2023 in Focus – Executive Trends

“Information is power. Particularly when the competition ignores the opportunity to do the same.” US billionaire Mark Cuban.

 At Rialto, we pride ourselves on staying abreast of current and emerging market trends with one eye on the present and another into the future. This is one of the ways in which we support our clients from c-suite and senior leadership level to stay ahead of the competition, whether seeking career progression or career transition.

We share some of the most relevant, timely insights our executive career coaches and other colleagues through our regular articles and blogs, and our quarterly programme of webinar events

Here, we review what we believe to have been the top five themes of 2023, largely aligned with our predictions from the end of last year, linked back to some of our previous insights and articles of the year.

1: Generative AI

Without doubt, Generative AI was the biggest business trend of 2023 and, barring any unanticipated seismic disruptions, most likely to hold its place into 2024 and beyond. This time last year, ChatGPT was a bit of a novelty. People were using it to write poems to their dogs and test its joke-telling ability. Two months later, it had broken all records by acquiring 100 million active users. In May 2023, a Gartner poll of 2,500 executive leaders found that publicity around ChatGPT had driven almost half of them to increase AI investments with 70% in exploration mode and 19% piloting or using the technologies.

As we head into 2024, the breadth and scope of generative AI and its more analytical technological sibling, large language models (LLMs), is almost limitless, affecting every single sector and function of work with a market expected to grow from $6.2 billion in 2023 to $58.5 billion in 2028.

Over the last year, Rialto insights, articles and webinar events have reported on the dazzling potential of GenAI applications in areas including, but not limited to: intelligent recruitment, training tailored to current and anticipated skills needs, market trend analysis and response, enhanced employee engagement, resource optimisation, supply chain management, sales and marketing, personalised customer experiences, report writing, content generation, sentiment analysis and insights, data management and analysis, internal communications, real time reviews of diversity, equality and inclusion policies and sentiment.

We also looked at research into which areas were expected to see the biggest productivity gains from AI while this article looked at how c-suite executives should be forming a strategic relationship with technology to drive impact. Here we looked at key areas where HR leaders can harness AI to revolutionise recruitment processes, enhance employee experiences, and provide data-driven insights to inform strategic decision-making HR.

Rialto has been ahead of this sharp curve in raising awareness with many senior level clients on how to become proficient in these technologies, building the confidence and expertise needed to oversee transformation strategies to integrate appropriate applications seamlessly and safely across the business. We have supported others seeking new opportunities to learn the language and capitalise on the capabilities of AI or pivot towards emerging technology-based C-suite roles such as chief data officer, chief information security officer or chief digital officer.

A central role played by these new positions is to safeguard organisations from reputational and AI financial risks.

Highly-trained co-pilots will be essential in managing ethics and compliance, monitoring accuracy and, of course, ensuring all AI-driven objectives and outcomes are imbued with human sensitivity. Here Rialto explored five skills needed for an AI-enabled executive workforce.

2:  Resilience and adaptability

Disruption and unpredictability have become the new normal. Today’s business leaders need to be able to absorb the shocks, endure adversity and adapt their business models, cultures, systems and workforces to respond and adapt fluently, with resilience no longer being a “Nice-to-Have”.

Executives have had another tumultuous 12 months, dealing with the legacy of 2022’s UK leadership chaos, sky-high inflation, rocketing costs and energy prices, economic uncertainty and pessimism, a slow job market, conflict close to home in Ukraine and Middle East, continued post-pandemic changes to working culture, not to mention the new technologies discussed above.  Those who have shown resilience and adaptability have been better able to create a unified, collaborative business environment, driving cultures of innovation and learning, and making faster and more dynamic decisions.

On a more personal level, in-position executives continue to need to adapt their own leadership style and skills to evolve with the fast-changing market and the traditional requirements of their roles. We looked at common challenges faced by those preparing for navigating senior leadership transitions, Top Resilience Strategies during Career Transition and how to turn a negative into a positive, making the most of rejection in an executive job search. while this piece looked at ways executives can adapt, evolve and pivot to reposition themselves in a more desirable, future-focused niche.

3: Strengthening relationships

Whether encouraging belonging among increasingly geographically-isolated staff, developing a wider network or consolidating stakeholder partnerships, building stronger relationships has shown itself to be at the heart of successful leadership in 2023.

A recent YouGov poll found that half of UK employees work from home some or all of the time and while the jury is out on the impact on productivity, many surveys have shown that distance workers often feel disconnected and worried they are invisible and so less likely to progress in their careers. C-suite need to work with HR to explore more collaborative operating models to recreate the interactive and sociable in-person dynamic alongside well-organised real life meet-ups. This approach can help avoid drops in morale and productivity, pitfalls of silo working, to build cohesive cultures, positive workforce identity and maximise joined[up performance.

In this insight, our expert Rialto executive career coaches shared five essential strategies they encourage executives to employ when seeking to enhance their leadership influence to motivate teams, engage stakeholders, inspire confidence and shape outcome from a distance.

We also looked at the value of continuous executive networking to build new and reinforce existing partnership relations. Data from McKinsey shows that only 14% of professionals have grown their networks since 2020, while less than 50% reported making any effort to do so. Yet the more extensive & relevant your network is, whether long-established or newly-connected, the greater your reach when you need to expand into new sectors or terrains or bring in expertise for business or personal growth. We looked at four key activities we recommend our executive clients to practise when networking: personal benchmarking, development and growth, gaining wider perspectives on innovation and sharing insights and advice.

4: Still reaching for Glass Ceiling

This term was first coined in 1978 to describe the invisible social barrier preventing women from reaching higher levels then almost exclusively occupied by men.

More recently, its meaning has been expanded to include any prejudices or working conditions that hold individuals back, whether due to gender, race, disability, mental health, age, sexuality or gender identification. 2023 also saw people start to talk about the impact of the menopause on women in the workplace and ask how explorers could support them.

Equality, diversity and inclusivity (EDI) are now built into any successful business model and there are legal requirements to do so with serious consequences for discrimination.

Rialto director Richard Chiumento says: “Most executives may remember a time when the boardroom and senior management were homogenous zones of white males. Today, it is a joy & much more appropriate to see a make-up from every cultural background and of all ages, a real diverse group of individuals which makes the workplace so much more vibrant, dynamic, productive and interesting”.

However, while things have improved greatly, and progressive business leaders are truly recognising the unmistakable value of having an expansive plurality of views, experience and backgrounds in any boardroom or business environment, there still remains much work to be done.

“We still hear from clients who are coming up against these discriminatory barriers, whether seeking to progress within their organisation or looking at career transition. We help them to identify and overcome them while also advising leaders how to capitalise on an increasingly global market by building visibly and displaying a genuinely inclusive and welcoming culture.”

From 2022, the Financial Conduct Authority set “comply or explain” targets for listed UK companies of 40% female board members including at least one senior position and at least one member from an ethnic minority background.

The deadline saw a flurry of new appointments, with 60% of new non-executive vacancies filled by women in 2021-2022.  However, the theme for 2023 was something of a regression with boards wary of geopolitical and economic tensions reverting to the security of experience over the unknown, suggesting that for some, it remains a box ticking exercise rather than a genuine commitment.

