Six ways to beat ageism in the workplace

The prevalence of older figureheads at the top of some of the most respected and best paid professions and institutions might suggest that the younger baby boomers and older Generation X-ers have never had it so good.

The median age of the world’s national leaders is 62, 70% of UK judges are over 50 and a third over 60; the average FSE 100 chief exec is 56 and the average US equivalent six years older.

Ageism, what ageism? Some might say.

However strip away these super successful outliers and the picture looks far from rosy:

• Half of all workers will lose their jobs in their fifties, most laid off or pushed out, many feeling unable to continue due to caring commitments or health issues.
• Three quarters in the same age group will not be offered promotion opportunities in their current organisations.
• Recent research by the Centre for Ageing Better found that half of people over 50 had experienced discrimination because of their age, most in the workplace.
• More than 800,000 people aged 50-64 are out of work but would like to work.
• Finance, insurance, communications and information and professional and technical services have some of the youngest workforces, making it increasingly challenging for those even in their mid-40s to remain visible and compete for some of the most sought-after roles in those sectors.
• The big four accounting giants – Deloitte, PwC, EY and KPMG – even have an upper age limit for global leaders who are expected to retire at 60.

So how can senior leaders and executives ensure they continue to be valued and enjoy career progression well into their fifties, sixties and beyond?

Here are six ways to beat ageism and make your extensive experience and mature expertise an asset.

1: Stay tech-savvy

Ageism in the workplace may be partly based on the myth that older means old-fashioned and intimidated by the new.

However, when you consider that the average age of the CEOs of Microsoft, Amazon, Nvidia and Apple is 60, it reveals such prejudice to be reductive and ignorant.

Generative AI and other emerging technologies are here to stay and evolving at breakneck speed. It will remain a perpetual challenge to senior leadership and executives of any age to keep up – but there is an abundance of material online to help.

Whatever your sector or function, you should be considering the technological or digital dimension to every strategic decision without exception. Executives who fail to adapt and continue to use old pre-genAI tried and tested methods will find themselves sidelined and left behind.

Challenge stereotypes by learning the language of AI and other frontier and digital technologies and contributing insights at team meetings, boardrooms, networking events and in written reports.

You could start with our previous blog on Seven Steps to Transformative AI Adoption.

It is worth signing up to any in-house training and devoting time every week to reading up on the latest developments in your field as well as taking advantage of free online webinars and videos.

Helpful sites include Wired magazine, Techcrunch, Apple News and Gartner.

2: Keep your skills up to date

In order to remain relevant in today’s fast-changing economic landscape, it is essential to be aware of the skills, both technical and soft, required by employers as they look to build leadership and teams capable of grasping the potential offered by new technologies and trends.

An Ivy League or Oxbridge degree and impressive CV are no longer enough to keep executives at the top of their profession and the old idea of strong leadership and hierarchical structures of authority are making way for people-focused business, approachability, compassion and inclusive environments to encourage managed risk-taking and creativity and support good mental health in the workspace.

Aside from being confident in being able to adapt quickly to change and new technologies, organisations are looking for leaders who demonstrate agility, resilience and emotional intelligence; they must be able to collaborate, communicate and delegate effectively but also be decisive.

Look at our blog on Essential Executive Skills for 2024 for a deeper understanding of the most valued skills of the moment, how to hone them and make them visible to your current or prospective employer or organisation.

3: Refresh your CV & digital profile

Whether you are looking for an executive transition or progression or want to remain relevant in your current post, regularly re-evaluating and refreshing your CV and digital profile can help you to ensure your focus and skillsets remain aligned with the changing workplace requirements.

If you are not currently looking for a new position, imagine your dream job and seek an advert for a role as close to it as possible. What are the skills required? What keywords do they use? How could you update your own resume to fit? Use terminology to demonstrate your familiarity with current industry trends and technology.

It is a good idea to include a digital skills section, showing any software, technology and AI you currently use or any relevant strategies, programmes or campaigns in which you have been involved.

Consider using a responsive design that adapts to different devices and screen sizes. This will automatically send out the message that you are aware of the importance of user  experience and accessibility in the digital age.

You could use various LLMS /Generative AI such as ChatGPT or Microsoft Copilot to help with ideas on developing and updating your CV & LinkedIn Profile.  Even if you do not plan to proactively market yourself for executive transition or executive outplacement in the near future, keeping both current will highlight any areas for improvement and remind you of the kind of skills and mindset you need to succeed in your current and future organisation.

4: Maintain a work ethic

There is a good reason why the UK Corporate Governance Code recommends a maximum tenure limit for a board chairman to be nine years.

Even the most proficient, experienced and skilled leaders can lose their edge or their enthusiasm if they stay in the same role for too long.

The more routine a job gets, the easier it is to fall into habits and take short cuts.

After 20, 30 or 40 years of working full time, it can be tempting to start coasting towards retirement; having longer lunches, leaving a little earlier, slowing down the pace a little.

However, ennui or lack of appetite and ambition will show itself and it can be contagious. Teams need dynamic leaders who energise, motivate and inspire. Lacklustre performances are unlikely to be rewarded with promotion or progression.

If you can afford to cut down your days to gain more of a work/life balance in your later years without losing efficacy, all power to you.

But make every minute that you are in work count and continue to grow your networks and influence. Challenge stereotypes by demonstrating that you still have the energy and passion of a 25-year-old and nobody will even consider your age a factor.

See your career as a constant journey on an upwards trajectory with unlimited scope for personal growth and development, not a hump that peaks in your 40s.

Consider a career change to suit your changing needs

Of course, if you are struggling to find any joy in work and count down the minutes until the end of the day, the days til the weekend and the weekends until your next holiday, the likelihood is, you are in the wrong job.

As we learned earlier, half of all employees in their fifties are going to lose their position in that decade, so why not pre-empt it? Seize the opportunity to reset, retrain, re-pivot and reinvigorate your career.

It might be that you have health issues or caring responsibilities that make it difficult to commute, work long days and travel for extended periods or that you have drifted from your target career trajectory.

If you have reached a senior leadership or executive level, you have a wealth of experience and skills that would be valuable in any organisation; you might just need support remembering what they are and gaining the motivation and confidence to make a change.

This is where professional career support can help. Career coaches can help you understand the changing world of work and where you might fit in it, or to gain new skills to help launch you in a different role, organisation, sector or even country.

Whether you are in a secure position or seeking work, it is never too late to look for a dramatically different role that will accommodate your changing needs or satisfy long-held but frustrated ambitions.

It can be all too easy to sleepwalk into a stale and unrewarding mid-life career; to become invisible, undervalued and underpaid or to lose sight of your youthful ambition.

But with the ageing population and over 50s fitter than ever thanks to improving healthcare and changing attitudes, middle age is just a state of mind.

