Turn an executive job loss into a positive life change

In today’s volatile, uncertain economic climate, the most remunerated staff can be the most vulnerable to job losses as organisations seek to trim the bottom line. Sometimes, the higher the climb, the more dramatic – and painful – the fall can be.

Losing a significant income and the perks that go with it – and then trying to replace it with another – can be one of the most stressful life events for any executive or senior leader. There may be school fees, eye watering mortgages and other domestic expenses to worry about.

The financial stress comes at the same time as a loss of status and confidence at being told your role is surplus to requirements and this can have a devastating and destabilising impact on relations at home.

Questions of self worth, loss of identity and feelings of loneliness or loss of control are just some of the emotions that can make the whole process distressing and daunting, even for those who were active in the decision making process of their role going or for whom the events have come as no surprise.

For some, it can be easy over time to either slump into a state of despair or take the first job offered in panic, damaging years of investment put into building a successful brand and career.

Of course, every senior leader and executive would prefer to feel in control of any career decisions and never find themself in such a destabilising situation.

But it doesn’t have to feel like the end of the world – and could, in fact, be an opportunity in disguise. The first step that our executive transition team will suggest after working through your exit is a reframing of a mindset. Embracing the chance to reflect on your career to date, possible skills development, a pivot or exploring a new and exciting direction can help ward off the psychological impact of an unexpected loss of position and keep a positive frame of mind to seek, identify and seize opportunities you might otherwise never see.

Once your head is in the right place, you are ready to follow these practical steps to stride into the future.

1. Take time to reflect

It’s crucial to take the time to process your emotions, lean on trusted friends and family and accept support to get into that more positive mindset and reflect on your career. In an ideal world, would the position you left have been the one you would have chosen? Is there somewhere else you would rather have been? Why was the role no longer needed? Did the organisation fail? Were you in a dying or declining sector or function? Perhaps this is a wake up call, time for a change. Did you lose your own way somewhere along the line?

Be honest with yourself, but don’t fall into the trap of punishing yourself or feeling like a failure. You were good enough to get yourself into that position. You are still good enough to secure another one – more so, in fact. More experienced, more skilled. Write down your most cherished accomplishments and think about what you had to do to achieve them. As well as building your confidence, they will be useful to keep in mind and use to illustrate your value when exploring your future career options and roles you’d like to pursue.

Take the time to evaluate your recent performance, study the market demand curve ahead and map out the market and update your skills, of which more later.

Is this parting of ways a sign that you were no longer in the right job, culture or industry? Had you lost your enthusiasm or found yourself no longer driven in the same way? We’re human. It happens. You’ll find a better fit. You may well come to look back at this apparent setback as an outright blessing, especially if you walk into an exciting new phase of your career.

2. Assess Your Financial Situation

Understanding your financial situation is critical. Review your savings, severance package and other financial resources against your commitments and obligations. This assessment will help determine your budget and timeline for finding a new job. It might also be a good time to consult with a financial advisor to plan your finances effectively during this transition.

3. Look forward to the place you want to be

Try to visualise where you would like to end up. It can be easier to do this when you free your mind to wander, while walking or engaging in another pleasurable task that does not occupy your poor, overwrought brain. This does not mean identifying the exact role you want now, but thinking about your priorities. Do you want a better work/life balance? Would you like an opportunity to travel more? Or travel less? Or even move to a new part of the country or even the world? All of these possibilities are now open to you. Do you have a desire to give back/ Or interests that you haven’t had enough time to pursue which your vast transferable skills could now turn into a new career? Could you relaunch your professional life by combining your passion and your professionalism in a place that makes you feel happy every time you walk through the door?

4. Seek professional help

Research shows that senior professionals who partner with skilled and experienced executive career coaches excel in the competitive executive landscape. While it’s beneficial to work with high-quality recruitment consultants, it’s important to remember that recruiters ultimately serve the organisations they have been retained with, which can sometimes make it challenging to fully leverage your value or consider your needs.

In contrast, independent career coaches focus solely on your best interests. Establishing a relationship with an executive coach is crucial at this stage of your career. Mutual understanding and trust are core to this partnership. If you don’t feel these elements are present, it’s wise to address this straight away as the focus should solely be on enabling you to be in a stronger position to achieve your goals and aspirations.

Both recruiters and coaches can help you refine your professional profile to align with market growth areas, boost your confidence and secure the right new role for you at this stage of your professional life. Personalised support and unbiased guidance from an executive coach can be particularly valuable as you explore new career opportunities, aim to step up or advance your career and guide you through your next career steps.

5. Update Your CV and LinkedIn Profile

Ensure your CV is current and highlights your most recent achievements and skills & ensure it aligns with future market needs and language . If you have been in the same position or industry for some time, it may be a good idea to totally revamp your online presence as recruiting trends and requirements have moved on. Talent is found by AI in many cases. Your profile must be optimised accordingly. A compelling LinkedIn profile is essential as it’s often the first place that AI, recruiters and potential employers now look. Include a professional photo, a strong headline, and detailed descriptions of your roles and accomplishments, including in-demand soft skills (see our previous insights for details and keywords) and highlight any AI knowledge or experience. If you have a mentor or career coach, get help with this. They will know what recruiters and AI are looking for right now.

6. Leverage your networks

Networking is one of the most powerful tools for those looking for a new role, especially at executive and senior level. Recommendations are gold dust and they can help you access the hidden grey market – with positions that are not advertised or not yet formalised, putting you front of mind, giving you extra time to prepare, or even encouraging an organisation to create a role for you. Inform your professional contacts about your career direction and focus. You could do this via email, sending a message to people working in your target organisations or sectors with whom you feel you have a good relationship. Explain your proposition: the impact you can have and what makes you qualified for it. Attend industry events, join professional online and face to face groups and participate in online forums to ensure the right people keep seeing your name. Building and maintaining relationships can lead to enhanced and increased job opportunities, provide support during your job search and can lead to that decisive information, introduction or recommendation.

7. Benchmark your skills and seek to close any gaps

Whether you have been absent from the job market for two years or two decades, it will have changed – a lot. Generative AI and other technologies have accelerated the evolution of the workplace exponentially and will continue to change everything. Now is a good time to benchmark your skills against industry trends, which any good career coach can help you do. If AI concerns you, it’s time to face your fear. Forrester Research’s 2024 Hiring Trends Report noted that 78% of hiring managers in Fortune 500 companies consider AI literacy a crucial factor when evaluating executive candidates. PwC’s Global CEO Survey 2024 found 88% of CEOs believe AI will fundamentally change their business models within the next three years, necessitating AI-literate leadership. Executives must be able to identify opportunities, develop efficient solutions, manage change, and address ethical implications of AI deployment. You may require additional training to fulfil these requirements. Rialto has researched this area extensively for clients and can provide tailored developmental options.