Headhunter Spencer Stuart surveyed the UK’s 150 biggest listed companies and found increased caution around appointing first-time directors, down to 31% from 44% the year before. The number of candidates from ethnic minority backgrounds was at its lowest level this year since 2020 while the proportion of non-executive vacancies going to female candidates peaked at 60% in 2022 but dropped to 51% in the 12 months to April, 2023.

Richard Chiumiento said: “Instead of just paying lip service to EDI, organisations need to set metrics and actively seek to redress any imbalances or obstacles to genuine equality of opportunity and remuneration parity. As well as ensuring compliance, this ensures better, more trusting and productive relations with employees, potential candidates and other stakeholders. Organisations that do not comply or only commit to the bare minimum risk a damaging financial impact as well as reputational damage.”

We spoke to some of our female clients about their experiences to mark International Women’s Day in March, 2023. They told us some of the greatest barriers they felt were thrown up by unconscious bias, imposter syndrome, misunderstanding of equality and AI bias within automated recruitment processes. You can read more and find advice from our executive career coaches here.

We will revisit EDI and look at the tangible benefits of a healthy and robust culture and policy in the New Year.

5: Talent shortages:

Post-Covid, we saw a “quiet quitting” trend, where employees and leaders at all levels stepped away or down in search of a better work-life balance having spent so much time out of the office during lockdowns.  In 2023, finding, attracting and keeping the best talent from the resulting smaller pool became a strategic priority for every sector and at every level, as did investing in existing teams.

We talked throughout the year about the many tools and methods organisations can employ to ensure they have an intelligent recruitment system and a positive culture, which encourages organisational commitment and an ethos of continuous learning and career progression.

We looked at strategic HR priorities including cultivating talent and upskilling, and taking the initiative with AI to help achieve those objectives and drive growth and productivity.

We looked at how predictive analytics can identify trends and patterns needed now and in the future. AI can then find potential candidates with those skill sets, even if passive, and tailor individual job offerings based on market and internal data and the individual’s experience and requirements. While generative AI can create and deliver bespoke training programmes designed to meet organisational and individual need and ensure the workforce remains agile and responsive to the dynamic internal and wider economic landscape.

We also analysed what this meant for our clients who were seeking career transitions. Unfortunately, our exclusive data revealed that the talent shortage had not led to an abundance of opportunities.

Our analysis of publicly-advertised mid and senior level executives and leaders found an incredibly worrying decline in vacancies. For example, in November 2022 there were 12,761 publicly-advertised UK Chief Executive Officer vacancies. In October, 2023 the number was down to just 115. Non executive directors were down from 4,034 to 42 and Chief operating officers dropped from 1,814 to 82. (figures are a snapshot, and not a 100% accurate depiction)

We shared some of the invaluable advice provided to senior clients on how to shine in a gloomy marketplace and some of the bright spots on the otherwise gloomy horizon.  Rialto director Nick Storey also shared his advice on staying ahead in executive career transition.

It has certainly been a tumultuous year and we hope you have found some of our insights and articles helpful in navigating the fast-changing marketplace and economic landscape. We will continue to monitor trends and developments across 2024. Please let us know if there is any subject or angles you would like us to look into.

The Rialto resident number cruncher has been tracking publicly-advertised executive-level vacancies for the past 12 months and our exclusive data for the year to October 31, 2023, reveals a truly worrying trend.*

Our analysis of the last year of publicly advertised senior vacancies looks like a Himalayan mountain range falling down to sea level – wild fluctuations bottoming out almost completely as traditional open c-level level positions all but dry up as the landscape shifts in the face of seismic shocks from the explosion of AI.

Here, Rialto director Richard Chiumento casts his expert eye over the figures –  and finds the bright spots on an otherwise gloomy horizon.

So, Richard, a pretty bleak picture emerging here?

In my 30 years of supporting global business leaders to take their next professional career transition I can honestly say I have never seen anything like it. It reflects what we’ve been hearing from our executive outplacement clients who are exploring moves into similar positions in different companies or sectors. Many come to us having drawn a complete blank with their usual actions of registering with headhunters (who have limited mandates to fill) or approaching target companies. I’m afraid this data only confirms worst fears. The volume of the most senior level positions is reducing quickly and substantially.

Which Executive roles have been hit hardest?

In terms of traditional mid and senior level executives and leaders, the decline in vacancies is across the board CEOs, CMOs, HR directors, NEDs, COOs, etc, and it is global. For example, our data shows that in November 2022 there were 12,761 publicly-advertised UK Chief Executive Officer vacancies. In October, 2023 the number was down to just 115. Non executive directors were down from 4,034 to 42 and chief operating officers dropped from 1,814 to 82.*

We have to be careful as these are not definitive figures but they do show real indicative trends which we discuss and use to plan successful strategies with our clients. We can also see old-style candidate profiles diminishing as traditional executive functions start to disappear.

What’s behind it?

A perfect storm of factors: the legacy of Covid, economic uncertainty, the geopolitical tensions in Russia, Ukraine and now the Middle East; inflation and rising interest rates have led to a cost of living crisis. Consumers are buying less and companies are reacting by investing in pay increases where possible and cutting their own costs where they can. They are accelerating digital transformation and investment in generative AI and other frontier technologies rather than people. Many have imposed a recruitment freeze and are choosing to reshuffle internally or are culling expensive senior staff – particularly those who have failed to stay relevant to organisational, market and customer needs and don’t recognise that they need to stay open to continuous learning.

So should people just hold on and wait for the storm to settle?

It’s not that simple I’m afraid and we tell our clients that doing nothing is not an option. Against the background of this inauspicious economic landscape we find ourselves in the midst of the greatest revolution to hit the workplace in history.

Last week, Elon Musk told Rishi Sunak he believed AI would one day make all job functions obsolete and that we would all get to choose whether we want to work as a sort of recreational hobby. I don’t buy into that though I do agree AI will have a seismically disruptive impact.

Historical projections about AI-related job losses have put the repetitive tasks in the firing line, driving, coding, accounting. However, our data shows that executive segments are equally vulnerable.

Senior level individuals are better off actively taking control of their career asset and driving assertively into the future instead of sitting back and allowing their value to rust and  depreciate.

I’ve been talking about the transformative impact of AI for a long time and it’s no co-incidence that we started tracking this data in November, 2022 when ChatGPT launched and changed the way work is done. The generative AI that powers it and other models such as Bard, Perplexity, Cohere Generate, AlphaCode, Synthesia, will have more of an impact on our lives and workplace than any other technological development in history. Companies are already drastically reducing and rebalancing their workforces as they adopt these efficient new technologies. Where they are recruiting in numbers it’s in these new technology-led spheres.

This is not like the previous downturns we have seen – this is the dawn of a new era and there’s no going back. But there are positives – there are new opportunities opening up which see executives working alongside AI, co-piloting, and these are the roles for the future.

What are the emerging executive roles?

We also analysed emerging roles being created by companies looking for different skill sets as they employ new business models, digital transformation and generative AI applications. They include chief automation officer, chief digital officer, chief data officer and chief experience officer. We are seeing real growth in these roles and a shortage of skills, in contrast to the massive oversupply of traditional senior role skillsets. It’s the new skillsets and opportunities we support our clients to pivot into.

