board. You must align your objectives with your experiences and aim to match your skills and characteristics with an organisation that shares your values and can benefit from your input.

You will have your own unique set of personal and professional experiences that will shape what you have to offer, but several universal skills and attributes will set you up for success and allow you to be most effective in the role.

Though not an official executive of the company, NEDs are members of the board and part of the organisation’s decision-making process. Therefore, strong leadership and management skills are essential. As many of those decisions will impact people outside the boardroom, an NED should be people-focused, have high EQ, and be able to make judgements and decisions with empathy. It is crucial to be analytical and think about the big picture as well as all of its smaller moving parts. Successful NEDs stay up to date with the latest industry trends, keep up with technology, have strong knowledge of governance requirements, and always keep one foot planted firmly in realistic territory when drawing up future plans. Strong problem-solving skills are a must have, as that is a central tenet of the job. And while they may technically be an outsider, an NED still represents the organisation and should conduct themselves accordingly.

The responsibilities of an NED require skilful challenge, therefore one of the most critical keys to success in these positions is communication skills. Boards look for candidates that they can confidently rely on to deliver expert advice, and expect honest opinions. However, while an NED is there to hold power to account, most of the time the role is spent working alongside the company’s executives to solve problems and make plans. At the end of the day, the C-suite and the NED share the same goal: to ensure the future sustainability of the business. There needs to be clear communication, open-mindedness, collaboration, and constructive discussion in order to reach these objectives.

A Worthwhile Position?

If you’re considering pursuing the role of an NED, you should first consider the following:

• Time commitment: The average NED role will require a commitment of at least 10 days per year, with some requiring much more than that. Some organisations may ask for a commitment of up to three days per week, likening the position to a part-time job. Should a crisis arise, an NED may be asked to put in more time than usual, and often this does not come with additional compensation. It’s worth weighing up whether or not you have the time to commit fully to the role in addition to your other professional or personal obligations.
• Legal liability: NEDs are still considered to be directors of their organisation and therefore may be liable in various legal scenarios. An NED can be tied up in civil action for negligence, breach of duty, or criminal action for breach of statutory duty, wrongful trading, and director disqualification. Before accepting a role, decide whether or not you are comfortable accepting this level of responsibility should things go wrong.
• Personal Brand: Just as you are a reflection of the organisation, your association with that organisation becomes part of your personal brand as an NED. Choose a role with a company whose vision you believe in, whose values you share, and who you feel comfortable going to bat for publicly.

Practical Steps for Securing an NED Role

If, after weighing the pros and cons, you decide that an NED role is worth pursuing, you should take a proactive approach to planning and preferably start 12 to 18 months prior to when you would like your appointment to commence. This may seem far in advance, but it helps you to nail down what it is you’re looking for and what you can offer. Think critically about where you would like to be in three to five years’ time and chart a path for how you intend to get there and why it is compelling. Determine the types of organisation you could see yourself fitting into and adding value to, taking into account factors such as scale, ownership, skills and challenge. That way, you can better define your USP and hone the way in which you present yourself.

Experience is crucial, and the more you have of it, the more attractive a candidate you will be for the highly competitive roles. Consider applying for a voluntary NED position with a charity to gain a foundational understanding of the role.

If you already hold an executive position, connect with and talk to some of the NEDs on your own board to learn about their journey and experiences. If not, ask your current network if they can put you in contact with anyone for a chat, or reach out on social media. You will likely find that the vast majority of existing directors and NEDs are happy to speak about their experiences. This outreach may actually lead you to the role itself. Although a number of NED roles are advertised, many are still found through networking and it is therefore important to invest time and resources in building a network of professionals who operate at board level. Identify and meet with board members that have succession planning and decision-making responsibilities for the appointment of new directors. Training, individualised coaching and support, strategically shaping an NED CV and personal digital brand can also pay dividends.

Additionally, we regularly run virtual events focused on specific topics relating to NEDs. Visit our Events page for our upcoming dates and sessions.

We have reached an interesting point in our professional lives. The digital revolution and its implications coupled with the economic and societal aftermath of the pandemic have presented organisations with a new set of critical of challenges to overcome. The responsibility may fall on the board or a group of key decision makers to carve a successful path forward and present solutions for helping their organisation to stay relevant in the future. While those plans may look different for every business, it is clear that strong and engaging leadership will be crucial for success in whatever comes next.