The skills employers were prioritising even two years ago have changed almost beyond recognition, also in response to changing cultural and people-centred management styles and trends. Empathy, emotional intelligence, agility and resilience are among the skills most sought after in 2024. How do you develop and demonstrate such nebulous skills? Time out of the executive world leaves you perfectly placed to do just that. It might be through play – explore your creative side with a hobby or join a sports team. Perhaps you could volunteer, work directly with people less fortunate. It will help you reground and be great for your CV. If you’ve spent years nose to the grindstone, lurching from one averted disaster to getting another new project live, you may have lost sight of who you really are. Enjoy this time to rediscover what you enjoy, reconnect with your feelings and spend relaxed, devoted time with loved ones and old friends. Your emotional intelligence will shine through, your stress levels will fall and you’ll instinctively feel more confident about clear-headed decision-making on your way to that new role and beyond.

8. Develop an Executive Job Search Strategy

Treat the process of job search or exploring career options like a job in itself. Get up at the same time every morning, dress sharply, put in the hours. Keeping a routine will keep you alert and motivated. Create a structured job search plan. Identify target companies, set daily or weekly goals for targeting and networking activities and keep track of your progress. Assess and analyse any barriers and challenges emerging. Seek feedback where appropriate. Are you looking in the wrong place? Is there a sector or function that better suits your unique combination of talent, expertise and experience? Are you missing skills or failing to properly demonstrate or illustrate them? Read up on what is happening in your target sectors – where are they headed? Which skills are over-supplied? and which are in short supply? Is your skillset now a commodity? How can you fill any gaps? Keep on refining your offering and presentation with every lesson. Put the work in early and you’ll have the best chance of restarting your career on a better trajectory.

9. Prepare for Interviews & Informational Discussions

It may have been a while since you were in an interview. We see people who were head-hunted at university and have never been through a formal recruiter process again. Work on your interview skills now, don’t wait until you’re in front of a panel for the job you really want! Nerves are natural. The interviewers will want to see you at your best and put you at ease. Ask your career coach what are the most common interview questions in your sector/position and to suggest some good answers. Adapt them so they feel comfortable and natural; practice, speaking out loud. You could even record yourself to help refine the content of your answers but do not rehearse them word for word – this will only bore interviewers and put you at risk of missing the point of the question. Listen more than you talk and have questions prepared – questions you genuinely want answers to. Enthusiasm is infectious. Authenticity helps build a rapport and gets you that elusive likeability factor.

Develop a compelling narrative about your career and prepare to discuss your recent job loss positively. How are you going to explain it without: a) spoiling your own chances here or b) criticising your former employer or organisations, which signals disloyalty and indiscretion. Demonstrating resilience, self awareness and a forward-looking attitude can make a strong impression on potential employers.

10. Stay Open to New Opportunities

While it’s essential to have clear goals, being realistic, staying flexible, and open to different opportunities can also be beneficial. Consider interim roles, non-executive directorships, consulting, or freelance work. These opportunities can provide income, expand your network, and potentially lead to full-time positions.

11. Take Care of Your Well-being

Last but certainly not least, job loss and the stresses that go with it can take a serious toll on your mental and physical health. To remain positive and resilient, maintain a healthy routine including regular exercise, a balanced diet and adequate sleep. Mindfulness practices or speaking with a trusted friend, family member or professional can be beneficial to avoid stress levels becoming overwhelming.

A clear and healthy mind will help you make wiser decisions during your early transitional phase whilst maintaining good physical and mental health ensures you stay focused and motivated when applying for new roles. Wellbeing contributes to a better general impression when speaking to individuals, showcasing confidence and stability. Coming full circle, the ability to frame and develop a constructive narrative around your job loss as a positive opportunity rather than a setback can make explaining your situation less painful and more empowering. Focusing on your future aspirations and the new possibilities ahead will help convince you as much as anyone listening.

Losing a job is never easy but with the right approach and outlook, executives can transform this experience into a valuable opportunity. Take the time to reflect, learn from the situation, and adapt. Allow yourself some breathing space to reassess and realign your priorities, rediscover what truly matters, and reconnect with who you are. This pause can provide a more thoughtful approach to your career, leading to an exciting new phase that aligns better with your current self and true aspirations, rather than simply continuing on a predetermined path.

If you’re facing redundancy or are looking for a new role and think you could benefit from professional, personalised support to address any of the above, contact one of the team for a free initial consultation.

You may find some of our previous insights helpful.

• Six ways to use storytelling to supercharge your career
• Upskilling to lead into the future
• Going from Gen AI avoidant to pro
• AI’s rise – executives in transition

Once upon a time, senior executives and leadership tended to work behind closed office doors. The public face of the company – chair, CEO – or appropriate spokesperson would be wheeled out only occasionally to communicate big news.

Today, visibility, transparency and influence are cornerstones of strong and effective leadership. Consumers and clients, now used to the sharing connectivity and culture ushered in by social media, want to know who they are buying from or working with. Are they aligned ethically and brand-wise with the decision makers and, in the case of consumers, individuals profiting from their hard-earned money?

Talent also wants to feel connected to leadership, to feel they know and trust the people they work for and are valued.

If you are leading a medium to large organisation, you will have your own internal and external comms teams to manage the daily output of information, working in tandem with leadership to help maintain consistency and protect and promote the brand.

Alongside and above that, executives should be thinking about ways to position themselves as thought leaders and be seen to embody the essence and ethos of the organisation. Positive visibility will enhance relations with all stakeholders, raise your profile and further the objectives of the company as well as your own career.

Here are 11 steps to communicating with purpose.

1. Identify your purpose. Take time to consider why it is that you do what you do, as an individual and as an organisation. If you want stakeholders to believe, you have to bring them on board with your vision. Sometimes, with nose constantly to the grindstone, it is easy to lose sight of your purpose. Step back and ask, what you are expecting your core audience to buy into and why?

How do you want to come across? Tesla is an interesting case in point. The cult of personality around unpredictable CEO Elon Musk would never work in a bank or insurance company which needs a safe pair of hands. But Musk’s risk-taking innovative leadership style is perfectly matched to his disruptive brand.