What actions are you taking to enable clients to make the jump.

It’s more of a turn, a pivot, than a jump. We’ve been able to look at the big picture and join up the dots between old world and new.

We help senior executives realise how they need to adapt and evolve, upskill or reskill; that’s whether they wish to stay in their current role, move to a new company in a similar role or move into one of these new roles I’ve discussed. Some are doubtful, initially, either because they are fearful and overly-pessimistic about being obsolete or over-confident that they can live off past glories. Our market mapping data really supports what we’ve been advising them: they need to be as dynamic as the times, keep moving forwards.

We have a finely-tuned and highly successful programme to help them to stay relevant. We identify and evaluate their aspirations and risk factors against our knowledge and research of current market trends.

We identify the priorities, actions and opportunities that would best suit each individual according to their own unique set of goals, skills and experience. We encourage our senior level clients to feel positive and confident about their place in this new world and to be proactive about positioning themselves as the best, most informed, stand-out candidate when they set their sights on a new position.

How do you see the picture developing?

The existing world of work is dying and the skills that made people attractive to employers are dying with them in most sectors and in most functions. The pace of change is faster than I think almost everyone realises. The World Economic Forum says 1.1 billion workers will need to reskill before 2030. Our core message to clients is this: the executive job market is moving faster & is more disruptive than at any time in history – if you stand still, you’re going to get left behind.

Figures are not 100% accurate and should be read as a trend rather than as definitive data.

*Sources: LinkedIn up to July and Adzuna from August to October 2023. Figures are not 100% accurate and should be read as a trend rather than as definitive data.

There’s no getting away from the fact it’s a tough market for anyone looking for an executive position.  Here, Rialto director Nicholas Storey shares some of the strategies and advice he offers clients looking for support in their career transition against the backdrop of today’s volatile and dynamic economic market.

If you’re in work but frustrated by a lack of progress, audit yourself.

Whether you wish to remain relevant and do better in your current role or progress within your organisation, you need to audit yourself before someone else does. Are you bringing value for money? Do the numbers back it up? You may have been at your current role for 8, 10, 15 years or more and feel you have already proved your worth. I call that the danger zone. You go in, do your job, and expect everyone to be grateful.

But years of loyal service won’t mean anything to the accountants when they are looking at a spreadsheet and deciding where to save money, especially when you’re competing with technology and humans who are proficient in it.

Your organisation may have changed a lot since you joined. Have you changed with it? Try to look at it as though it is a new company. What are its strengths and weaknesses? Can you see space for improvement? How would YOU improve it? What skills and qualifications does it look for when employing new people at your level or above? Do you have them? If not, ask how you can obtain them.

Look into the future and understand market demand

Our data shows just how much has changed in a single year since we started capturing the dramatic fall in advertised traditional C-suite vacancies. The pace of change is accelerating exponentially so imagine how the next year or even six months is going to look.

Think ahead. If you want to stay in your role, how do you see that changing? Is your organisation embracing generative AI and using it properly? If it is, are you on top of it? If not, could you be the one to usher it in?

Perhaps you could consider executive transition but into the new roles being created by the AI revolution, chief automation officer, chief digital officer, chief data officer and chief experience officer. We can help you understand the market, pivot towards a new-world position that aligns with your existing skill sets and experience and help you identify and fill any gaps in your CV.

It may seem daunting but anyone who has managed to work their way to executive level in the old world has the capacity to make it in the new with the right support. Here at Rialto we’ve had our sights trained on this exciting new era for many years and we have helped executives from all over the world to jump on board and get ahead in the race. I see these new technologies not as a barrier, but as opening a portal to the dynamic global job market, expanding horizons and creating exciting new opportunities.

Take advantage of Executive Outplacement and Retraining opportunities

For those who have been made redundant recently, my first question piece of advice would be: Pause to reflect and plan.

Would your severance package and gardening leave be best invested in reskilling or upskilling or getting professional help to fully prepare for a positive re-entry into the job market.

Go back and identify why your role was made redundant. What changed? Was that change unique to your organisation or sector-wide? Look at what’s out there. Where is the growth? Where is the market contracting? Do you see vacancies in the roles in which you have previously found success? Or do you need support to help reposition yourself for the changing market?

All the data and everything I am hearing tells us there are far fewer positions and far more applicants out there than I can remember seeing for some time.

Organisations in all sectors are restructuring to cut costs and take advantage of new technologies. Was that a factor in your redundancy? It goes without saying that the reason generative AI is coming for executive jobs is because it can perform so many functions better, more efficiently and far more inexpensively than humans. But it needs you, or someone like you, to co-pilot it confidently. AI makes a better friend than an enemy. If you can take this time to master it and go back into the market proficient and confident discussing new technologies it could really give you the competitive edge.

Long term unemployed? Think about a change of direction to secure your future.

Many clients who come to Rialto are despondent after being knocked back time and again in their self-directed job searches. They may not understand why, after a long and successful career, they find themselves seemingly unwanted.

I see people who have burned through their redundancy settlement and then into their savings either because they have been over-confident that they will walk into a new role or gone straight into panic mode and repeated the same mistakes without stopping to ask why.

Stop firing off application after application in a scattergun approach and trying to change your CV to match different roles. Instead, refine your sights and improve your marksmanship.

Use this precious time to take a good look at yourself and ask where you fit into this new market. What drives you in the workplace? What are your transferable skills?

Is it a good time to broaden your horizons, open yourself to the idea of heading off in a completely new direction? It might need you to upskill or even retrain but if you have 10, 20 years of work ahead of you, it could rescue you from a soul-destroying battle to last until retirement in a role or sector that has had its day.

One welcome trend in today’s employment landscape is executive function mobility. People change jobs, change positions, change organisations and change careers all the time. Organisations welcome candidates with a diverse set of life and work experiences. Change wards off stagnation.

I get a real buzz when I can help a client get out of a miserable rut and see them invigorated as they set out on an exciting new path.

Never stop learning

I can’t emphasise enough how vital it is for senior executives in post and looking for work to constantly re-invent themselves and show willingness and commitment to a permanent learning process. It might mean working in new and emerging markets, integrating new business models. In today’s disruptive economy, you may be expected to embrace generative AI and other technologies. It does not matter where you are in your career trajectory – on the first rung of the executive ladder or chairman of the board and close to retirement. A healthy curiosity and appetite for learning will keep you sharp, efficient, and in the game. On a personal level, it will give an almighty boost to your job satisfaction and your final salary.

In short, don’t be intimidated by the fast pace of change – be energised by it. A little fear and apprehension about the new can reignite that spark that fired you up when you first started out.

Following substantial developments and improvements to large language models (LLMs), Generative AI has surged to the forefront of the business world, capturing the imaginations of business leaders and sparking strategic conversations about harnessing this technology to drive growth and competitive advantage. McKinsey’s research estimates that Generative AI could add the equivalent of $2.6 trillion to $4.4 trillion USD to the global economy annually, with 75% of this value delivered across the areas of customer operations, marketing and sales, software engineering, and R&D. To put this into perspective, the UK’s entire GDP for 2022 was just over approximately $3 trillion USD (£2.27 trillion GBP).