But what makes an effective and successful leader? What skills, capabilities, and attributes do they possess that inspire others to follow their lead and buy into their vision? How do these individuals seem to effortlessly navigate even the most challenging circumstances?

The harsh reality is that not everyone is cut out for leadership, and not all who attempt it will be successful. We work very closely with global leaders of all backgrounds from organisations of varying types and sizes, and while there is no clear-cut formula for what makes a leader successful, several patterns have emerged.

Here are the five factors that most often result in leadership success, as identified by our ongoing research and multi-disciplinary team of specialists:

1. Mastering Buy-In

Good leaders have the ability to engage teams in facilitating change within the organisation, and know that speaking in edicts and assuming that their word will be taken as law is not the same as generating buy-in. Similarly, you cannot expect automatic buy-in on your initiatives simply because of your position in the company. Mastering buy-in is all about building strong collaborative relationships with the people you need to have on your side and giving all a voice in shaping the future.

Networking and fostering your connections over time helps to build a strong reputation and rapport. Good networking helps build a basis of trust and support that can help you to win new business or engage staff more effectively. These connections will not only enable you to win support more easily, but also allow you to gain understanding and perspective that can help to inform the plans and initiatives you create.

The most successful leaders are constantly looking for patterns, opportunities, and problems across their teams, industry, and markets that they can leverage to help further their business objectives. They are skilled at assessing concerns by asking the right questions and listening effectively. However, the challenge top leaders face is getting others to also understand these issues, see the opportunities to be gained, and get on board with making any necessary changes. It goes beyond persuasion. The most successful teams are those who truly buy into the bigger vision and purpose and are committed to delivering impact. It falls on leadership to create and encourage those attitudes.

2. Communicating Effectively

Of course, if you want people to buy into the plans, objectives, and initiatives you are proposing, there needs to be clear communication of what you are looking to accomplish and how. Leaders are tasked with managing countless relationships throughout the organisation, the industry, the community, and perhaps even the world at large. Learning how to convey the right messages to these various groups so that everyone truly understands and can act accordingly is a major skill for leaders to develop.

Effective communication is vital to gain trust, create alignment, and drive change. Without it, objectives get lost, vital information can be misinterpreted, relationships suffer, and unnecessary hurdles are created.  Being able to communication across multiple channels authentically, consistently, simply, and clearly is what separates a successful leader from the rest.

The best performing teams are typically supported by an environment that enables them to feel safe and enthusiastic about sharing their ideas and allows them to work through problems collaboratively and constructively. Strong leaders encourage and seek out the opinions of their people, and they take the time to actually listen. Staff usually have a deeper insight into the day-to-day workings of the business and the needs of the customer than those at the top of the organisation do and can provide a much-needed reality check when proposing new ideas. Leaders should encourage these discussions and take feedback on board in order to ensure their initiatives will actually provide value to the organisation.

3. Delivering Results

Making plans and setting objectives is only half of the battle. How well do you actually deliver on them? In our blog about leading with purpose, we discussed the idea of ‘walking the talk,’ or essentially practicing what you preach. If you are making promises to your team, your customers, and the organisation’s other stakeholders, there needs to be action attached.

You could have every sought-after soft skill there is, but at the end of the day success boils down to delivering results. In order to do this, get clear on expectations and responsibilities, clearly define your goals and determine what metrics you will use to measure individual and team. What is the value of your initiatives, and how will others experience it? Success will look different for every project and every leader, but some good areas to observe for benchmarking include efficiency, profit, productivity, leads, and satisfaction levels.

Your effectiveness as a leader hinges on your ability to not only make plans and get the team involved, but also to turn your ideas into positive outcomes. That sends the message to your team and your organisation’s stakeholders that you are trustworthy, dependable, and can follow through. All of these contribute to deeper trust and easier buy-in in the future.