How does your leadership style support your purpose and how can you communicate that effectively?

2. Consider the strategic objective behind every communication. What is your key messaging? What do you want to say about your organisation and your part in it and why?

Start with the objective, or call to action, and work backwards to the content and delivery. How do you wish to position yourself? Are you the right person to deliver this message? Think carefully about the words you use around your brand – imagine a word cloud, mentally sketch in the vocabulary you would like to see with your name or company name; try to include as many of those words as you can.

Are you in crisis comms mode? How can you turn that negative attention into a positive?

Are you seeking to build bridges with staff and stakeholders? How can you open channels of communication?

Or are you proactively promoting yourself and your company? Then alignment with branding or a specific campaign should be the priority.

You don’t have to wait until you have news to impart. Events in the wider world can be a springboard for thought leadership pieces as long as they are relevant, timely and you genuinely have something to add to the conversation. Keep the contact going and your presence consistent with regular, targeted output.

3: Consider who you want to reach. Is it customers? Investors? Your workforce? External stakeholders? Is your audience domestic or multi-national? Niche or broad? Tailor your style of delivery accordingly.

One of the greatest challenges facing leadership post-pandemic is maintaining cohesion and engagement from hybrid workforces. Use different channels, both synchronous and asynchronous, to make remote staff feel included and connected. Record personal messages or stream live to celebrate milestones, praise specific teams for jobs well done and share important news.

4: Think where and how you are going to reach them. Meet your target audience in the spaces where they hang out. Gen Z and Alpha – born in the last 25 years – might be more receptive to a TikTok or YouTube video. You’ll find Millennials there but also on Instagram, Whatsapp and Twitter/X.  Language and length of your message should be modified to suit without going completely native –  trying to be “down with the kids” will only ever backfire.

If it’s the business community you want to influence, LinkedIn with its cautious creativity remains the most important channel.

With website blogs and insights, get help with your SEO (Search Engine Optimisation – pushing you up on keyword internet searches) to extend your reach.

If you’re looking to build strong relationships, real life meetings will always be the best way to energise and engage people directly but webinars are more accessible globally and, with the right visual aids and personalities presenting, can have a longer shelf life than a live event if they are recorded and shared via YouTube and other channels.

Podcasts are another way to grow your influence and reach new, global markets in a specific field of interest. Relatively easy and inexpensive to make, they can be carefully choreographed to appear off the cuff and accessible. They offer an excellent opportunity to cloak your branding or messaging in a wide-ranging conversational format that feels more like an experience and less like hard marketing. Audio is often accessed by people when they have time to kill, commuting, walking, waiting, and wearing headphones, making it a focused, immersive listening activity.

However you decide to get your thought leadership out there, choose a Zeitgeist subject, do your research, think how you are going to incorporate key messaging and push it on social media.

5: Don’t be sesquipedalian! (that’s a long word for overusing long words, but you probably knew that already.) Stick to plain, inclusive English (or whatever language you are communicating in) wherever possible. You want your ideas to shine, not be eclipsed by the way you express them.

If you are communicating to a closed group of individuals who are all well versed in your specific sector language, acronyms and technical terms are acceptable.

In all other instances, avoid them. If you are communicating with a broad audience, imagine you are talking or writing to an intelligent 12-year-old. That way, you will avoid being condescending or alienating people. Always use the shortest appropriate word instead of trying to dazzle with complex vocabulary. If you need to use a specific technical term, explain what it means.

6: Use humour (when appropriate). Humour is the great leveller, gets people off their guards and creates emotional connections. If you aren’t naturally gifted or confident trying to be wry or witty, borrow other people’s funny stories or jokes. It’s a good idea to run your content past someone whose judgement you trust and who won’t be afraid to give honest feedback or via a specialist team before you share. A misjudged quip can be more damaging than silence.

7: Keep it brief and memorable. Go back to steps one and two. The fewer words you can use to get your key messaging across, the more effective it will be.

8: Make it visual and lively: This applies especially if you are appealing to a younger market or have a visual product to promote. Visual learners respond to images and graphics, auditory to verbal information. If you can incorporate both, you’re spreading your net wider.

9: Conversations not monologues. When communicating with stakeholders, especially employees, ensure channels are open for two-way communication. Not only will it make people feel invested, appreciated and listened to, they may have invaluable insights to share. As a leader, you can offer them a safe space to sound them out without risk of being shot down or ignored. Respond positively to every suggestion, whether or not it is a goer, to encourage appropriate risk taking and creativity.

If you are limited to text, whether via social media or more traditional formats, ask lots of questions to fully engage your readers’ minds.  On social media, use hashtags, try to get a conversation going.

10: Give something of yourself. If you feel comfortable and safe doing so, connect with your audience by sharing personal anecdotes, thoughts and feelings. For example we’ve just had International Women’s Day – the perfect opportunity to praise the women in your life, whether your mother, partner or Chief Finance Officer. Let people see that you are a human being with multiple facets who understands your customer base or workforce.

Be brave and authentic. Showing humility by revealing your own vulnerabilities or admitting to mistakes is one sure fire way of building genuine trust with your audience.

11: Listen. There is so much more to be gained from listening than from speaking. Once you have initiated a conversation, how will you measure its impact and learn from the response? Feedback is invaluable data, whether positive or negative. The more personalised your response to incoming communication, the more you will positively engage your target audience. Active listening and effective communication can turn a critic into a fan or at least neutralise any negativity.

If you provoke an unmanageable volume of responses, it’s a good sign for starters. Respond in general and use analytics to help extract insights, measure sentiment and adjust your tone or content in future communication.

Of course, every individual has a different style of communication. Finding your voice and platform can take time. Think about what you want to achieve and look at the feeds of the leaders you admire or some of the most renowned influencers such as Arianna Huffington, Bill Gates and Mark Cuban. Also look at those in your own networks at those who resonate or your admire on what they do well.  See how they combine the personal with the professional while maintaining dignity and suitable distance.

Whatever your position, field of expertise or experience in communications, remember your wealth of information is an asset which is valuable to others and carries great currency. Sharing it can only open doors and build stronger relations.

At Rialto, we have a team of specialist consultants covering every area of leadership coaching, including communicating with purpose. If you need support building your profile or communication strategy, contact us on +44 (0) 20 3746 2960.