Staying open to continuous learning and opportunities for personal growth and progress is key to reducing an individual’s chances of falling victim to age discrimination in the workplace.  However it can happen anywhere to anyone and is far too often perpetrated by leadership from the same age group.

Everyone in the UK, the US and the EU is protected legally from ageism and can seek recourse through legal channels.

Rialto consultants can support you to revitalise or repivot your career at any age. We also run frequent complimentary online webinars on AL, Leadership, Future of Work, Portfolio Careers and other Professional Development topics.

With rising life expectancy and pension ages and a declining birth rate, the workforce is ageing gracefully.

Almost two fifths of the UK population is over 50, up from 32% in 1981, an increase of 6.8 million people. The number of over-65s is expected to surpass the under-16s across Europe this year.

Meanwhile, the lower birth rate means fewer younger people are starting work to replace the retiring bulging Baby Boomers’ generation. Unless industry catches up, the demographic timebomb will have a profound impact on society, healthcare and the economy which is why the UK government and others are encouraging employers to value and actively nurture, retain and recruit older workers.

Over 55s currently represent 25% of our workforce. Yet over-50s are far more likely to be overlooked for promotions, retraining and hiring – one in three believe they have been turned down for a job because of their age and one in five employers admit age discrimination occurs in their organisation.

As well as being illegal and risking prosecution and reputational damage, discriminating on the basis of age is a poor business strategy which could leave any organisation short on skills and with an imbalanced and unstable workforce.

Here are five ways to support older workers – and reap the rewards.

1: Offer mid-life M0Ts.

This is a pilot that has been tested by the Centre for Ageing Better with four big UK companies and it has yielded positive results.

The scheme takes a holistic look at individuals once they reach the 50 milestone.

It explores finance and pension plans, career progression, aspirations and looks at how staff can better balance work with looking after their health and their families.

The result was increased productivity, reduced absence through sickness, commitment to ongoing learning and lower attrition rates.

A fifth of older people surveyed by The Centre for Ageing Better said lack of training was a barrier to their professional development. Are employers failing to offer training or retraining to older staff because they believe it will be a waste of resources? Or that older staff no longer wish to learn or even don’t have the capacity?

In the same survey, 90% of older staff said they took training when it was offered.

Meanwhile, the US Bureau of Statistics found that 45-54-year-old employees stayed with their company twice as long as 25-34-year-olds, meaning greater ROI when investing in older staff.

Offering clear progression pathways and keeping training programmes inclusive to all ages as part of ongoing later-career support can help keep your workforce motivated and skilled in alignment with your organisation’s strategic development and growth.

2: Include age in Equality, Diversity and Inclusion training

Most firms are hot on training around race, gender and disability discrimination but age bias is the big unspoken taboo.

Training could include positive reinforcement about older workers, guidance around the law and menopause awareness.

Ensure all staff are fully aware that disparaging comments, hostility and jokes around age are as unacceptable as those around ethnicity or sexuality; create systems where such inappropriate behaviour can be safely reported and managed.

3: Create a mentoring programme

Inter-generational workforces drive greater productivity, morale, continuity and cohesiveness. Mentoring schemes help connect the generations, allow more mature and experienced staff to share their accumulated knowledge and offer trainees, interns and younger staff safe relationships in which to ask questions, test ideas and learn. They encourage younger generations to appreciate the value of their more mature colleagues and make older staff feel integral to the workplace culture and evolution. The mentor/mentee relationships can also build a sense of familial loyalty and belonging to an organisation and improve wellbeing.

4: Ensure your public face is visibly inclusive

In order to keep and attract the best talent from every age group, make sure they are all represented in written and visual communications. Keep language inclusive – avoid terms like “young” or “energetic” in job adverts. Make sure there is a broad demographic represented in any images of the company, including older men and women of all races, ethnicities and backgrounds. Ensure any potential recruit can see themself becoming part of your organisation or team.

5: Take care of workforce health and wellbeing

More than half of workers will have long-term health conditions by the time they reach 60 but this needn’t be a barrier to productivity.

Making sure they have access to programmes or groups that focus on their physical wellbeing, like lunchtime yoga or Pilates, and mental wellbeing, like meditation or mindfulness classes, could encourage a more positive relationship with work

You can keep your workforce healthier for the future by extending health services to employees of all ages. For example, being aware of ergonomic practices to prevent back pain or musculoskeletal problems and offering access to occupational health could reduce the chance of these conditions becoming chronic.

Reviewing your workplace benefits for ways to support employees’ mental, emotional, and physical health throughout their working lives could mean they enjoy a healthy, active life as they get older.

Menopause support is equally vital to help your older female workforce. Half of the population will go through the menopause, eight out of 10 during their working life. A quarter will suffer debilitating symptoms including anxiety, joint pain, hot flushes and insomnia yet three quarters say their workplace does not offer any formal support.

Too often, women suffering some of these extreme effects feel they must suffer in silence, pass over promotions, cut their working hours or leave their job. A 2023 UK survey found almost a quarter were considering quitting because work conditions had become unbearable, potentially a damaging drain of talent and experience. Companies that fail to protect the employment rights of older women suffering menopausal symptoms also leave themselves open to legal action on the grounds of gender and/or disability discrimination.

Menopause training, flexible working, cooler office spaces, wellbeing support and other health programmes can all help minimise the impact for women, remove the stigma and extend their productivity and career lifespan.

More than 2,700 UK employers have signed up to The Menopause Workplace Pledge, committing to actively provide menopause support to staff, including Tesco and NHS England.

Two thirds of employers reported a skills shortage last year, yet as we have explored here, a ready-made workforce, experienced, emotionally mature and keen to be upskilled, is available to fill those gaps.

Rialto can support employers looking to identify and fill skills shortages within their organisations and support senior employees through mid-life MoTs with personalised programmes and coaching and online seminars on subjects around leadership and new technologies.

“Storytelling is the best way we have of coming up with new ideas.” Richard Branson.

Humans have used stories to explain, entertain and connect since the dawn of time, from prehistoric man seeking to understand and therefore survive the vagaries of nature and wildlife to the highly sophisticated marketing machines of modern commerce and politics.

We are drawn to the people and entities able to tell gripping, inspiring, emotional or insightful tales. Conversely, when a story seems phoney or does not make sense, we react with suspicion or fill in the gaps ourselves.

With the deafening cacophony of noise and choices we now face from a bewildering proliferation of communication media and modes, it is more essential than ever to control the narrative: to simplify the story, stand out and connect with your target audience, whether presenting to a panel or room full of people or one to one to a future customer. Adding a human dynamic and emotional connection to all your communications will give you that elusive and powerful elixir – likeability – and make it more likely you will be remembered too.

Here are six ways to use storytelling to supercharge your career.