Other experts including the World Economic Forum, BCG, PwC, and Gartner have championed Generative AI and its potential to reshape business as we know it. Organisations who have already adopted are reporting benefits to their productivity and effectiveness. But where are the biggest gains to be found? Our research has identified the following key areas as having the most potential for reaping Generative AI’s benefits:

• Efficiency: Augmenting and streamlining business activities is by far the most cited use case for businesses looking to adopt Generative AI or already using it in their teams. Because of improvements in LLMs, Generative AI is estimated to have the potential to automate work activities that consume between 60% and 70% of employees’ time, with 50% of daily tasks to be automated at some point between 2030 and 2060. This might include activities involved with communicating with and engaging customers and prospects, producing reports, generating marketing content, managing performance, and so on. It is likely that these gains will be the driving factor when senior executives, C-suite leaders, and board members debate Generative AI adoption. But efficiency gains may come with a human cost, and senior leaders will be tasked with rethinking their human labour needs. Redefining roles and responsibilities will be a major challenge faced by senior leaders, as they will have to consider where their human talent can best generate value and impact when working alongside the digital workforce.
• Creativity, Strategy, and Innovation: However, one benefit of Generative AI automating routinised, mundane, or time-consuming tasks is that this frees up human staff to focus on tasks with a higher value-add. Most often, these will be tasks that favour human intelligence that cannot yet be replicated by technology such as creativity, strategy, and innovative thinking. While Generative AI is a major asset in creative tasks, it still requires a human prompting it to produce the desired outputs. AI can glean insights and business intelligence, but it cannot apply contextual relevance to that information and use it to develop innovative strategies, at least not without a human steering it to do so. By leaving Generative AI to handle to tactical execution, senior leaders are freed up to do the high-level thinking that will guide this activity. It is likely that organisational effectiveness in delivering strategic priorities, creative projects, or value-add initiatives will be enhanced as a result.

That said, this may come with a caveat. A study conducted by BCG with the support of a group of scholars from Harvard Business School, MIT Sloan School of Management, the Wharton School at the University of Pennsylvania, and the University of Warwick found that when using Generative AI for tasks involving ideation and content creation, around 90% of participants improved their performance on a level that was 40% higher than that of those working on the same task without AI. But when using Generative AI for tasks related to business problem solving, participants performed 23% worse than those doing the task without AI. These results reinforce the idea that both Generative AI and human intelligence have their own areas of value creation, but the study also found that there are risks to relying on Generative AI for creative tasks long term. For instance, Generative AI enhanced creative performance but produced outputs that were fairly repetitive, with the diversity of ideas among participants who used AI 41% lower compared with the group that did not use technology. Over time, it is feared that over-reliance on Generative AI will stifle creativity, with 70% of participants sharing this belief.

To combat these adverse effects and truly reap the benefits of Generative AI for creativity, innovation, and strategy, senior leaders need to guide their organisations towards AI integration that enhances performance rather than stifling it. The challenge will be implementing Generative AI without creating an overreliance on it and building successful partnerships between man and machine. Understand where AI thrives and where humans have the advantage, and design activities around those core competencies.

• Learning: As the business landscape transforms, skills and capabilities must adapt alongside it. At the same time, Generative AI and other technological advancements continue to evolve, creating a continuous learning curve. Most senior leaders will need to upskill in the coming years to continue delivering value in the Generative AI-powered world of work. Thankfully, Generative AI can assist in these efforts. Adaptive learning platforms tailor upskilling and training initiatives to individual users, helping senior leaders target their specific needs and hone their skills in a format that maximises retention and learning performance. Just as we learn, so do AI algorithms. They are trained on vast amounts of data and the more we use them, the more knowledgeable these tools become over time. Outside of an intensive upskilling programme, Generative AI platforms like ChatGPT and Bard can be massively helpful for researching different topics. However, be aware that these LLMs are only trained up to certain points in time and may struggle with more recent events and developments.

In addition to benefitting from Generative AI in their own continuous learning activities, senior executives can expect to see productivity gains when training, reskilling, and onboarding their people. Generative AI can automate learning and development activities to equip teams with necessary skills quicker and more effectively through adaptive learning. Tailored learning experiences are more engaging and interactive, with the knowledge delivered more likely to be retained. This will result in time and cost savings for the business.

This is only just a flavour of what Generative AI can and will do for businesses and their leadership. As this technology evolves and becomes more advanced, it is likely that we will see more creative and strategic use cases arise, with new gains in efficiency and understanding as a result. The key thing to keep in mind, however, is that Generative AI is not a fix-all. There must be a balance between human capabilities and artificial intelligence to maximise the impact and value-add of both parties in the workforce. Senior executives will have a critical role to play in structuring how and why their organisation uses this and other technologies moving forward.

In the World Economic Forum’s 2023 Future of Jobs report, 49% of those surveyed across industries anticipate AI to be a catalyst for job creation while 23% also expect it to drive job displacement. This displacement does not just apply to automation making certain roles redundant but also entails reshaping certain functions and shifting the skills needed by the professionals working alongside AI.

When thinking about the skills needed for future success, leaders need to consider both their own capabilities and the skillsets their team will need to possess to deliver impact while working alongside the digital workforce. With Generative AI and other forms of advanced technology taking over specific tasks and functions, what gaps may humans need to fill? How can man and machine work together in tandem to drive business growth? Our team have identified the following five skills for senior executives to focus their upskilling and reskilling efforts on:

1. AI Understanding: To work alongside AI effectively, one must possess a solid understanding of its capabilities, limitations, and functions. For senior leaders, it is imperative to understand what value AI can bring to your business, to be clear on the ‘how’ and ‘why’ your organisation plans to adopt it, and to ensure the rest of your team shares that same vision and understanding. Having a grasp of the scope of AI’s capabilities will make it much simpler to assign actions and owners, all while knowing that AI will not be a total replacement for all tasks and functions. While intelligent and impressive, this technology is not yet autonomous and will need a human at the helm prompting it into action and overseeing its outputs. Executives and their team members alike should treat AI as an assistant rather than a leader, learning how to coexist beside this technology rather than fixating on the losses it may create or overinflating expectations about its capabilities.
2. Analysis and Critical Thinking: One key area that AI excels at over human intelligence is its ability to process vast amounts of data in real-time and provide valuable on-demand business intelligence to business decision makers. This will include insights into markets, competitors, customers, supply chain productivity, and employee performance. While AI can compile this information into clean and digestible formats, artificial intelligence is not always able to assign relevance, perspective, or meaning to the insights it produces. It is therefore essential for leaders to hone their analytical and critical thinking skills to provide relevance to the information generated by AI and relate it back to the business’s objectives and strategy.
3. Bias Detection and Ethical Consideration: Of course, AI outputs should not be inherently and wholeheartedly trusted, as this technology has been proven to occasionally have ‘hallucinations’ and produce inaccurate outputs. Applying critical thinking and analysis to AI outputs can not only help mitigate the risks of misinformation but also help catch potential ethical errors. To be clear, AI is not an inherently unethical or biased technology, but with misuse or improper training can generate harmful outcomes. AI does not possess a human’s judgement to determine between right and wrong, and therefore leaders and their teams must be conscious of the dangers and potential harm of adopting this technology into business practices. This includes becoming conscious of the data sources AI algorithms are trained on, the potential harm of using AI for tasks such as recruitment or talent management, and the privacy concerns involved in sourcing and using information.
4. Emotional Intelligence: Adopting AI will be a major change for senior executives and their teams and is likely to cause discomfort and potential friction. Some members of the team may be eager to evolve, while others may feel threatened, intimidated, or anxious about the introduction of AI into their day-to-day activities. Therefore, it is of critical importance for senior executives to lead with empathy and understanding throughout the entire digital transformation process. Offer support and reassurance wherever possible. Understand your team’s perspectives and take their feedback on board.
5. Communication: To help ease concerns and make the transition to an AI-enabled workforce more effective, senior leaders need to become skilled and tactful communicators. Ensure that all goals, objectives, and expectations are shared clearly across every level of the business. Make it clear why the organisation is adopting technologies, how and when it plans to do so, and what this will look like in practice. Assign clear actions and owners with defined expectations and responsibilities. At the same time, it is just as important to listen as it is to speak. Open the feedback loop for questions, concerns, and suggestions. Making the entire team active participants in your business’s AI journey will help the process and man-machine partnership function much smoother.