If senior executives could have accurately predicted the full scope of the 2008 financial crisis, the coronavirus pandemic, or any of the other difficulties the economy has faced, chances are the market would look a lot different than it does today. While no one can predict with certainty what lies ahead, strategic readiness is paramount with leadership success determined by your ability to skilfully play out the hand you are dealt.

The dynamic landscape of the future of work is rife with challenges, driven by technological advancements, societal shifts, and other global factors, and the trends we are seeing now are likely to have a lasting impact on what is to come. Rialto research into growth areas, senior-level strategic priorities, and the macro factors impacting today’s market has identified the following trends and areas of future focus for senior executives:

• Increased Organisational Complexity & Strategic Transformation: As Automation, artificial intelligence, and robotics are reshaping industries and transforming the nature of work, efforts to reimagine and reconfigure how businesses operate will increase. Within the next year, companies that have not integrated and adopted a digital strategy may find themselves unable to compete in the evolved market.

To remain relevant and competitive, organisations need to ensure more time and effort is invested into creating a robust executable future-of-work strategy. This includes a greater need for strategic thinking around business imperatives such as data analytics, sustainability, marketing and leadership including the approaches, tools, and resources needed. Personal interfaces, virtual collaboration and new media will enable global and real-time communications requiring different environment thinking focused on facilitating the flow and exchange of ideas, providing greater autonomy and transparency.

• Shifting Workforce Demographics: With people generally living and working longer, the complex dynamics of accommodating five generations within the workforce are often underestimated. This is further influenced by both the potential rise in the retirement age and a potentially lower entry age.

The expectations and motivations of these different groups vary, presenting multifaceted challenges for recruitment, retention, and engagement. With younger workers expressing a preference for more flexible working models, employers will likely need to rethink their traditional stances on in-office work. This could also lead to more diverse workforces, as remote work expands the talent pool globally.

For business leaders, this potential diversity necessitates the creation of alignment across generational and geographic boundaries. Achieving this alignment may require adapting employee experiences, fostering a strong corporate culture, and strategically matching skills to specific roles.

• Skills Driven Hiring: Having the right skills will be paramount to success in the future of work. We are already seeing a shift towards skills-based hiring over experience, as employers have come to recognise that a candidate’s past job titles matter far less than that candidate’s ability to bridge knowledge gaps and adapt to new challenges

This shift in perspective will give rise to a workforce that’s not only recruited based on existing skills but also on their capacity to acquire new capabilities. Those ahead of the curve will nurture talent not only to open doors to business expansion but also to fuel personal career development.

However, this transition isn’t merely about shifting from one hiring approach to another. It’s also a profound transformation of workplace structures. The traditional, pre-pandemic, role-based hierarchy is increasingly at odds with the skills-based hiring model. As titles take a back seat and skills and capabilities become the primary currency, we predict the workplace’s meritocracy will undergo a significant shift.

• Balancing Human and Digital Productivity: As we peer into the future of work, the convergence of productivity and efficiency considerations encompasses both the human and digital workforce. The strategic integration of advanced technology to elevate organisational capabilities offers immense potential, particularly when underpinned by a commitment to practicality, ethics, and risk management.

In the World Economic Forum’s 2023 Future of Jobs report, respondents predicted that 42% of business tasks will be automated by 2027. To benchmark, current estimates indicate that approximately 34% of all business-related tasks are performed by machines. This implies that a substantial 10% growth in automation is on the horizon over the next four years. This estimate is more conservative than others have made, and while it is hard to predict exactly where AI development will reach in the next several years, the fact is that it will have a transformative impact on the future of work. The rapid evolution of robotics, Cloud infrastructure, Generative AI, and more have already generated major operational efficiency and productivity gains for those who have adopted them, and as technologies develop and AI becomes more intelligent, there is only more to be attained.

• Purpose-Led Businesses: Finally, we expect to see both organisations and their operations becoming more globally transparent, which will require more purpose-driven decision-making in the future. This will require a genuine commitment from leadership and a deep understanding of the organisation’s purpose, values, and the societal and environmental challenges it aims to address. Both customers and employees alike increasingly want to associate themselves with social causes that align with their values and share their sense of long-term social and corporate responsibility. Successful organisations will be those with a clear focus on their mission who champion it effectively through both their actions and their words.

Looking ahead, we recognise that predicting the future of work is a complex task but preparing for it strategically is within our control. The trends we’ve explored all point to a future where adaptability, agility, and a joined-up focus on talent and technology will be paramount. For senior executives, embracing these trends and proactively aligning strategies with them will not only help to weather the storms but also seize the opportunities that lie ahead. The journey is uncertain, but by keeping a firm focus on the future as we navigate the now, leaders can guide their organisations toward continued growth and resilience.

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.

While authority and formal titles may dictate a certain level of control or gravitas, true leadership is not about your ability to command others but rather your ability to inspire voluntary action. Influence is a delicate fusion of empathy, communication prowess, and vision. It requires an understanding of the unique motivations and aspirations of individuals and involves leveraging that understanding to guide teams toward shared objectives. A leader’s ability to influence reflects their ability to connect with people on a personal level, to build trust, and foster a sense of belonging and purpose.

Whether you’re championing a strategic initiative, leading restructuring efforts, advocating for new technology, strengthening  customer commitment or motivating your teams towards agility and higher performance, your ability to generate buy-in, inspire confidence, and shape outcomes hinges upon whether you are able to effectively gain support from your key stakeholders, many of whom will not necessarily be I the same room as you too regularly.

Our expert Rialto Executive Career Coaches have shared the following five essential strategies for senior executives to consider when seeking to enhance their leadership influence.