1: Hone your ‘tell me about yourself’ story

Life can easily become a messy and highly-pressured jumble of competing priorities, responsibilities and missed opportunities unless you take time to reflect on the past, focus on the now and imagine your desired future.

Self-possession begins with insight into what you are doing and why you are doing it. Only then can you communicate your own value, qualities and personal brand to others.

What is the story of you and how can you use it in your professional capacity?

Understanding yourself, your unique history, set of abilities, skills, weaknesses and limitations, what motivates you, how, where, when and with whom you work best, is essential in effective leadership and professional development.

Imagine you are recounting your life story to a new acquaintance or even a therapist.

Choose the five most formative events.

It might be a painful loss or a sporting achievement; the birth of your first, longed-for child or a moment of inspired enlightenment. Practice telling the story of each.

These events do not happen in a vacuum. How do they fit into the narrative of your life? What impact did they have on you? How did you respond? What did you learn? How can you incorporate these life lessons into the way you do business and present yourself?

Not only will understanding the story of your life help you make better decisions and hopefully refresh your own sense of purpose, sharing that story, showing your humanity and vulnerability, helps build genuine connections and trust.

Your experiences, challenges, and triumphs become relatable touchpoints, making you more approachable and memorable in professional interactions. These connections often translate into stronger networks and opportunities for collaboration.

2: Ensure you are memorable when networking

Consider how many people you have met throughout your professional career. Hundreds? Thousands? How many really stood out? A handful? Why did they leave such an indelible impression?

The likelihood is they were good storytellers; they spoke with vigour and enthusiasm about their subject and had you fully engaged. They will also have shown a genuine interest in you and teased your story out without coming across as too intense or intrusive.

Imagine a scenario where you are at a networking event. First you meet Norman who immediately tries to sell his multinational accounting firm to you by reeling off its many achievements and his personal qualifications.

Next up is Chief Finance Officer #2, charismatic Ameera, who asks all about you, then, when you inquire how she got into her line of work, shares animatedly how she hated maths at school until one eccentrically-exuberant teacher came along and brought numbers to life. Ameena explains how she went from having panic attacks about trigonometry to seeing its artistry and tells you how it was intrinsic in great scientific discoveries in matters as diverse as mountains, music and blood. Her enthusiasm is infectious. She apologises for droning on, but you find, to your surprise, you are genuinely interested in how there could be a single equation which describes the full history of the universe. This is someone who is clearly authentic, interesting and passionate about what she does.

With which of the two would you immediately seek to connect, professionally? Want to work for or with? Which will you remember in years to come? Who would you think to recommend if asked?

If you can tell your story in a succinct, memorable way, it will travel well: your listener becomes the storyteller and your carefully crafted reputation will precede you.

Good storytelling drives productive conversations and creates lasting connections. Funny and self-deprecating anecdotes are the fastest way to get people to drop their guard and trust the speaker.

People will remember fondly “Kwame who had us all in stitches with that story about the escaped penguin” more than they will “Joan who worked at Sony for 12 years before she was headhunted by her current firm”.

What stories could you prepare for networking events, meetings and conferences to make yourself memorable? Think back to those formative moments in your life. How can you relate them to the purpose of your networking activity? Of course, trying to shoehorn a story into a conversation could be awkward but you can almost guarantee you will be asked what you do and what got you into it or what you like about it.

Don’t prepare scripted answers as they will always seem stilted but do have some story ideas ready to go – and if you feel confident injecting humour, all the better. Try not to be heard repeating your story but do refine it as you go. There is nothing wrong with a little embellishment for entertainment’s sake, as long as you keep it credible and factually accurate.

3: Make the right impression at interviews

There is a very good reason why hirers don’t recruit from the page. A CV may tell the story of your professional history, a covering letter may explain why you want the job and believe yourself to be the best candidate.

Employers want to get a sense of the person and how they would fit into the company culture. It’s also human nature to seek a personal connection. Quite simply, they are looking for someone they like and might enjoy working with.

Interviewing panels will therefore rely on non-verbal clues and instincts as much as the bare facts of your education, experience and skills.

They will want to see evidence of your soft skills and that includes an ability to read a room and respond appropriately, communicate effectively, listen and understand what is being asked of you.

As discussed earlier, storytelling is not only a fast track to creating emotional connections, it is also strongly associated with memory. Research by the Stanford Graduate school of Business found a story is 22 times more memorable than facts alone. The human brain looks for a beginning, middle and end to make sense of new information and file it effectively.

Think again of the story of why you do what you do.

Whatever trajectory your professional development has taken to get you to this point, it is as unique as your fingerprint; it will have featured moments of clarity, periods of doubt, failures, triumphs, milestones and near-misses. Share some of that. Leave them with a strong feeling of who you are while demonstrating your adaptability, resilience and insight.

That means being authentic and self-aware. Prepare as described above. Take time to really think about the answer to: Why do you think you’re the right person for this job? If you don’t really know, how will they?

It is now standard interview etiquette to back up interview statements with evidence. It’s not enough to state that you have a growth mindset, you need to give concrete examples of where and when you have been able to demonstrate that effectively.  Prepare compelling narratives. Telling well-constructed, honest and succinct stories will impress and endure.

4: Maintain an authentic personal brand

Your career is more than just a series of job titles – it’s a narrative of growth, experience and expertise. By strategically sharing your professional journey you can shape a powerful personal brand. Crafting a clear narrative around your skills, values, and achievements helps differentiate you in a competitive market. Your story becomes your unique selling proposition, positioning you as an authority in your field and a person of integrity and purpose.

Think carefully about how you wish to be seen and try to convey this through your personal story in all public-facing profiles and communications, whether through your website, LinkedIn page or when introducing yourself at professional events and presentations. Keep it consistent and authentic.

Stakeholders, employees, professional contacts and customers and markets are more likely to respond positively if they respond emotionally to your clearly-defined purpose, even if your story is one that does not immediately chime with their own. People buy from people.

5: Enhance your leadership presence

Leadership isn’t solely about authority; it’s about inspiring and motivating others. Great leaders use storytelling to articulate vision, convey values and galvanise teams behind shared goals. Whether addressing a team meeting or delivering a keynote speech, storytelling humanises leadership, making it more inclusive and inspiring. Leaders who master this skill can cultivate a positive, relatable organisational culture.

The most transformative leaders in business are able to share what drives and inspires them in order to drive and inspire others, often drawing on an event or time in their own life.

Every career journey has its share of setbacks and challenges. Sharing stories of resilience and overcoming obstacles not only builds credibility but also inspires others. Your ability to narrate adversity and growth demonstrates your capacity to adapt and learn—an invaluable executive trait in today’s fast-paced workplaces.

Former Starbucks CEO Howard Schultz, whose personal vision changed the way coffee is served and sold worldwide, did not need to reveal intimate personal details to explain how his humble beginnings, growing up in a poor Brooklyn housing project, fired him up to seek out possibilities in the least auspicious places.