In conclusion, as we stand at the crossroads of a transformative AI-driven era, senior executives must recognise that their role in shaping the future workforce goes beyond merely adapting to technology. It involves a profound shift in perspective, from viewing AI as a tool to seeing it as a collaborator in business innovation. These pivotal skills are the pillars on which executives can build a bridge between human ingenuity and artificial intelligence and are not just keys to embracing AI; they are the compass guiding us towards a more agile, empathetic, and prosperous future of work, where man and machine together drive the evolution of business and society.

Market conditions change swiftly and often, and the ability to adapt agilely to the disruptions of an ever-changing business landscape has served business leaders well in recent, highly turbulent years. Yet, more valuable is the ability to think strategically about the future of work and to chart a course to deliver impact come what may.

It can be difficult to know with certainty where to prioritise efforts, expend energy, or allocate time and resources. Where do you scale up or double down? How can you deliver impact in the short term while laying the foundations for long-term organisational and professional growth? Our experts have highlighted the following 5 areas as top strategic priorities for executives’ and businesses’ future-planning success:

1. Embrace Skills-Based Hiring and Upskilling: In the World Economic Forum (WEF) 2023 Future of Jobs report, companies identified improving talent progression and promotion processes (48%), offering higher wages (36%), and offering effective reskilling and upskilling (34%) as key business practices that can increase the availability of talent to their organisation. Six in 10 workers will require training before 2027, but only half of workers are seen to have access to adequate training opportunities today. Businesses must consider investing inwardly to futureproof their existing talent to satisfy skills shortages over time, while executives in transition should invest in their own skill-building initiatives to differentiate and add value. Assess the needs of your industry or role and focus on communicating how you honed those specific skills to be relevant for the future. Where possible, benchmark against other executives at your level and determine where you might be able to develop an edge.
2. Commit to Continuous Learning: In a working world where the skills required for success are constantly evolving, it is paramount that senior executives continue to evolve as well. Employers surveyed in the WEF’s report estimated that 44% of workers’ skills will be disrupted in the next five years. The report also found that ‘analytical thinking’ is the most in-demand skill for the future workforce, followed by creativity, AI and big data capabilities, leadership, resilience/agility, and curiosity/lifelong learning. Whether you’re a seasoned executive who is secure in your role or if your career is in transition, investing in your skills and professional development is always worthwhile. Staying current and adaptable in an ever-shifting business landscape will serve you and your organisation well.
3. Embrace Technology and Automation: It’s no wonder that technological literacy skills rank high in the WEF’s list of skills on the rise as businesses adopt digital technologies such as Generative AI to enhance productivity and strengthen their competitive edge. Rather than resisting this essential element of the future of work, you would be better served by working to understand it. For those amid a career transition, consider upskilling in digital tools and technologies that are in high demand. Come to grips with how this technology is reshaping your industry, job function, or target employers and think strategically about how you could potentially leverage it to make an impact.
4. Cultivate an Inclusive Mindset: Alongside the digitisation of the workforce, we are also seeing shifts in human demographics. With professionals staying in their careers longer and influxes of young talent joining the working population, cross-generational communication and collaboration will become standard in the future of work. This has always been the case, but the stakes and considerations have changed as prior to now, we have not seen five generations simultaneously well-represented in the workforce. Knowing how to navigate the generational divide, communicate effectively, motivate and align these different groups, and drive peak performance will be critical components of future leadership.
5. Lead with Purpose: In the wake of economic hardship, climate concern, geopolitical tensions, and social division, purpose-driven decision-making should be front of mind for many executives. This can be a fine line to walk, with harsh reputational consequences for those who get it wrong. To avoid this, clearly define your mission and values and communicate them well. Demonstrate your commitment to social and corporate responsibility not just in your words but by aligning your actions with these principles.

The dynamic nature of the world of work demands that senior executives and organisations not only keep pace with change but also anticipate it, positioning themselves for growth and continued impact in the face of uncertainty. Establishing strategic priorities will prepare you for the challenges ahead and empower you to thrive in the ever-shifting landscape of the modern business world.

As a senior professional looking to secure your next leadership role, the journey can often be marked by a rollercoaster of emotions. You’ve invested years, poured your passion, and dedicated unwavering effort to building a successful career. Now, as you set your sights on a new professional chapter, the desire for nothing less than the best is only natural. However, the path forward may not always align with your expectations, and this divergence can shake your confidence and hinder your progress.

In this blog, we delve into some of the personal challenges you might encounter that can significantly impact your resilience and your ability to achieve a successful career transition.

• Ego vs. Reality: One of the foremost challenges you may confront is the delicate balance between ego and reality. Over the years, you’ve carefully crafted your self-perception as an industry expert and thought leader. However, this self-image might not always align with the perceptions of your industry peers and colleagues. This misalignment can lead to an identity crisis, erode your self-worth, and be disheartening.

To address this challenge, it is essential to cultivate self-awareness and adaptability. Consider seeking quality feedback from trusted sources to re-align your self-perception with the external world. Keep an open mind, explore diverse opportunities, and refrain from fixating solely on specific roles or employers. This mindset shift will empower you to navigate rejection with grace, maintaining your resilience and more confident momentum.

• Passion vs. Stability: The conflict between following your passions and ensuring financial stability can be an intricate challenge. While pursuing your dream job is appealing, the pragmatic considerations of financial security, family responsibilities, and job stability often weigh heavily on your decisions. Balancing these conflicting priorities during a career transition can be emotionally taxing.

Ensure you adopt a strategic approach that looks at both short- and long-term visioning. Assess your long-term goals and evaluate whether immediate stability aligns with your broader objectives. Seek opportunities that offer a balance between passion and security, even if this requires stepping outside your comfort zone. This improved strategic alignment will enable you to make better informed decisions and maintain resilience.

• Long vs. Short Service: Your extensive service within a specific company, industry, or role can be both an asset and a detriment. While long service signifies loyalty and consistency, it may raise concerns about adaptability, agility, and relevance. The rapidly evolving job market characterised by changing leadership requirements, remote work, and global competition adds complexity to your career transition.