4. Setting Standards for Wellbeing and Professional Development

Leaders are the most visible figures in the organisation. Depending on their level or role within the organisation, they may even be the public figurehead for the business. That responsibility comes with a unique set of pressures and expectations. The way a leader behaves, carries themselves, and manages their role is a reflection on the organisation and has been proven to directly impact staff’s attitudes and performance.

That is why it is vitally important for leaders to set a good standard and model the behaviours and attitudes that they would like to see reflected throughout their organisation. This includes being aware of and open about their own strengths, weaknesses, and limitations as not only a leader but also a person. Leaders carry a lot of responsibility, and that comes with heavy expectations. By looking after their own wellbeing, leaders are able to send an important message about the importance of mental health and work-life balance. While we may be in business to create a profit, we are not alive to be in business. Those who lead with emotional intelligence, mental agility, empathy, and humanity are more likely to be viewed favourably by the people they are looking to gain the support and trust of.

Because of the added pressures and responsibilities, leadership can often feel isolating. While a big part of the job is creating and managing relationships in order to further business objectives, it is important for senior leaders to create their own support network. The most effective leaders recognise that they cannot and do not have to go it alone. Having formal confidants such as other board members, trusted colleagues, a mentor, or a career coach can help to provide professional support when the stresses of the job begin to pile up. Outside of work, having an informal network such as friends and family helps to provide personal support and encouragement when needed.

Additionally, successful leaders know and understand that the only way forward is through experimentation, exploration, agility, and open-mindedness. At times, progress will require even the most experienced leaders to unlearn old habits in favour of new future-focused practices. The best leaders are those who are constantly evolving and adapting. These leaders seek out opportunities for continuous learning and encourage their teams to do the same.

5. Embracing New Technology and AI

Of course, technology is one of the most vital areas for reskilling and retraining. With our increased reliance on digital technologies and the rapid adoptions of new tools such as artificial intelligence (AI), proficiency in digital skills has become a must-have. It is vital that leaders familiarise themselves with these tools so that they can champion them within their organisation. As with any major change, there is likely to be pushback from some members of staff. Along with the other capabilities already discussed that help to build trust and credibility, a leader’s ability to reasonably explain the uses and benefits of emerging technology can go a long way for getting the sceptics on board. Once that happens, the organisation is able to better keep pace with the evolving business landscape and ever-changing habits and increasing expectations of their customers to deliver long term value.

Again, there is no fool proof formula for successful leadership. What sets effective leaders apart is a willingness to continuously learn, evolve and adapt, effective communication and listening skills, strong relationships, and a focus on the future. Focusing your attention on the five areas above will position you and your organisation well for long-term success.

2020 proved a challenging period to make a career move. Many executives choosing to put their transition plans on hold as organisations grappled with navigating remote working, creating new target operating models, adapting to rapidly changing customer behaviour, and new views about society impact. As we move into Q2 of 2021 with over a quarter of UK adults already fully vaccinated and the lockdown roadmap proposing a full lifting of restrictions ready for Q3, the remainder of 2021 promises a more optimistic outlook.

Many will now be contemplating whether this is the right time to reignite career plans that have been put on hold and invest some serious effort into career planning. With the furlough scheme due to end at the end of September, there is also a recognition by many that they will need to be match fit to be offered a new executive career challenge whether that’s internal to their current organisations or their role is placed at risk and in the worst scenarios they find themselves in need of executive outplacement.

Executive Job Market Snapshot

According to the latest data from the Office of National Statistics (ONS), the UK’s overall employment rate is at 75.1%, which is 1.4% lower than it was at this time last year, and 0.1% lower than it was in Q4 of 2020. The unemployment rate is approximately 4.9%. This figure is higher than it was at the start of the pandemic, but lower than it was when the second wave of the pandemic began last autumn. Businesses have become better at coping with lockdowns, and the government has invested heavily in supporting jobs in order to keep this figure low.

That said, there were some in small shifts in employment opportunities in Q1 2021. Since the start of the pandemic in March, a total of 813,000 payroll jobs have disappeared. According to the ONS data, 56,000 fewer people were on the payroll between March 2021 and February 2021 alone. It is not just existing jobs that are disappearing, but also new opportunities. There were an estimated 607,000 job vacancies in January to March 2021, which is a 22.7% fall compared to the previous year. However, this number increased month on month in Q1, rising nearly 16% between February and March alone. Things continue to look up as reopening plans provide businesses with more optimistic outlooks.