“The more uninspiring your origins, the more likely you are to use your imagination and invent worlds where everything seems possible,” he said.

6: Share employee & team stories

Make employees feel valued and seen by sharing their stories. Single out individuals who have gone above and beyond, analyse and celebrate their success to inspire colleagues. Naming employees and sharing a few personal details humanises your workforce, fosters a sense of belonging and comradeship and builds teams.

It may be something they have done out of work – run a marathon, volunteering overseas, having triplets. Obviously first seeking permission, sharing these details and milestones makes each member of staff feel their organisation knows and cares about them and what matters to them. It builds loyalty and will ultimately be rewarded with greater staff retention.

At its core, effective storytelling is persuasive. When you weave a compelling narrative you can influence opinions, inspire action, and drive change. Whether you’re pitching a new idea, negotiating terms, or delivering a presentation, a well-crafted story can captivate your audience making your message resonate deeply. Stories bypass mere data and statistics, evoking emotional responses that can sway decisions in your favour.

Storytelling is a skill that evolves with practice. Actively seeking opportunities to share your stories refines your communication abilities over time. Pay attention to audience feedback, refine your narratives, and experiment with different storytelling techniques. The more adept you become at storytelling, the more versatile and adaptable you’ll be in various career scenarios.

Storytelling is a strategic tool for professional growth and success. By embracing storytelling, you can forge meaningful connections, influence outcomes, strengthen your personal brand, and inspire others. Behind every successful career, organisation, product and service,there’s a compelling story waiting to be told.

It goes without saying that effective management is the cornerstone of organisational success, characterised by strong leadership, strategic vision, and the ability to inspire and empower teams.

In today’s rapidly evolving landscape of technology, the integration of generative AI systems is reshaping traditional business models and management approaches. As businesses embrace these transformative technologies, leaders must adapt their management strategies to leverage the potential of AI while fostering human collaboration and innovation.

While styles may vary, underlying principles and practices consistently define effective leaders.

Here we identify four of those key attributes, qualities and strategies and review how some of recent history’s most successful business leaders have embodied them. These lessons in leadership apply as much to any FTSE or Nasdaq-listed executive as they do to senior team leaders in an SME, Government or the public sector.

1: Visionary leadership:

The alpha leadership quality, characterised by confident capability to create and communicate a clear and compelling vision for the future of an organisation. A visionary leader will demonstrate a distinct and clear sense of purpose and direction, motivating others

to support ambitious goals and innovative ideas. This leadership style extends beyond daily activities and emphasises long-term strategic planning and transformative initiatives to create a lasting impact.

Visionary leaders can be guru-like in their style but not authoritarian, creating a culture aligned with the company’s purpose, values and strategic objectives. They are forward-thinking innovators who create safe spaces to encourage creativity and experimentation without fear of failure. They anticipate future trends and can continually reposition their organisation to maintain a dynamic thrust, never resting but always re-inventing.

Think Apple over Nokia, Facebook over MySpace.

The difference? The visionary leadership of their respective founders, Apple’s Steve Jobs and Facebook’s Mark Zukerberg. Both inspired almost cult-like enthusiasm and loyalty for their products through compelling storytelling, inclusive dialogue and constant adaptation

for future markets, not current ones.

Who best embodies it? Elon Musk, CEO of Tesla, SpaceX and X

He’s a Marmite leader – it’s almost impossible not to have an opinion on him. However, few could ever doubt the irrepressible force of his singular vision. And while his obsessive tendencies, eccentricities and pushing of ethical boundaries may have alienated

allies, partners and politicians along the way, he’s the second richest man in the world, continues to reshape the future of our planet and, if he has his way, will change how we live in the solar system.

Musk exemplifies effective management through his relentless pursuit of ambitious goals. His personal leadership – clear communication of vision and brand, commitment to breakthrough technologies and ability to inspire teams to work almost slavishly towards a common purpose – is the difference between Tesla and the competition.

Key takeaway: Remember what it is your company does and why you do it.

2: Strategic agility:

A decade or so ago we might have been talking about strategic ability, but in 2024, with business in a state of constant revolution thanks to the breakneck pace of technological change, strategic agility is an essential requirement for effective management.

Leadership needs to be able to respond quickly and decisively to changing market conditions, emerging opportunities, and unforeseen challenges. They must look to the horizon and anticipate trends, like a cricket batsman reading the bowler and adjusting his stance before the ball is thrown.

Executives and senior leadership need to build strategic agility into the very DNA of their organisation so they can navigate markets which are constantly shifting according to consumer preferences, regulatory changes and competitive pressures as well as emerging technologies which constantly create new opportunities and risks.

Businesses need to be able to flex and innovate, explore new ideas, markets, products and services to seize growth opportunities in dynamic environments. Only then can they outmanoeuvre slower-moving competitors.

This demands a data-driven culture where real time changes within and outside the organisation can be collected and analysed to drive future-focused decision-making.

Who best embodies it? Jeff Bezos, founder and  Executive Chairman of Amazon:

Amazon turns 30 this year and the sprawling, ubiquitous behemoth of an organisation it has become represents the singular, towering achievement of one man’s strategic agility.

In July 1994, Bezos left his finance job to open a virtual bookstore from his garage.

Without strategic agility, he might be running a bigger virtual bookstore now. However, he has spent the three decades since constantly identifying nascent trends and technologies that would become part of the very fabric of the future.

When eBay first launched he spotted its potential and launched a rival immediately. Though it flopped, he loved the concept. Instead, he diversified his online book shop into kitchen goods, building layer by layer as he recognised and seized new opportunities to expand his online marketplace, backed by new efficient ways of logistical working, some of them controversial, in his mega fulfilment centres.

Not content with running the world’s biggest retail organisation, he was an early mover into cloud computing with Amazon Web Services and expanded into streaming services and smart devices, responding adeptly to market opportunities and consumer demands.

Key takeaway: Look up and anticipate the future.

3: Empathy and inclusion:

Equal rights in the workplace have been enshrined in law in the UK since 2010 and more recently, employers have come to see the business case as well as the ethical case for quality, diversity and inclusion.

In 2024, leaders are not only expected to oversee a fair and representative organisational culture but to demonstrate authentic empathy, compassion and emotional intelligence in the way they lead. It is no longer enough to live by the letter of the law, effective leadership means getting the best out of the human workforce by personalising the experience of every individual, celebrating difference, seeing the person with their unique set of skills and flaws; making them feel valued, heard, seen and appreciated.

This paradigm of people-centric management comes against the contextual background of potentially dehumanising technology becoming increasingly integrated with every aspect of work and of the rising awareness of mental health factors and isolating hybrid or home-working culture in the aftermath of the Pandemic.