For those who have long service, focus on leveraging your tenure as an asset. Highlight your contributions, innovations, and impact during your long service to showcase your value to potential employers. Emphasise how your experience has equipped you with a unique perspective and set of skills that can drive success in a new role. By reframing your extensive service as an advantage relevant for the future, you can maintain your resilience and stand out in the competitive landscape.

• Skills vs. Experience: Whilst we have been seeing a slowdown in executive hiring, competition for talent in hard-to-fill roles continues to be strong. More organisations are aligning around skills-first hiring, with rapidly changing skill requirements leading to a re-evaluation of both the hard and soft skills most valued. This shift can be daunting, especially if you have relied on your extensive experience as a differentiator. Competing with candidates possessing in-demand skills but less experience may challenge your resilience.

To overcome this, prioritise continuous learning and skills development. Assess the skills demanded by the market and invest in upskilling where necessary. Showcase your ability to adapt and acquire relevant skills, bridging the gap between experience and market demands. You can bolster your resilience and competitiveness by staying current and demonstrating your commitment to skill development.

• Market Dynamics: The ever-changing dynamics of the senior-level job market present an ongoing challenge. Globalisation, accelerated technological advancements, geo-political tensions, and hybrid work have transformed the landscape, intensifying competition and requiring adaptability. Navigating these market dynamics effectively is crucial for resilience. Stay informed about market trends, emerging opportunities, and hidden competition from internal candidates. Conduct thorough research to understand industry demands and job market conditions. Optimise your online presence, particularly on professional platforms like LinkedIn, to position yourself as a candidate aligned with market needs. By actively adapting to market dynamics and proactively addressing challenges, you can maintain resilience in your job search.

Resiliency should be your ally as a senior leader striving to secure your next leadership role. By acknowledging and addressing these challenges head-on, while implementing the strategies outlined above, you can navigate your career transition with confidence and determination. Maintain an adaptive mindset, seek support, align your priorities, leverage your experience, and stay attuned to market dynamics. With the right tools and insights at your disposal, you can not only withstand the challenges but also emerge stronger and more resilient on your path to leadership excellence.

In the pursuit of your next leadership role, resilience is not just a virtue; it’s a necessity. As Rialto Managing Director Richard Chiumento adeptly puts it, “Resilience is not what happens to you. It’s how you react to, respond to, and recover from what happens to you, and knowing that you are the only one that has the power and the responsibility to pick yourself up.” Challenges and setbacks are inherent in any career transition, but your ability to navigate them with determination and poise can set you apart.

Here are five top strategies to help you maintain resilience on your journey:

1. Adjust Your Mindset: Resilience begins with your mindset. To thrive in the face of adversity, cultivate optimism and flexibility. Instead of dwelling on rejections or missed opportunities, view them as steps closer to your ideal role. Avoid fixating on specific employers or titles; keep your options open. Consider leveraging transferrable skills to explore remote work opportunities, expanding your horizons geographically. Celebrate small wins along the way to stay motivated. Every step forward, no matter how small, contributes to your progress.
2. Seek Feedback and Support: Don’t go through your career transition alone. Seek feedback and support from trusted sources. It’s easy to get lost in the minutiae of the process, so external perspectives can provide invaluable insights. If you face rejection, consider requesting feedback to gain clarity on areas for improvement. Engage with colleagues, friends, or loved ones to identify your strengths and weaknesses, aligning them with your personal brand. Consider enlisting a mentor or professional career coach for objective guidance and critical market insights. A supportive network and access to key resources to accelerate your career transition can boost your morale and resilience.
3. Adapt to the Market: In a dynamic job market, adaptability is key to confidence. Stay informed about market trends, challenges, and demands. Conduct thorough research to understand industry-specific needs and emerging opportunities. Evaluate whether your skills align with market demands and be prepared to upskill if necessary. Ensure your online presence, particularly your LinkedIn profile, is professional and optimised for current algorithms. Scale your digital networking efforts to uncover hidden market opportunities and secure valuable meetings. While you can’t control the market, taking charge of your positioning within it can enhance your confidence and resilience.
4. Implement Self Care: Career transitions demand substantial time and effort, increasing the risk of burnout and a common hope and disillusionment cycle. Maintain your well-being by establishing a routine that organises your search efforts into manageable segments. Prioritise physical, mental, and emotional self-care throughout the process. Recognise that resilience is closely linked to your overall health and vitality. By nurturing yourself, you’ll have the energy and determination to persevere.
5. Don’t Give Up: Resilience often hinges on persistence. Career transitions can be lengthy and challenging, especially in competitive markets. If the ideal role hasn’t materialised yet, don’t lose hope. Persevere, focus on your positive learning and trust that your opportunity is on the horizon. Overcoming obstacles may seem daunting, but the willingness to explore alternative paths is an essential step in the right direction. Even when faced with seemingly insurmountable hurdles, maintain your resolve. The right opportunity may be closer than you think, especially if you can break down the steps to get there.

In conclusion, resilience is a fundamental quality for senior leaders navigating career transitions. By adopting an adaptive mindset, seeking support, staying informed about market dynamics, prioritising self-care, and persisting through challenges, you can not only weather the storms but also emerge stronger and more confident in your pursuit of the next leadership role.

If you require additional support during your search, consider exploring career transition, personal branding, and executive career coaching services to enhance your resilience and propel your career forward.

Even in the most ideal of economic conditions, Q3 is a slow time of year for both businesses and the jobs market. After powering through the first half of the year, many use this time to take a break and recharge before returning to finish out the year strong. With July and August typically characterised by slower activity and Out-of-Office replies, September usually sees a surge in activity as teams return refreshed and businesses begin to structure and enact their plans for rounding out the year. In 2023, the expected surge appears still to come.

Why might that be, and what does it mean for leaders and their organisations, as well as executives planning a career move?

Reflecting on the current market status can help to better prepare for what lies ahead. This is critically valuable as we approach what, for many, is a high-stakes Q4. Our experts offer insights into the current state of the executive job market and the macro business landscape, highlighting trends that will shape and providing advice for navigating these conditions successfully.

Jobs Market Snapshot

Although a complete view of Q3 data awaits the release of the Office of National Statistics’ (ONS) October report, their September report and ongoing market activity provide substantial insights into our current position and potential future.

Their latest report found that UK unemployment rose by 159,000 in the last quarter, moving the jobless total up to 1.464 million and setting the unemployment rate at 4.3%. This is the highest this figure has been since Q3 2021 and exceeds the predicted 4.1% the Bank of England had previously anticipated for the whole of Q3 2023. Employment also dropped by a greater-than-expected total of 207,000 in this reporting period, with 182,000 of those drops happening in London alone. This is the biggest such fall since the three months to October 2020.

The current market is characterised by more people leaving employment and less opportunities available, as this report reflects. In June to August 2023, the estimated number of vacancies fell by 64,000 to 989,000. This quarter is the 14th consecutive period in which a fall has happened.