According to data from two latest labour market trends reports, the biggest gains in active Q1 job postings in the UK were found in a variety of professional functions. The number of active Executive Management job postings climbed an impressive 14% between January and February 2021 alone, and a further 3.2% between February and March for a total rise of 17.2% across the quarter. Marketing and PR postings increased by a total of 28.4% between January and March. Other Q1 gains include Sales/Business Development by 27.6%, Finance/Accounting by 23.2%, Administration by 21.8%, IT by 22.1%. HR by 17%, and Operations/Logistics by 15.7%. This signals a positive step forward for businesses and is encouraging news for executives looking for their next role.

Sought-After Skills

For those executives considering a career transition or in the midst of a job search, our research reveals that after technical capability to do a job, the capabilities that businesses will be most looking for in executives to lead the future include:

1. Technology Savvy

Digital transformation and next gen technology adoption are rapidly accelerating worldwide and will continue to do so. With hybrid work models becoming the norm, a basic knowledge of video conferencing tools such as Zoom, Webex, Teams, and Google Meet, and the ability to use collaboration platforms like Slack, have become the bare minimum baseline. However, employers are going to expect much more than that from candidates in the future workplace. In general, executives should focus on gaining an understanding of new tools and their impacts, uses, and risks. Artificial intelligence (AI) and the importance of data are excellent and very valuable places to focus one’s attention. Adoption of disruptive technologies such as AI, Blockchain, IoT, 3D printing, and so on is accelerating in every industry across the world. An understanding of these tools and the necessary skills to employ them successfully will be a crucial requirement for executives moving forward.

2. Strategy and Creativity

With this rise in new technology, various functions of executive roles will undoubtedly change. It’s likely that AI will pick up some of the more mundane or routinised tasks, freeing up time for higher value business activities. Future executives will be expected to be able to provide value in the human intelligence areas that technology does not currently have the ability to replicate. While tech can derive some incredible insights from data, it takes human intelligence and experience to translate those insights into strategy and actionable plans for the organisation. Similarly, while AI can write great copy or even music, its capabilities have yet to match human creativity. Executives may be able to find valuable niches in these areas to enhance their desirability in the future workforce.

3. Agility

The challenges presented by COVID-19 and the digital revolution have made rapid change a regular fixture of professional life. The ability to pivot to these changes, keep an open mind, and experiment will be one of the most valuable assets an executive can bring to their team. As a Agile leaders you should be able to demonstrate that you can align actions to thinking. For example, to gain competitive edge it may be necessary to quickly get a beta product to customers and then refine it with feedback rather than undergo prolonged research and development cycles. Show you are prepared to take risks and capitalise and learn from failures rather than fear them. Success as an agile leader also depends on learning new skills and acquiring knowledge and tools that allow you to determine how working practices can evolve.

4. Soft Skills

We have seen a rise in the prioritisation of basic soft skills as technology and the pandemic reshape and redefine the world of work. Communications, listening, and teamwork skills will be imperative for successfully navigating hybrid work models and collaborating with dispersed teams. Time management and accountability are also necessary for keeping on track when working this way. Empathy is essential as organisations place higher importance on wellbeing, diversity, and inclusion and begin to actively champion social causes.

Areas to Focus on for a Successful Executive Transition

Many people don’t appreciate the unique challenges presented when seeking a new senior level role. From our experience working with Senior Executives over 29+ years, we have found that the key challenges include:

• Family and money commitments
• The changing dynamic in organisation structure and reward.
• Fewer jobs at the right level (Our research indicates that approximately 800,000 senior roles have disappeared within the UK in the last decade).
• Competition from a wider talent pool including geography, age and skillsets.
• Time management.

It’s only when you actually sit down and start thinking about your next challenge that you realise the process is a lot more complicated than you initially thought. You need to be clear on how your skills and experience translate to your target role’s required specifications, your target organisations and their challenges, areas where you can add value, and where you will find opportunities.