1. Master the Art of Persuasion: To influence effectively, it’s vital to master the art of persuasion. This involves appealing to both reason and emotion. Look to substantiate your position with data and facts, but also attune yourself to your audience’s feelings. Demonstrate how your vision and objectives align with their values and aspirations. Look to also clarify how their support and/or contribution support the broader outlook. A common error which many leaders often make is not focussing on multiple stakeholder benefits, even though they know that not everyone shares the same level of commitment to a particular cause or direction. To be truly influential, you need to be realistic about the various drivers for your different audiences and persuade them from that vantage point.  Segment your audience to customise your approach and consider their different interests and priorities.  Emphasise positive impact and what success looks like but equally anticipate and openly address challenges and risks, inviting feedback and creating space for dialogue.  Remember, mastering the art of persuasion is an ongoing process requiring self-awareness, practice, and a genuine commitment to understanding and connecting with others.
2. Build a Compelling Personal Brand: Your personal brand is a powerful tool for influence, both online and offline. A strong personal brand can make your message more compelling and trustworthy, especially where you have shared your expertise and values and proven yourself as a trusted contributor in your field or on key topics. Consistently align your actions and communication with these attributes is essential, both within and outside your organisation. Those that have established credibility among peers, team members, and stakeholders are much more likely to have their voice heard and be followed. Many senior leaders use LinkedIn as a preferred thought leadership platform to raise personal digital brand awareness, given its professional reputation compared to other social networking platforms. Build a strong profile on the site that accurately outlines your background, experience, and professional identity. Ensure that the information you include creates the desired perception you would like others to glean. Then, use the platform to build your influence through your posting and activity. Share relevant research, comment on trends affecting your industry or business, and actively engage in conversations about your topics of expertise. Leverage your brand to build your network and get in front of key members of your audience. Name recognition goes a long way in creating credibility and trustworthiness. Having a well-structured and active profile can help to position you well as a leader in your industry or job function, which in turn will support your ability to influence others.
3. Leverage Technology Wisely: Using technology to build your influence is a must in today’s digital age but ensure that you are doing so wisely. Utilise it to your advantage but be mindful of its limitations. Video conferences, webinars, and social media can extend your reach, but they still don’t create the same impact as face-to-face interactions Be mindful of how and why you use technology in your communications efforts and ask yourself if this is the right platform or appropriate messaging for your audience and brand. With the rise of generative AI, employing a platform like ChatGPT to draft thought leadership and persuasive messages is being seen as a valuable time saver for busy executives. However, generating content this way without your own perspective does little to portray your unique voice, match your tone and can occasionally generate inaccurate or misrepresentative information. To be truly influential, you need to own your narrative and your messaging instead of handing over to AI. Generative AI is an incredible technology, but again has its limitations. Use it as an assistant to your efforts rather than letting technology take full control.
4. Develop a Community and Open Communication: Both online and offline, you should be listening as often as you speak and empowering others to share their thoughts as well. Do not just share or ‘publish your own thoughts and expect that to be enough to position you as ‘influential.’ The most successful influencers are those who build communities of trust first. Spark valuable and thought-provoking conversations with others. Invite your audience to share their opinions and respond to them. Comment on what others have to say be that in your organisation, in your industry or on a wider platform. Influential leaders do not exist in isolation.

As a leader, take the initiative  to create a culture that encourages and supports open communication and collaboration. Encourage feedback, welcome diverse perspectives, and ensure that information flows freely. A transparent, open culture fosters trust, honesty and creates alignment. It also makes it easier to generate buy-in for initiatives or strengthen decision-making through collaborative input.

5. Continuously Learn and Improve: Building your influence will not happen overnight, and effective communication is not a static skill. You should always strive to learn and improve your messaging and your method of delivery. Seek feedback, stay updated on trends, and adapt accordingly. A commitment to ongoing self awareness and growth will help you to become influential long term, which will prove valuable in times of both prosperity and turmoil.

When leaders lead by example, showcasing values and behaviours that align with the bigger picture and a shared purpose, they set the tone for those around them. This sparks a ripple effect that in an organisation creates greater workforce cohesion, fosters innovation, and improves agility and resilience in the face of challenges. In an era characterised by rapid change and complexity, influence becomes even more valuable. Leaders who can adapt and communicate effectively in diverse and cross-functional teams are better equipped to guide their organisations through tumult, bridge gaps, resolve conflicts, and navigate uncertainty with grace.

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.

One of the foremost challenges for new executive leaders is quickly grasping the intricacies of the new organisation’s context. Each organisation has its own culture, dynamics, and operational nuances. Understanding the organisation’s history, values, and key stakeholders becomes crucial for effective decision-making, building relationships and leadership impact. Executives must dedicate time and effort to immerse themselves in the new context to gain insights and identify roadblocks to performance.

Here are some of the factors to consider in order to do this effectively:

• Bridging the Expectation Gap: As new leaders step into their roles, they often face high expectations from various stakeholders including the board, employees, customers, and shareholders. Meeting these expectations requires clarity in role definition, aligning with the organisation’s strategic goals, and effectively communicating one’s vision and plans. Often failure at the senior level is caused by having an unclear mandate for what is expected of the senior executive in that role. Every one of these stakeholder groups will have their own expectations for you in your new role, and their own hopes for what you might accomplish in their interest. To assimilate successfully, gain clarity on your responsibilities, remit, objectives, and KPIs early on to avoid any confusion and setbacks.  Take the time to get to know members of these groups, whether that means interacting with them one-to-one, studying your organisation’s customer data, or studying up on your industry. Communication and engagement are essential to proactively partnering with stakeholders. Determine who owns which actions, who to turn to for information about specific functions or issues, and which hats you are meant to wear within the business, at what times. This way, you don’t overstep, cause upset, or spread yourself unnecessarily thin. Listen to their concerns, aim to truly understand them, and manage expectations through transparent and authentic communication.

• Building and Aligning the Senior Leadership Team: Senior leaders do not exist on an island by themselves, and to successfully serve the business the leadership team needs to work together to achieve the desired culture, performance and goals that matches the vision and mission of the organisation. They are aware that success isn’t guaranteed by a sound plan only. Many businesses have strategies that sound excellent on paper but fall short of producing the desired results. New executives must assess the capabilities, diversity, and alignment of the senior team but also the wider organisation. They should agree on the ‘Why’ of the organisation, encourage open dialogue, productive debate, foster collaboration, and establish a shared vision with clear accountabilities aimed at developing and growing the organisation. Strengthening team alignment also allows for confident decision-making, resilience in the face of challenges, and the ability to navigate and bounce back from disagreements, difficult situations and/or crises effectively.
• Driving Change and Adaptive Operations: This agility is crucial in today’s rapidly evolving business landscape where change is inevitable. C-suite leaders are responsible for setting strategies and actions that enable adaptive operations. This involves building a compelling case for change, creating short and medium-term wins, and being prepared to pivot when necessary. With calculated risk, learning from failures, and continuously moving forward, leaders can foster an environment that encourages innovation and supports the organisation’s evolution. Do not abide by the organisation’s status quo just to fit in and feel welcomed in your new role. Be a champion of the type of change that will drive the business forward whether it is comfortable or not. The business will be better for it.