Total pay (including bonuses) saw growth for the period rise to 8.5% in annual terms, the highest level seen in more than 20 years and excluding the pandemic when furlough distorted the data. Regular pay (which excludes bonuses) grew by 7.8%, its highest annual growth rate since comparable records began in 2001. The latest Consumer Price Index (CPI) data shows that inflation slowed for a third consecutive month to 6.7% in August, its lowest level in 18 months, indicating that wages are rising faster than prices again after a long squeeze from last year’s inflation surge and the record high of 11.1% we saw in October 2022. This news surely came as a relief to many, but could also increase the pressure placed on businesses if interest rates rise again causing further challenges in the market towards the end of the year.

Key Career Transition Trends

As we move into Autumn, it appears as though we will be sailing into Q4 2023 against strong headwinds. However, there are glimpses of optimism and opportunity to be found. These are the key labour trends our experts predict will shape activity for the remainder of the year:

• Further Economically Driven Decision-Making: Typically, strong wage growth indicates a strong economy, but the UK’s rapidly rising unemployment rates and falls in opportunity suggest the opposite. Thankfully, the Bank of England chose to keep interest rates at 5.25%, defying predictions of another rate hike and ending a run of 14 straight increases. This raises the prospect that this cycle of rate increases may have peaked, but there is always the chance that they could spike again. However, for many businesses, the impact is already being felt.

A number of businesses across industries are engaged in merger discussions or restructuring to survive, while others have unfortunately fallen into administration. It is very likely we will see more businesses fold under the pressure or consider downsizing, which will further disrupt the market. Individuals in transition or considering a career transition should prepare themselves for a generally cooler market than usual through the end of the year despite the positive news from the BoE.

• Pockets of Opportunity: Some industries are feeling more optimistic than others. Those erring on the side of caution are those more likely to have borrowed to survive or stay competitive following the pandemic, as they will be most affected by interest rate hikes, high costs of living, and disrupted markets. British Chambers of Commerce research shows record numbers of organisations reporting recruitment difficulties, particularly in the hospitality, retail, and manufacturing sectors. Make UK’s own data supports these outlooks for manufacturing, with the trade body predicting output will fall by 0.5% this year and cause recruitment plans to weaken significantly due to a slowdown in orders from domestic and overseas customers. According to the latest CIPD Labour Market Outlook report, the net employment balance in public administration and the rest of the public sector has fallen from +15 in the previous quarter to just +2 in summer 2023, with 17% of employers in this sector planning to decrease their staff levels before the end of the year. Their research also found that Education also has a weak employment outlook with 13% of employers in this sector planning to decrease staff levels in Q4.

But there are still many opportunities to be found according to research from Manpower Group. Their Q4 Employment Outlook Survey data found that 44% of global employers anticipate an increase in hiring in the quarter, while 14% anticipate a decrease and a further 38% anticipate no change. This is very similar to the figures when zooming in on the UK alone, with increases of 42%, 16%, and 39% respectively. Across both the global and UK data, the most opportunity is likely to be found in Financial Services & Real Estate, IT, and Healthcare. In the UK, the outlooks for Transportation & Automotive fare better than they do globally, but global outlooks for Communications Services are much better worldwide than they are in the UK. So while the market is certainly slower and smaller than it was this time last year, there will potentially be some upturn as we round out the year.

• Strong Focus on Skills: While there may be less opportunities in the market overall, many employers are struggling to fill the gaps they have. The Manpower Group report found that globally 77% of employers across industries say they are struggling to find talent with the skills they need, while in the UK that figure rises to 80% of employers. Staying zoomed in on the UK, in every industry apart from Consumer Goods & Services and Communications Services, the number of employers who reported having this issue was 80% or higher. Energy and Utilities (88%) and Healthcare (83%) employers are struggling the most.

In a market where there is certainly no shortage of talent, it is interesting to see such a high volume of employers across industries reporting struggles. For senior executives looking to make a career transition in Q4, there are a few key things to note here. We are seeing a shift away from a focus on experience and tenure to a focus on skills and capabilities. Despite it being a crowded marketplace, possessing those desired skills may increase one’s chance of success. The key is figuring out how to leverage and communicate those capabilities to differentiate oneself from the crowd. More on that later.

• ‘Quiet Quitting’ and RTO Plans: For the past several years, we have been tracking ‘The Great Resignation’ trend in which the job market power was in the hands of the talent. As conditions have continued to be volatile, businesses have reigned in and fewer opportunities have become available, with power changing hands back to employers slowing the resignation trend. Those desiring a career transition are not unaware of the slower job market conditions, and it is now their turn to err on the side of caution. As a result, we are seeing less people leaving their jobs outright and instead staying put, pulling back and not performing at optimal levels due to their disengagement. This trend, dubbed ‘quiet quitting,’ has created less job-to-job movement in the market which in turn has contributed to the low number of opportunities available. Meanwhile, other employers are doubling down on their return-to-office (RTO) plans, causing major shakeups for hybrid and remote workers. During the pandemic, organisations were able to add valuable talent to their teams by expanding their workforce from global candidate pools thanks to remote working arrangements. Others who may have otherwise left the organisation due to familial obligations or geographic restraints have been able to stay in their roles under more flexible working models as well. Some businesses’ strict RTO strategies put them at risk of losing valuable talent or putting off potentially valuable candidates.

This is a growing problem that many employers will need to address in Q4, so expect this to take a few forms. Some employers will shift focus from recruitment to retention, focusing on getting their existing talent back on track rather than bringing in new executives. This may include rethinking compensation and altering RTO plans to improve satisfaction. Others may choose to cull underperformers or those refusing to comply with RTO rules, injecting more competition into a crowded job search market. Others may recruit new leadership to help steer the business back on track. Those who make cuts will have to recruit to replace what has been lost, but this may raise red flags for executives in the market. If a business has lost a lot of talent to quiet quitting or RTO plans, you may need to consider if the organisation’s operating model and culture aligns to your own personal search criteria or career goals.

• Accelerating AI Adoption: We would be remiss to make a trends list without the inclusion of artificial intelligence and emerging technologies, which continue to be the single biggest disruptor to the business landscape. We are seeing many businesses announce restructuring and redundancy plans with AI cited as the catalyst, while others flounder in knowing how to upskill their staff and harness the potential of this technology. As we mentioned in our April Executive Outlooks report, there is no turning back now when it comes to AI. If anything, we are deeper into it now than we were back when that report was published. Generative AI and other forms of artificial intelligence continue to evolve and expand, with new updates seemingly every day. Organisations who find new ways to harness AI’s power to benefit their business, and the expectations placed on their people will change as a result. At the senior level, it is unlikely that your role will be replaced by or have extensive direct interaction with AI, but it is important that you understand its overall business value and who as well as how your teams will need to use it in their daily activities. Organisations will need leaders who are primed to lead their adoption efforts and guide the rest of the team through the changes. Prepare and educate yourself for this shift to increase your value in the future of work.