All of the above make it more important than ever to ensure you create a market winning strategy to differentiate yourself and position yourself as indispensable to prospective employers or customers. Focus on the following high-performance behaviours:

1. Networking

As the old saying goes, much of business is all about who you know and as a result many opportunities are secured through referrals from connections. Foster your existing relationships and let them know that you are open to new opportunities. The pandemic has given rise to more virtual networking opportunities, which makes it easy to meet and connect with others. That said, do not simply view networking as a potential gateway to your next job, though this may be the case. Identify peers that you admire, can learn from, or can engage with in thought-provoking and insightful discussions about industry issues or the landscape for your role or field. These discussions may highlight other areas you can improve on or skills you can champion in your search, helping you to become a more valuable executive overall. As one executive explained: “Following the trail of “breadcrumbs’ from one contact to the next and to the next until you land in front of someone that has a position, or is in a position to create one, is the key.”

2. Personal Branding

Making a lasting impression as a senior executive is harder than ever, especially now that the entire process is much more digitally driven. If you have been out of the job market for a while and are now considering a transition, it’s worth reading up on the latest hiring trends in more depth to get an idea of how you need to be found digitally and how you may be assessed. A good place to start is by looking at the individual personal profiles of those in similar roles in order to understand how they present themselves. It’s fundamentally critical for leaders considering a transition to answer the question, “What makes you so great and what specifically can you achieve when you walk through the doors of your next employer?” Don’t underestimate the time it takes to do this nor leave it up to others to work out your story. Your positioning needs to be relevant and compelling. You also need to be crisp, succinct and articulate in your presentation and be ready to present with the same level of coherence regardless of the setting you might be in whether that’s online, at an interview, in a networking meeting, or with a colleague having coffee. Platforms such as LinkedIn, Twitter and Instagram provide an opportunity to build your credibility and brand to support this process through the creation of a digital trail that builds credibility, authority, and name recognition. You can read our advice for developing your personal digital brand in this blog and our tips for content creation here.

3. Remote communication

Online meetings have become the centrepiece of much of our lives, and this is no different when looking for a new executive position. Although we have been ‘practicing’ for the past year, many executives who have gravitas, presence, and confidence in person come across as stiff, unapproachable, or even uncomfortable during video meetings. Not all physical cues translate from in-person to video, which make the ones that do even more important. It takes time and practice to appear confident and show your true self, especially to people we don’t know. Unlike an in-person or phone meeting, you also need to remember that your first impression during an online meeting doesn’t always involve you. The first thing individuals see is your username and picture, followed by you and your chosen background. All these aspects could result in signals being misread even before you start to speak which doesn’t begin to take into consideration technology issues, lack of personal interaction, and the difficulty of being able to read people without social in person cues. Don’t just pitch up; prepare, practice and dress the part.

4. Upskilling and Reskilling – Acknowledging Development Needs

The world of work is changing more rapidly than ever. The skills sought by employers are evolving with it. An astounding 133 million global jobs are at risk of automation by 2030, and more than 10 million of those are in the UK alone. Companies are facing the challenge of not only hiring to enhance their teams but also finding candidates who have these newly in-demand skills. Successful executives are always iterating and adapting, and continuously learning. We have listed some areas to focus on, so if you find you are lacking in any of these areas, we recommend taking the time to invest in upskilling or reskilling. In our work with senior executives, we are finding that approximately 80% need to invest in personal development in order to increase their market value. You might consider a higher education course, short professional education programmes, masterclasses, or membership of professional initiatives such as the Rialto AI Leaders Programme. Whatever path you choose to pursue, you are very unlikely to ever regret investing in your own professional development and knowledge.

Making a career transition, especially amidst such a challenging economic climate and increasingly competitive executive-level marketplace, can be daunting and intimidating. Desirable roles are hard to come by and usually competed for by a large pool of qualified candidates. The data from Q1 provides some optimistic outlooks for the remainder of the year and suggests that there will be uplift in the job market. Executives in transition should take the time to assess their capabilities, strengths, and skills to best position themselves in the marketplace and prepare for future success.

To find out more about enhancing your value or to transition to a new executive role, do contact our team of professional career transition coaches. The Rialto Consultancy offers a range of career strategy services including Executive Outplacement, Executive Coaching, and Personal Branding.