In a business climate full of greater complexity, numerous competing demands, different leadership challenges spring up daily and often from all sides. The task of any new leader is to ascertain how differing priorities and interests align with the organisation’s goals, and how they can best deliver the right impact in the right priority order for all stakeholders. Focus on being honest, authentic, and developing meaningful relationships. Remain curious and develop collaborative, open relationships with your team whilst listening, understanding, and predicting your ultimate customer needs and behaviours.

Rialto clients who have transitioned into leadership both internally or externally often find that working with an Executive Career Coach who has been in their shoes but is impartial to their organisation helps to improve emotional intelligence, enhance strategic thinking, and creates a mindset shift that helps them to move forward more quickly and with less risk. At a time of personal change, having someone to speak to externally that can quickly hone your awareness of your effectiveness and assist in transferring learning into action can make the difference in accelerating your success.

As Q3 gets underway, we are entering a critical period that can make or break an organisation’s success for the year. Now is the time to take the lessons from the first half of the year and learn from them to finish strongly in the final two quarters. While Q4 tends to be considered ‘crunch time’ for most, effective preparation in the three months leading up to it can alleviate some of the pressures faced.

For those executives looking for a career change or transition, prior to summer truly setting in and many individuals take planned summer breaks, this is a good time to clarify and focus on your priorities, strategise a new approach, and strengthen your profile to increase visibility. Individuals should also act swiftly and proactively to schedule discussions, interviews, and meetings in the diary to retain crucial networking momentum and explore opportunities with key stakeholders where their skills and experience can add value and address the challenges ahead in their chosen sector or potential organisations of interest.

Here are our experts’ assessment of the current state of the executive jobs market and the macro business landscape, the top trends that will shape the second half of 2023, and our advice on some of the factors to consider for navigating these conditions successfully.

Job Market Snapshot

We entered Q3 with near-record wage growth and low unemployment. The ONS Labour Market Overview for June 2023 saw the UK’s unemployment rate drop to 3.8%, undercutting forecasts for an increase to 4%. With a record 33.1 million Brits in work, UK employment has finally climbed above its pre-pandemic level even though the rate is still lower than in 2019. This growth is despite yet another drop in the number of available vacancies, which fell to 1,051,000. This is the 11^th consecutive period in which vacancies fell and reflects the ongoing uncertainty across industries, with economic pressures cited as a major factor holding back recruitment – particularly FT permanent roles which have been in decline since Q1 2023.

Despite the ongoing macroeconomic difficulties, real wages have risen for the first time in 18 months. The June report found that growth in employees’ average total pay including bonuses was 6.5%, and growth without bonuses was 7.2% in February to April 2023. This is the largest growth rate seen outside of the pandemic. However, after adjusting for inflation, growth in total pay fell by 2% in the year February to April 2023 and by 1.3% for regular pay. The cost of living remains expensive and is likely to motivate further job moves.

Key Job Market Trends

For those considering or planning a career transition, our experts have identified the following key trends to be aware of:

• Economically-Driven Hiring Decisions Will Continue: Unfortunately, the soaring wage growth and boost in employment may likely result in yet another rise—if not several rises—in interest rates as the Bank of England works to contain unrelenting inflationary pressures. Higher inflation rates lead to more businesses erring on the side of caution and acting conservatively when it comes to recruitment. That’s not to say that opportunities are not out there at the senior level, but it may mean working harder and more creatively to reposition your profile and relevant and ensuring its relevant and valuable for future market needs.
• Fierce Competition and Less Roles: Well-qualified senior candidates will find themselves in fierce competition with other similarly qualified peers for a reduced level of desirable roles. In a recent survey conducted by FTSE 250 recruiter PageGroup, half of the respondents reported that they are actively looking for a new role or are planning to seek new job opportunities in the next six months, with only one in 10 feeling confident that they would stay in their current role through this year. Research from KPMG and the Recruitment and Employment Confederation (REC) supports this, finding that the rate of people seeking jobs in May 2023 increased at its fastest rate in three and a half years. With that many people open to making a career transition, those executives actively in the market should expect fierce competition and should work to skilfully differentiate themselves to secure the most desirable roles.
• Generative AI Transcends its Hype: One key way to differentiate is to become adept at navigating the latest technological trends. One we have been hearing plenty about since the start of this year is generative AI. Many businesses are cutting through the noise and seriously exploring adopting this transformative technology. Understanding that this is not just the latest fad and is instead the single most transformative technological advancement impacting the world of work is essential for successfully futureproofing oneself and demonstrating the long-term value and relevance of your profile to future requirements.
• Ongoing Difficulties Across Various Industries: Despite the boom in technological adoption, the tech industry is one of a few sectors that may struggle in the near term. After a boom of several years, many companies are feeling the economic pressure and pressing pause on recruitment or downsizing their own workforce. Tech is not the only industry facing ongoing hardships. Despite post-pandemic rebounds, high costs of living continue to negatively impact the hospitality industry. Manufacturing continues to struggle to fill roles and faces issues from global supply chain disruptions. Other sectors facing difficulties include construction, retail, and financial services. Our monthly City Financial Services Index updates continue to record fluctuating demand across subsectors, but the first half of the year saw major turmoil across the industry. If our friends across the Atlantic offer any indication, then the second half of the year is set to contain more upheaval. Job cuts at the largest US banks this year are on course to surpass 11,000 as Wall Street contends with the worst recruitment market since the 2008 financial crisis. Goldman Sachs, Citi, JPMorgan, and Morgan Stanley all made cuts in the first part of the year, and it is not unreasonable to expect more to come. Anyone looking to enter one of these challenge-plagued industries should expect cautious recruitment behaviours. But on the other side of the coin, there is a greater need for strong leaders skilled at navigating market challenges and delivering high value transformational business impact.

Executive Transition Advice

With these trends in mind, our Rialto Executive Career Coaches offer the following advice for navigating an executive career transition through the second half of the year.