Executive Career Transition Advice

The trends we are seeing are bound to create ongoing business challenges through the end of 2023 and the start of 2024. Rialto Executive Coaches advise the following for those navigating an executive transition in these conditions successfully:

• Strengthen Your Skills: As indicated by the trends, employers are focusing much more heavily on skills than experience. That’s not to say that your experience cannot be valuable, but when undergoing a transition in these conditions our experts suggest emphasising how your experience translates into valuable capabilities. Carry out research into what the in-demand skills are for your industry. Tap into your network to gain insight. If you already possess the necessary skills, assess whether you are communicating them properly or strategise how you can more effectively structure your value proposition to strengthen your search efforts. If you lack the right skills or they could use improvement, focus on upskilling in Q4 so that you can enter the market with the best possible chances in the new year. As shared in our mid-year market update, the World Economic Forum listed a number of skills on the rise in their 2023 Future of Jobs Report, for individuals to benchmark against including analytical thinking, creative thinking, resilience, flexibility and agility. Focus on how you can demonstrate and communicate these skills to appear more valuable to potential employers.

For businesses, the advice from our previous Executive Outlooks updates still apply. If you’re considering business restructuring or cost-cutting measures, it’s crucial to avoid jeopardising your ability to steer the company through future chapters due to poor planning and skill shortages. If recruiting isn’t feasible, prioritise upskilling existing teams to ensure they possess the required competencies. Additionally, concentrate on employee satisfaction and retention to maintain optimal performance from your talent pool.

• Structure Your Strategy: A cooled-down jobs market may be stressful and a bit daunting if you are in transition, but the slower conditions offer an opportunity to shift your focus to your strategy. In a difficult marketplace such as this, you need to have clear objectives, priorities, and a plan of action. What employers do you want to target in your search, and who are the key decision-makers you need to influence? What exactly are you looking for in your next role, and what do you bring to the table? The slowdown in activity makes it possible to devote time to getting this right so that when things eventually do pick up, you will be ready. Working with an expert advisor such as our Rialto Executive Career Coaches through a tailored, 1-1 career coaching programme can help to increase your effectiveness and ensure your strategy and positioning meets market needs.
• Strengthen Your Personal Digital Brand: Building your online persona needs to be a major element of your strategy and is a major element of all Rialto Executive transition and Executive coaching programmes. Today’s job search experience skews heavily digital, so it is crucial that you are leveraging all the available tools to make the right impression when found online. At the senior level, your personal brand is crucial for securing a role via the hidden market both online and off. This remains the best way for senior executives to find and secure opportunities in such a tight market. What might an executive recruiter, a valuable contact, or a potential employer see when visiting your profile? Would they walk away with a strong understanding of who you are as a professional, what you are capable of, or how you might be able to add value to their organisation? If not, focus on optimising your online presence in Q4. Make sure your skills and experience are clear, and that your profiles contain the right keywords for your target industry or job function. Structure your LinkedIn presence for the role you would like to have rather than the role you currently possess or most recently held. Support the brand you’ve built on your profile with your posting activity. Aim to position yourself as a thought leader in your industry or regarding specific topics you want to be known for. Our coaches can advise on how to do this with the strongest positioning.

In conclusion, the challenges of the current business landscape call for adaptability and resilience from both job seekers and businesses alike. Despite the ongoing market hurdles, it’s essential to recognise the potential for growth and innovation within these challenging conditions. Staying well-informed about market trends, fostering skill development, and nurturing employee satisfaction and retention are key strategies for businesses to position themselves for success in the upcoming Q4 and beyond. For those finding themselves in need of a career transition, this is an opportune time to refine skills and prepare for the opportunities that lie ahead, knowing that the right mindset and approach can lead to success in any economic climate.

To learn more about how Rialto executive career transition and executive outplacement services can support you to differentiate your brand in line with future market requirements, get in touch with our team on +44 (0) 20 3746 2960. If you haven’t signed up to receive our market insights or info about our upcoming events directly to your inbox, click here to subscribe.

Having the right talent in the right roles is critical for an organisation’s ability to grow and succeed. It therefore comes as no surprise that despite current economic circumstances, over 70% of leaders in a recent executive survey cited ‘Availability of key talent/skills’ as one of their top concerns. As any senior leader who has had to make hiring decisions themselves will know, there are often challenges when finding and securing talent in key positions, and the process can be stressful and drawn out for the job seekers themselves.

Many executives will put most of their effort into traditional or outdated thinking when embarking on a career transition, which includes searching executive job boards, applying through company websites or contacting recruitment firms. Many roles, however, are filled and even created through a ‘hidden job market’, where opportunities are never publicly advertised. Pre-pandemic, it was highly publicised that 70% of all jobs are not published openly on jobs sites and as many as 80% of jobs are filled through personal and professional connections. We also know that there are plenty of job openings that pose challenges, resulting in these opportunities never being publicised for a variety of reasons such as:

• Companies often have sensitive roles or succession plans that demand discretion. Therefore, they prefer to tap into their internal network or rely on trusted referrals.
• Advertising jobs publicly can be expensive, and organisations may attempt to first map internal talent pools and external referrals.
• Hiring through referrals and networking often results in higher-quality candidates, as these professionals come recommended by trusted sources.

The Power of the Hidden Market

While traditional hiring methods have their place, understanding and harnessing the hidden job market by growing and developing trusted networks can prove to be a game-changer for those looking for a career transition. Individuals who do not invest time and effort into tapping into this area risk missing valuable opportunities and limiting their chances of shaping and securing their next opportunity. Here are some of the reasons to embrace searching for a senior role by navigating the market in this way:

• Network-endorsed career paths: Leadership positions come with high expectations and the inherent responsibility of delivering the organisation’s goals, which are often confidential in nature. Therefore, it is absolutely essential to have trustworthy, capable, and effective executives in these key positions. In pursuit of the right fit for these high-stake roles, we see trusted networks taking over the selection process. The emphasis shifts from the volume of applications to the quality of candidates. Businesses, cognisant of the pitfalls of sifting through an avalanche of ill-suited applications, are increasingly veering toward networks that come with built-in credentials. By capitalising on these webbed connections—composed of trusted industry peers, mentors, and confidants—businesses gain access to a pool of candidates whose capabilities are not just self-proclaimed but validated through real-world endorsements and recommendations.
• Higher-quality roles: Making a career transition through the hidden market increases the likelihood of securing a role that aligns to your strengths, capabilities, and personal career goals and can also offer more substantial responsibility and rewards. Equally, if you are being referred for jobs by those who know you and your work well, they are more likely to put you forward for positions that you would excel in. A strong fit increases the probability of success in that role and helps to improve one’s own career satisfaction.
• Minimised competition: Today’s jobs market is crowded. Gaining traction, increasing visibility, and securing valuable meetings is becoming more challenging. With businesses erring on the side of fiscal caution and scaling back their recruitment efforts, there have been fewer available desirable roles in the market and a high volume of qualified candidates vying for them. Because of its exclusivity, the hidden market is less competitive. Candidates are handpicked based on more holistic criteria rather than pulled from a pile of similarly-qualified CVs. Instead of seeking out roles and applying the traditional way, utilising the hidden market enables you to state your career and role objectives and attract opportunities to you instead of having it the other way around.

Remember, the information shared on job boards and career pages are only a fraction of the full picture. To maximise your chances of securing the best fit senior-level role, you are better served by leveraging your existing networks whilst also building extended networks designed to your future direction. Forging strong connections, making a name for yourself, and being more strategic will produce considerably superior discussions and opportunities than the simple act of application.