Mental health issues and disorders are so prevalent in 2024 that organisational leadership that fails to recognise and support those feeling the impact – or fear of being displaced or intimidated by new technologies – risk lower productivity and burnout, causing problems with retention and talent recruitment.

A US study found 82% of employees would leave their job for a more empathetic organisation yet 58% of CEOs told the same study they struggled to constantly show empathy at work.

Effective leadership cultivates emotional intelligence within management practices, emphasising empathy, active listening and collaboration and prioritising human connections. Empathetic leaders reject pyramid-shaped hierarchies to empower all employees to have a voice and be heard.

Who best embodies it? Tim Cook, CEO of Apple

Cook is a leader who is always seen to prioritise feelings. His gift is making his workforce feel like one big family; he exudes empathy and authenticity and encourages his staff to do the same.

He is always able to hit the right note when sending out messages to his staff in the wake of a national or global tragedy that might have touched them and constantly reinforces the Apple ethos of inclusion and diversity.

Not only does this ensure devotion from his workforce and make a job at Apple one of the most coveted, the inclusive ethos is shared with customers. Anyone who has been to an Apple store may have noticed that despite all the high-end shiny tech on show, there

is a community café-like feel.

That all translates to unrivalled brand loyalty. 92.6% of iPhone owners are loyal to Apple, compared to 74.6% of Samsung users and it has a customer retention rate of 90%.

Key takeaway: empathy demands authenticity, act through listening not copying others or it will ring hollow.

4:Data-Driven Decision-Making:

In today’s technology-led world of business, no company, no matter how big or small, can afford to make significant strategic decisions without leveraging data analytics alongside traditional human experience and expertise.

Data-driven decision-making enables organisations to gain invaluable actionable insights, based on historic and real-time information about organisational performance, trends, what the competition is doing and predictive analytics for where their sector is headed.

It enables leadership to peer into the future and prepare business models, workforce readiness and a defined yet flexible strategy to best exploit customer preference and market conditions; to streamline operations and optimise efficiency and profit margins, innovate and expand into developing markets and regions while mitigating risks.

Technology to gather and analyse data has become accessible to all, not just data scientists – and affordable.

Meanwhile generative AI tools can be employed directly by leadership to gain a perspective on current and future economic landscapes in their sector and their organisation’s place in it.

Effective leadership demands wise delegation and macro-management. However, executives and senior leadership should be using the information-crunching, analytical and creative powers of generative AI – and encouraging staff at all levels to do the same – to optimise efficiency, stimulate a culture of continuous learning and stay up to date on developments and trends in their sectors and marketplaces.

Of course, this all comes with the caveat of due diligence. Generative AI and other frontier technologies are fraught with risks including frequent inaccuracy, data protection and intellectual property issues. Every organisation should have its own policy on use of AI and training around ethics and regulation.

Who embodies it? Reed Hastings, co-founder and Executive Chair of Netflix.

Reed Hastings’ data-driven approach has transformed Netflix from a DVD rental service into a global streaming giant. By prioritising data analysis in every aspect of the business, Netflix can make informed decisions, reduce risks, and strategically allocate resources for continued growth.

Netflix was the first successful streaming service and the first to use algorithms to make personalised recommendations. It recognised that data was key to knowing its customers, on an individual basis and as a “type”, by using collaborative filters and a broader

knowledge base – and that customers who were offered more relevant, personalised content were more likely to stay subscribed.

Hastings also recognised that data could be used in every strategic decision, from content creation to global expansion. Netflix analyses every user interaction – search patterns, completion rates, where they pause, rewind or fast-forward – to improve functionality

and deliver its own content according to popular tastes and trends.

It also uses data to analyse market trends, internet penetration rates and potential subscriber demographics to identify promising new territories and look for collaborators for future projects in any part of the world.

Key takeaway: Digital literacy and an understanding of the power of data – and its risks – are now essential skills for anyone in leadership.

It is no coincidence that the individuals we have chosen to exemplify effective leadership are all tech innovators. This is the industry leading the way in management styles, growth and value.

While those styles may look different and even clash – Musk and Cook, for example, would probably not be able to run a successful corner shop together – the fundamentals of effective leadership are the same, whatever industry and in any organisation. Though of course priorities will change according to region, sector, the broader socio-economic and political landscape and the general zeitgeist.

All leaders – no matter how successful – need to take time to actively evaluate their own effectiveness and look for areas where they can build new skill sets and expertise to evolve, adapt and stay ahead of the competition.

For all the talk of mass adoption of Artificial Intelligence in business, the reality is more nuanced. Outside of the tech sector and world’s most innovative and wealthy institutions, AI-inspired disruption and revolution has been held back by skills shortages, hesitancy around organisational knowledge, workforce fears, ethical considerations, funding, regulatory, governance and compliance fears.

However, most analysts agree that 2024 will be the year that hype is translated into action: research, recruitment, investment, experimentation and integration.  A recent Reuters survey of more than 4,000 professionals, primarily board level and senior leadership, found that 76% of their organisations were either using generative AI or planning to use it in the next 12 months.

Meanwhile a MIT Technology Review Insights survey of 300 global leaders published just this month found that most expect to double the purposes and functions where they deploy Generative AI in 2024, particularly in customer experience, strategic analysis and product innovation.

All the research suggests the minority that are not looking at AI solutions as a matter of organisational priority risk falling behind.

The good news is that this is the perfect window in which to benefit from being an early adopter while learning from the outliers, the earliest pioneers and developers who have paved the way for the next phase of the AI revolution.

So, how can senior leadership best collaborate to build a roadmap and supportive framework to achieve effective and safe organisational implementation of Generative AI and related frontier technologies, such as large language models, big data analytics, machine learning, robotics and natural language processing?

Here is our seven-step action plan to investigate and implement some of the core opportunities presented by rapidly advancing frontier technologies – while ensuring due diligence – to achieve maximum advantage with minimal risk, drag and organisational disruption.

Step 1: Senior leadership to collaborate, including department heads, human resources, board members and IT to build understanding around how new technologies could benefit the organisation. 

The first step is to ensure you have the talent, skills and leadership to identify opportunities and risks. This may mean restructuring the board, introducing executives with appropriate expertise such as Chief Information Officer or Chief Data Officer or creating a committee to oversee an organisational review through the dual lenses of technology and change management.

Senior leadership from every function should be familiar with the primary AI tools including ChatGPT, Gemini and specialist end-to-end platforms making waves in their sector, reading blogs and articles, listening to Podcasts, speaking to colleagues and associates or being briefed by internal or external experts.

All board members and senior leaders should be able to contribute to planning and implementing AI policies and infrastructure in line with the strategic objectives of their department and beyond, and possess or train up in the skills required to drive AI-led transformation such as resilience, emotional intelligence and critical thinking.