• Manage Your Expectations: Avoiding what we call the ‘Risks of Hope and Disillusionment Dynamics’ is one of the biggest challenges many senior level job seekers face when undergoing an executive career transition. A job search can be an emotionally charged process, and often one’s own biases and ideals can skew expectations and lead to disappointment if things do not go to plan. This makes rejections hit harder. Understand that setbacks are normal and treat them as a lesson rather than a roadblock. What can you do better next time? What areas should you highlight? Or perhaps what was it about that role or organisation that did not fit in with your objectives, values, or vision? It is natural to have a drive towards holding high hopes for your career transition but try not to become so wrapped up in them that you allow them to defeat you.
• Leverage Your Brand to Differentiate: To put yourself in the best possible position to succeed in a highly competitive senior market, you need to stand out from the crowd. At the senior level, it is likely that most candidates will be similarly educated, similarly experienced, and equally qualified. It’s a matter of finding and showcasing USP’s you can bring to the table that will often help you secure the role. That may be your reputation as a thought leader in your industry, your expertise in a specific niche, or the in-demand skills you possess. The best way to communicate these attributes to a potential employer is through your personal digital brand, especially in the increasingly virtual jobs market. How you communicate online, the connections you make with industry peers, and how you position yourself all contribute to the bigger picture of who you are as a professional and what you have to offer an organisation. Strengthen these areas to increase your visibility and leave the right impression.
• Build Your Skills: Beyond thought leadership, your skills are the single biggest differentiating factor in an executive job search. In their 2023 Future of Jobs Report, the World Economic Forum listed the following 10 skills as those most on the rise:
  • Creative thinking
  • Analytical thinking
  • Technological literacy
  • Curiosity and lifelong learning
  • Resilience, flexibility, and agility
  • Systems thinking
  • AI and big data
  • Motivation and self-awareness

Many of these are what would traditionally be considered ‘soft skills’ that can be honed and developed over time, while others might require training. Determining where you might be able to showcase these capabilities in your existing experience and adequately communicating this via your personal digital brand will be a major asset in your executive career transition. Developing the additional capabilities most desired in your industry will also help to further set you apart and help to futureproof your career.

Understanding the current trends in the business and job market will enable you to better anticipate and prepare for what lies ahead in the second half of the year.

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.

The marketing function has undergone a major transformation over the last decade, playing an important role in the increasingly competitive business landscape. Challenging economic conditions have made it vital to attract new customers and retain existing loyalty, while the digital world has reshaped customers’ habits and increased expectations. It falls on the Chief Marketing Officer (CMO) to facilitate growth and sales, determines the brand’s direction and marketing strategy, ensuring their team can develop and execute successful future focussed marketing strategies.

This future will be shaped by leaders who are empowered by technology, consumers who adjust their habits with the times, and businesses who embrace digitisation quickly to avoid being left behind. Much of today’s customer journey takes place across digital touch points and will become increasingly virtualised over time. The CMO must prepare their team for this shift, generate support from related functions such as sales, and marry the best of the old ways with rapidly advancing market and business practices.

Here are some of the top skills required to be successful in the CMO role for the foreseeable future, challenges faced, and factors to keep in mind if a CMO role is your next career objective.

CMO Snapshot

At the time of publication, a LinkedIn search for profiles bearing the title of ‘Chief Marketing Officer’ yields 747,000 results globally, and 30,000 in the UK alone. A search for the same title in the Jobs section of the site results in just shy of 800 vacancies in the UK. Just as with many other C-suite roles, there is no blueprint for what a CMO looks like. However, demographic research helps provide a glimpse of where things currently stand.

Analysis of CMOs from FTSE 100 companies and the Inc. 5000 list found that a typical UK CMO is male, British-born, and 44 years old. Separate research from Korn Ferry finds that the average CMO is older at 54 years old, but still usually the youngest in the C-suite. On average, marketing chiefs in the FTSE 100 will have worked within their companies for approximately 8-9 years and had experience working for at least three other companies beforehand, spending around 5-6 years at each job prior to ascending to the CMO seat.

However, after ascending to the top of their organisation, the CMO is the least likely of their C-suite peers to stick around. This role has the shortest average tenure of any C-suite function at 3.5 years. This is notably higher turnover than seen amongst the average tenures of CEOs (8 years), CFOs (5.1 years), and CHROs (5 years).

In recent years, there has been a rise in businesses introducing what is called a ‘Fractional CMO’ as an alternative to having full-time marketing leadership in the C-Suite. These highly skilled experts are brought in from outside of the organisation to help with customer acquisition, developing and executing strategy, mentoring the marketing team, or delivering a specific campaign. This type of arrangement can benefit both the business and the individual executive. On the organisational side, the business gets to introduce much-needed marketing expertise and fresh, outside perspectives without the commitment of a full-time sitting CMO. For seasoned marketing executives, it offers the opportunity to enrich their career, seek out new challenges, or introduce more flexibility into their working life.

For those taking on the CMO role full time, according to Glassdoor, the national average salary in the UK is £106,552. The average additional compensation for the role is £20,901. The top-end salary for this role is approximately £201,000. In London, CMOs will earn slightly higher with an average salary of £112,125 and an average bonus of £16,000 per year. That said, compensation for the role will vary by experience, geography, business size, and other individual factors.

Top CMO Skills

Marketing is the primary communications function of the business, but there is more to being a successful CMO than simply being a skilled and effective communicator. Given the evolving needs of the marketplace and ever-changing consumer habits, our experts have identified the following top skills for marketing leaders to focus their attention on.

• Customer Centricity: Serving your customers, whether that be through products or services, is the reason your company is in business. If you are not keeping your customers at the heart of every discussion you have, every initiative you introduce, and every decision you make, then you can expect to fail.
• Keen Ability to Demonstrate Need: Behind the CEO and COO, the CMO is one of the most publicly facing roles in the C-suite. The CMO needs to be able to paint a picture for audiences that clearly communicates how the company’s products or services meet a need that specific customer segments may have. But at the same time, the CMO may find themselves having to sell their vision to the rest of their peers on the C-Suite, their own team, and others across different departments of the organisation. If your internal team does not share in the vision or understand how the wider strategy supports the customer journey, then you risk mixed or ineffective messaging.

Emotional Intelligence and the Human Touch: A global survey of 935 senior leaders and direct reports and over 1,100 members of the workforce suggests that human emotions are a key determining factor in the success or failure of a business transformation.

A successful CMO is one who truly understands and can put themselves in the shoes of their customer, and who allows that perspective to guide their strategy. Instead of imploring your customers to flock to you, you need to be able to meet them where they are and offer a solution to their pain points. This can at times be difficult, as CMOs will face pressure from the organisation to deliver results at all costs. But the ability to be realistic about who your customers are, what they care about, and what they are going through will make you better able to relate to and effectively communicate with them. Having this understanding at the top of the marketing function helps to shape the activity and the mindsets of the rest of the team. This is now more valuable than ever with digital taking over so much of the customer experience. Being able to provide a human touch to all marketing activities helps to fill a crucial gap that technology cannot and can add rationality and reasoning to all communications decisions.

• Empathy: If we are being truly honest, then it is fair to say that we are living through a challenging period in both our professional and personal lives. We have made it to the other side of a multi-year global pandemic, but many of us have lost things and people along the way. The aftermath is still echoing through our global economies alongside new challenges, disruptive forces, and geopolitical tensions. Business leaders, their people, and their customers are having to navigate all of this. In the meantime, marketers are having to adapt to the resulting changes in their customers’ spending habits, priorities, and needs.
• Future-Focused Leadership: After ChatGPT burst onto the scene with vigour, there was much discussion surrounding what this would mean for entry- and mid-level marketers. If a bot can create content, what do we need people for? This mindset does not depict the reality of the situation, which is that most jobs will be reshaped rather than replaced, but the thought is likely to have burrowed itself into the minds of many in the marketing department. The CMO should be able to help clearly define the respective roles of both technology and human talent within the marketing department and ease their people through this transition. Do not downplay their concerns, but instead communicate openly about what change lies ahead and what it means. Bring your people on the journey with you but understand that they will likely have their own reservations.

Top Market Challenges Impacting CMOs

The skills above will be critically important as CMOs attempt to navigate the challenges of the current business landscape. Some of the top factors that these executives should be aware of are:

• Rapid Digitisation: The future will most likely include new technologies such as generative AI, which has been quickly disrupting the marketing space and altering the way companies communicate with and understand their audiences. It has also provided a competitive edge to businesses of all sizes and industries, allowing those brave and bold enough to embrace change a leg up on the laggards. As International Hotel Group (IHG) CIO Eric Pearson was once quoted as saying: “It’s no longer the big beating the small, but the fast beating the slow.”

Marketing will likely be a major area of focus for many businesses’ AI adoption efforts. The CMO will have the responsibility of pinpointing which areas technology can improve and making those recommendations to the rest of the C-suite. CMOs should expect to work alongside other business functions to help create a unified omnichannel customer experience across multiple marketing, sales, and service platforms. New generative AI solutions like ChatGPT, Bard, and DALL E have already raised questions about what the role of the human marketer might be. It will fall on the CMO to decide where and how their people use these types of tools day-to-day and guiding the team through that change.

• Breaking Down Communication Silos: Of course, for digitisation and the overall strategy to be successful, there needs to be collaboration between marketing and the other departments of the business. This includes sales, customer service, procurement, operations, and research & development. According to a reportfrom CMO Council and KPMG, 70% of marketers don’t feel very confident in their current sales and marketing model to sell effectively in the digitalised customer journey, and 60% of respondents said marketing and sales don’t co-own customer strategy and data. While these two departments may not function the same, they share the same goals and objectives and need to work together harmoniously to create a seamless customer experience. It will fall on the CMO to encourage collaboration to achieve shared business objectives, defining KPIs for both teams, and creating total alignment on customer audiences and personas. To achieve this, CMOs will have to be very clear on the C-suite’s target growth objectives, whether that be acquisition, retention, revenue growth and so on.
• Shifting Towards Retention and Experience: It is likely that revenue growth will be a top priority for businesses after a few economically challenging years. One of the avenues that CMOs may explore to achieve that goal is to focus on loyalty and retention. Existing customers are much less costly to retain than new customers are to attract. In an increasingly competitive landscape, CMOs will be tasked with holding on to their valuable customers for as long as they can.

Oftentimes, the deciding factor for loyalty is the experience that businesses can offer their customers. Marketing is a very CX-focused business function to begin with, but digitisation has upped the stakes and the expectations. Customers can easily draw comparison between you and your competitors on price, quality, and so on, but these do not always drive decision making. According to Salesforce, an astounding 97% of marketers witnessed a rise in business outcomes as a result of offering their customers personalisation. CMOs need to keep experience at the forefront of their strategy and

• Conscious-Minded Consumers: To successfully attract and retain customers, you need to meet them where they are and cater to their interests and priorities. Over the past several years, consumers have increasingly begun to value and prioritise more cause-driven businesses, products, and initiatives. This includes things like sustainability, diversity and inclusion, socioeconomic mobility, and so on. Today’s consumers, especially in younger groups such as millennials and Gen Z, have increasingly begun to ‘vote with their wallet’ and become choosier about the products they use and the companies they choose to support. This adds an extra layer of depth to customer personas that CMOs simply cannot ignore. Marketing chiefs will need to gain insight into what it is that their customers value most and how those values align with their organisation. Integrating these values into the comms strategy will be important for raising awareness in the marketplace.

Our Advice for CMOs

Given these challenges, our expert Rialto Executive Career Coaches recommend that current and aspiring Chief Marketing Officers focus their attention in these key areas:

• Don’t Fear Digital: Over the past century, marketers have adapted from print to radio, radio to television, television to web, and web to social media. This is simply the next evolutionary stage in a long journey of growth and innovation. Rather than letting that intimidate you, let it excite you. The most successful CMOs are those who can look beyond the status quo and view innovation as an opportunity to experiment and push the boundaries.
• Listen More Than You Speak: Marketing, at times, can feel like shouting into the void and hoping that it echoes into the ears of the right people. It can feel very one sided, but every expert knows that the key to good marketing is two-way communication. At the C-Suite level, it is unlikely that you will have much—if any—regular interaction with your everyday customers. That is why it is important to foster a strong chain of communication from the top of the marketing function down to its lowest level where most of the direct interaction with customers happens. These team members will be the most in tune with what your customers need, want, love, hate, and are most motivated by. These members of your team may not directly report to you, but they hold valuable insights that can help inform the strategies that govern the entire marketing function. Regularly seek feedback, and truly listen when it is given. Understand that your idea of your customer and the marketplace may not always be in line with the reality, and be willing to adapt as needed.
• Become increasingly Data Driven: In addition to communicating with your people, you can also consult your data. Businesses collect more data than they know what to do with, most of which can directly benefit the marketing function. By becoming more data-minded, the CMO can derive valuable insights into their customers, their team, their strategy, and the effectiveness of the company’s marketing efforts. Relying on gut instinct is not always the best and smartest move. Making a habit of consulting your data helps to ensure you always have a realistic view of your audiences and your efforts.

If you are a current Chief Marketing Officer looking for your next executive role, or an executive looking to transition into a CMO role, we can help. The Rialto Consultancy offers a range of career strategy services including Executive Outplacement, Executive Career Coaching, and Personal Branding. Get in touch with our team to discuss your options to make a game changing transformational career move.