Leadership should oversee an audit of organisational data upon which successful AI-integration depends. If you have not already got one, you may wish to consider managing in a data department to audit and integrate data-driven decision making before attempting to usher in a wave of AI-based change.

Step 2: Commission a market scope. 

What are competitors doing well, doing badly – or not doing at all? Who is using what? And why? Which are actively promoting their AI credentials? Can you see their tangible benefits? Can you imagine your own organisation successfully replicating or superseding the successes while ironing out any potential issues. Look at the current market, pipeline technologies and end uses and horizon planning.

Step 3:  Avoid hype by starting with your pain points and unrealised growth potential and looking for solutions. 

Many companies have made the mistake of throwing money at popular headline platforms and then trying to make them fit.

Your team of experts and/or consultants should be able to make the case for every proposed investment and integration with projected ROI and other benefits such as improved customer and employee experience. Efficiency savings are only one of the potential opportunities to optimise your business. Think also about how AI and other technologies could help develop your business model and products or services, explore new markets, improve talent acquisition and management and logistics/procurement and supply chain processes.

4: Create a roadmap with actionable insights based on your thorough research and consultation. 

At what speed do you want or need to move? Where do you stand to make the greatest gains? What tensions must you navigate?  What are the risks and how can you minimise and mitigate them? (see below) Do you have the data to support integration and optimisation? What infrastructural, hardware and talent adjustments do you need to make?

Start with simple processes that will augment your existing operations to ensure smooth entry and employee confidence. For example, data management and analytics and automation of simple, repetitive tasks to free up employees for more meaningful work, quality assurance and monitoring and continuous, personalised employee training.

How your roadmap looks will depend on many factors including:

• Your sector. Health, customer services and marketing are among the industries and functions investing most heavily in technological investment – and expecting to see the highest growth. Logistics, public sector, education and energy companies have been more hesitant. You may find the road to successful integration better laid out if you are in a sector that is already embracing disruptive technologies – though that also means that if you are not one of those leading the way, you need to start catching up before it is too late. Conversely, those in the sectors with the lowest investment may have the hardest climb yet most to gain.
• The size of your business. The Reuters research found larger businesses were far more enthusiastic tech investors than SMEs. Effective adoption should ultimately reduce costs and improve profit margins but are you financially stable enough to justify and sustain mass investment now or would incremental changes suit your organisation better?
• Your business model. Do you have the agility, adaptability and flexibility to do things differently with technology? If not, how can you build that in?

Step 5: Explore vendor options.  

While big tech vendors – including Amazon, IBM, Google and Microsoft – are responsible for some of the biggest-selling AI tools and platforms, the development of generative AI and cloud computing has spawned a plethora of smaller, niche end-to-end platforms and tools which may be more relevant and financially viable to your business. It is worth bringing together a team of expertise or contracting consultants to explore all options and create a detailed plan before committing. Experiment with smaller tools and analyse the impact before extending across different functions. You may wish to integrate an end-to-end platform, such as Salesforce, Genesys or Amazon Web Service and bolt on tools as you go, or it may be beneficial to you to work with a software/AI developer to design an in-house system based on your own unique needs and business model.  Experiment with different models and tools and look out for free trials.

Depending on the size and scale of your AI-based integration, will you need data scientists and other specialists to integrate and manage your new technologies? Or can you buy in software that comes with human support to provide the expertise?

There are simple ways to immediately augment existing systems and workflows with add-on GenAI applications such as Microsoft’s Copilot which has integrated ChatGPT with its Bing Search engine to assist creative content, visual and text-based, improving productivity and inspiring innovation. Once again, training is key to ensure maximum gain from the licensable tool and minimising risks associated with all AI uses.

Research has found that many employees are using Copilot  and other GENAI tools at work independently, and while their initiative is to be applauded, it is essential that organisations take the lead in putting in place company policies around use of GenAI, setting out who should and should not be using it and for what purposes, alongside training to ensure responsible and ethical usage. (See step 7)

Step 6: Open a dialogue with stakeholders. 

Who needs to sign off investment and change management? Do you have investors to convince? Once you understand what you are trying to do, it is imperative that you communicate your intentions, purpose and methods very clearly to appropriate stakeholders. It is equally important to provide a safe space for honest feedback, to listen and nurture collaboration, constant adjustment and refinement.

This may only be board members, senior leadership, investors and partners at the earliest stage. However, the entire affected workforce must be brought on board before change is rolled out. Surveys show many employees are intimidated by technology and fear it will take their jobs. Before any staff are expected to work alongside AI and other new technologies, c-suite, senior leadership, team managers, human resources and internal comms need to work together to reassure, educate and train staff.

Technologies, data, analytics and machine learning are only as good as the humans piloting, feeding, analysing and monitoring them.

Step 7: Ensure ethical and regulatory guardrails are in place and test them thoroughly before going live. 

Experimental technology is by its very nature high risk and fallible.

You will have heard of generative AI hallucinating – the way it creates content by predicting next words in a sentence leaving it susceptible to total fabrication (though recent reports show Google’s Gemini is now winning the accuracy race over ChatGPT). It is imperative that all output is verified by humans, for tone and potential bias as well as factual errors.

Consider also ethical issues around transparent and accountable data management, intellectual property rights, regulations laws and customs across geographical and cultural regions and borders. Many companies have set up committees or teams to monitor compliance and ethics. There are technological solutions to all these issues but, as always, they need human managers.

Of course, technology-driven transformation and related change management are a process, not an event. The platforms, tools and applications are changing day by day, as are regulations in different parts of the world. Once integrated, AI-based solutions will need constant updating and refining which is why one eye should always be kept on the horizon. Impact must constantly be measured, evaluated against KPIs and adjustments made accordingly.

There is no finish line. It’s no use being an early adopting hare if you’re caught napping as the more cautious tortoises plod past you.

Having the soft skills embedded throughout your workforce to step up to the challenge of constant change and adaptation is as important as importing or training up staff in the technical expertise needed to implement effective transformation.

AI and related technologies will continue to impact almost every function in every sector, whether through automation or augmentation. After the initial phase of instinctive fear of the new, progressive leadership is increasingly appreciating the virtuous cycle of positive transformation afforded by AI proficiency.

Rialto has a team of experts who can support individuals, teams and organisations of any size in any sector through the seven steps to successful AI investment and integration, from market research to change management and skills benchmarking, and beyond.

Contact us for additional insights related to accelerating AI adoption and/or benchmarking your firm’s readiness to adopt AI compared to peers in your industry globally.

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.

Whatever your current leadership role or stage of life, becoming a board member can be one of the best ways to turbo-charge your career and personal and professional development.

Harvard Business Review research found that serving on a board increases an executive’s chances of becoming CEO to an S&P 500 firm by 44% and boosts pay by 13% regardless of any promotions.

So how does a modern-day boardroom work and who should be looking for a place on it and why?

Functions of a board:

A board of directors is the independent governing body of an organisation which traditionally supports senior leadership in ensuring the company is:

• Adhering to compliance and governance regulations.
• Helping to shape and implement strategic, financial and value-led objectives.
• Representing stakeholders including employees, partners, customers and, in the case of publicly-traded companies, shareholders.
• Setting appropriate dividends or share buybacks  (in the case of publicly-traded companies) and CEO and Board remuneration.
• Identifying, assessing and reducing risks including cyber-security, reputational and fraud risk exposure;
• Ensuring the company maintains a suitable risk-reward ratio.
• Ensuring functionality of the board and preparing CEO succession plans.

In addition to these focus areas, today’s boards are also expected to encourage visionary thinking, creativity, innovation and future-proofing – especially in respect of emerging technologies and resultant new business models, as well as often being required to have a visible public presence which represents company values and actively promotes the brand.

Members can be executive – working within the organisation – or non-executive (NEDS), independent, external. Both have equally important but different roles to play.

While executive members still tend to overwhelmingly hold traditional C-suite roles – CEO, CFO, COO –  recent Rialto research into publicly-advertised UK executive positions show an increasing variation of more than 50 C-suite roles to reflect the changing landscape of work, such as chief information officer, chief data officer, chief automation officer and chief sustainability officer.

Who can/should join a board?

Literary and dramatic depictions of boardrooms tend to show the type of sycophancy and fear inspired by growling, sweary Roy Logan at the head of the family-run media multinational in award-winning TV drama Succession.

The untouchable patriarch is a trope oft-repeated in fiction for a reason – once upon a time, this was how big business was run.

However, in 2024, organisations cannot afford to model themselves around authoritarian CEOs who stand atop a fortress-like hierarchy, bullying senior leadership into submissive head-nodding and discouraging any dissent.

As businesses recognise the tangible, measurable benefits and commercial necessity of cultivating a genuine ethos of diversity, equality and inclusion from the top down, priorities of the board room are changing and their memberships with them. They should encourage collaboration, a safe space for generation of new ideas and healthy interrogation of all aspects of the business strategy from a multitude of perspectives and knowledge bases.

The UK government and European Union have focused on encouraging listed companies to increase boardroom representation of women and people from ethnic minority backgrounds on boards.

The EU Women on Boards Directive, which will also apply in the UK, has introduced a mid-2026 deadline for all stock-listed companies to have at least 40% female executive representation and at least 33% in all senior roles including non-executive directors and directors such as CEO and COO. However, more men than women were recruited to boards last year across Europe. In the UK, boards of FTSE 350 must set targets for BAME representation by 2027.

While there is still a long way to go before equality and parity are achieved across the economy, not just in listed companies, many progressive organisations are actively recruiting outside of their traditional talent hunting grounds.

This is opening opportunities for individuals from different backgrounds and on diverse career paths to gain a seat and reap all the practical, financial and self-improvement advantages this can bring.

Research has found diverse boards perform better. Fortune 500 companies with higher proportions of women outperform competitors in ROI and sales, for example.  Having a diverse board also attracts the best talent from diverse backgrounds.

Meanwhile, the urgency with which all organisations need to be evolving around emerging and disruptive technologies should be driving them to bolster boards with appropriate skills and expertise, including softer skills such as creativity, adaptability, mental agility and logic and reason.

As long as you have a strong, valuable and relevant value proposition to offer – whether it is a specific skill set, particularly those mentioned above, experience, contacts, influence or even just your time and energy – you can make a valuable contribution to a board as an executive director.

Benefits of seeking a board seat?

They include:

• Invaluable networking opportunities; spread influence and open doors.
• Working alongside great thinkers and business leaders from whom you can learn (and in some instances, you may also learn from directors who serve as examples of what not to do).
• Further development and refinement of leadership skills and expertise.
• Increased confidence in your capacity to contribute, negotiate and drive positive management change.
• Enhancement of your CV, proven to facilitate promotion and increased remuneration in your primary professional role.
• Signalling credibility and value to potential clients, employers, partners, and customers.
• Building market and industry knowledge.
• Gain a deep understanding of every facet of business development, management and each function within an organisation.

Naturally, the more thought, preparation, and research you invest in your position, the greater the rewards you’ll reap.

How to work towards securing a seat on the board:

If you want to win a seat in your current organisation, it can be difficult to predict when an appropriate opening is likely to present itself.  Good governance says no member should serve more than nine years which can help you plan ahead for a future position.

Do review the current make-up of the board in your existing organisation in relation to your current management role

• Does it already have representation in your field of expertise?
• Determine when the incumbent in that area is likely to step down after completing their nine-year term.
• Evaluate your willingness to wait for that duration.

If you are happy to wait, start to prepare by elevating your profile within the company through impactful contributions and on appropriate digital platforms. (See our previous insight on this for more detail.)  Attend networking events online and in person, engaging with questions that highlight your knowledge and interest. Investigate how current board members were elevated and plan your strategy accordingly.

If the current incumbent in the position you would like is approaching the end of their term, would you feel comfortable asking them for guidance and advice?

If you decide you cannot wait, is there a niche role you can develop to fill in any gaps in the board? That might be task-specific technological expertise. Perhaps your organisation is looking at AI solutions – are you the person they need on the board? Or can you support the embedding of sustainability models?

If appropriate, do promote and leverage your diversity, equity, and inclusion (EDI) credentials. Boards need more women, people from ethnic minority backgrounds and people who identify as disabled or LGBTQ, and not just to make up numbers. There is a proven business case.

You may decide that your current organisation is not the right place in which to seek an executive board role, in which case, think carefully about your options.

It could be a good time for a re-pivot into a more forward-looking sector which will prosper as operating models evolve and disruptive technologies revolutionise the world of work. Upskill if necessary and explore opportunities in sectors that are thriving amid industry transformations.  Taking your personal area of expertise to a start-up could develop your knowledge and professional network and possibly open opportunities to get an executive director’s role in a company which is on a growth trajectory.

Executive career consultants can also help you re-position yourself for a change of direction.

Expanding your Executive profile:

If you already have a boardroom seat in your current organisation, you can seek to extend your portfolio through further networking and personal brand development and visibility, leveraging your existing position and highlighting your exclusive skill set and expertise and its relevance to your target sector.

If your value can be seen, on LinkedIn, in business media and at conferences and networking events, for example, there is every chance you will be headhunted.

Having several positions can boost your salary significantly. The average NED position paid around £40,000 in 2022. In return, you are required to prepare for and attend board meetings, usually quarterly, and to stay on top of organisational and relevant external developments to enhance your contribution.

For more information, see our insight on how to gain a NED position.

The Rialto career consultancy team have helped 7,000+ senior level Executive & C-suite clients win prime roles in competitive markets in almost every country around the world. Contact us for a free initial consultation.

Whether you are CEO in an SME, in senior leadership in a FTSE or Fortune 500 listed company or looking to reinvigorate a stalling mid-career lull, expanding your portfolio with non-executive director positions will repay your years of personal investment of time and energy with dividends.

Here we look at the responsibilities, benefits and pathways to becoming a Non-executive director (NED).

What is the purpose of NEDs?

Non-executive directors (NEDs) play a pivotal role in corporate governance, offering an external and independent perspective to the organisation. Unlike executive directors, NEDs do not hold a position within the organisation they serve, ensuring that their insights are impartial and objective. Their primary purpose is to contribute to the strategic oversight and governance of the company.

NEDs can bring a wealth of specialist skills and experiences to the table, such as academic expertise or a focus on technical, EDI (Equality, Diversity, and Inclusion), or sustainability matters. They often participate in sub-committees, such as the Risk Committee, Remuneration Committee, or EDI Committee, where their specialised knowledge can be applied effectively.

Meanwhile, their independence can give them the distance, perspective and overview to ask the hard questions and inject fresh and novel thinking.  Their role is not confined to day-to-day operations, allowing them to focus on the broader strategic issues that impact the company’s success and sustainability.

Existing board members are tasked with identifying knowledge gaps within the boardroom and appointing NEDs who complement the existing team, not only in terms of practical attributes but also aligning with the company’s values and culture. This approach ensures a well-rounded and diverse board that can address a broad spectrum of challenges.

In recent years, there has been a growing emphasis on the role of NEDs in fostering diversity within corporate boards. Boards are increasingly turning to NEDs to bring a variety of perspectives, including those of women, individuals from ethnic minority backgrounds, and those with disabilities. The UK Corporate Governance Code underscores the importance of NEDs, mandating that they should constitute at least half of the board, reinforcing the commitment to independence and diverse representation at the highest levels of corporate leadership.

Who can become a NED?

Traditionally, NEDs would be expected to have some decades of experience behind them. However, the need for specific skills in fast-changing business environments means boards are welcoming much younger candidates with niche experience, though knowledge of the essentials, compliance, governance, technology trends  etc, or at the very  least a willingness to become proficient in them, are still a prerequisite.  

What are the benefits of securing a NED role? 

EXTEND YOUR PROFESSIONAL NETWORK:

Board positions often offer extensive networking opportunities. NEDs connect with fellow board members, executives and stakeholders, creating opportunities for future personal and professional growth.

BUILD A PLATFORM TO LEVERAGE FOR A FUTURE EXECUTIVE BOARD POSITION:

NED roles offer a platform to showcase your governance, strategic, and advisory skills, making you a strong candidate for future executive board positions within your current organisation or in other ventures.

BUILD YOUR CV AND DIGITAL BRANDING:

Board positions enhance your CV, showcasing your experience in governance, strategy, and risk management. Ensure that your board roles are prominently displayed on your LinkedIn profile, contributing to a robust digital presence.

RESET, REVITALISE AND RE-PIVOT DURING A CAREER BREAK:

NED roles typically do not involve day-to-day operational responsibilities, providing individuals with a degree of flexibility in managing their time and commitments, whilst staying professionally active, gaining new insights, and remaining engaged in the business community.

HAVE A LASTING IMPACT ON A BUSINESS OR COMMUNITY ORGANISATION:

NEDs play a crucial role in shaping the direction and success of organisations. Contributing to positive change and sustainable practices can provide a sense of fulfilment and a lasting impact on the business or community.

DEVELOP BROADER INSIGHT INTO ORGANISATIONAL MANAGEMENT:

For those executives looking at new career pathways, becoming a NED offers a way to broaden strategic and executive insights on how different organisations are run. In addition, for those considering retirement, it’s a way to stay engaged in the business world, share accumulated expertise, and continue making meaningful contributions without the full-time executive workload.

FUNDAMENTALS OF GOOD MANAGEMENT FOR SMES:

If you are self-employed or run your own SME, a NED position offers insights into the fundamentals of good management. Learning from board-level experiences can help you apply strategic principles to grow and manage your own organisation more effectively.

How much are NEDs paid?

Compensation tends to reflect the size of the company and the expectations of the role. Latest figures show basic NED pay at the UK’s largest FTSE 100 companies ranged between £70,000 and £94,000 in 2023 though additional responsibilities such as chairing sub-committees will attract further remuneration. According to executive-search firm Spencer Stuart, salaries can reach £1.5 million a year for the highest-paid non-executive chairman. Most roles within the charity or not-for-profit sector are unpaid.  

How to gain the first NED board seat.

START SMALL:

If you are looking for a first directorship, consider your motivation for seeking a directorship, what you hope to achieve and what you bring to the table.

You may first wish to gain some experience with a local charity, as a school governor or on the board of an associate’s start-up.

This initial involvement provides valuable insights, helps you learn the language and etiquette of board membership, and provides the first rung on the ladder.

BUILD YOUR BRAND:

While considering your next move, it’s important to understand and develop your board value, specific to your target sector.  Make yourself visible in relevant circles by participating in webinars and online events. This not only allows you to connect with key individuals but also provides an opportunity to learn about specific industry nuances and general business trends.

SHOWCASE YOUR EXPERTISE: 

You need to demonstrate skills in independent thought leadership and understanding of risk, compliance and the trends and developments within that market. Seek executive career advice to identify your own unique skill sets and experience against key current market trends. Clearly articulate how your expertise can contribute to a board’s strategic discussions and decision-making. 

IDENTIFY APPROPRIATE POSITIONS:

Spend time reflecting on your career path; are you looking for stepping stones or a single, rewarding position? Do you want to have an immediate impact in a smaller organisation or sit back and learn from a bigger, established one? Clearly define what you can offer to a particular organisation and where you see yourself fitting in. 

RESEARCH THE BOARD AND LEADERSHIP:

Who are the influencers? How can you reach them? What can you offer them? Explore their membership of digital communities, look for shared areas of interest through which to connect. Reach out to them through email or LinkedIn and clearly communicate your value, why you are interested in their particular organisation and how your skills align with their needs.

BOARD MEMBERSHIP IS A SERIOUS BUSINESS…

NEDs are as legally liable as executive directors if anything goes wrong. Taking a share of the responsibility for an organisation of any size is a big undertaking that requires commitment, hard work, ethical judgement and continuous learning. Decisions made in a boardroom can have a tremendous impact – for good or for bad – on the lives of many people. Consider whether you have the resources and bandwidth to fulfil and do the position justice before actively engaging with the market.

If you’re seeking guidance in this journey, the Rialto executive career advice service is available to help shape your strategies, prepare your NED-focused CV, and enhance your personal branding to increase your perceived value and market opportunities. Contact us for a free initial consultation.

The world of work is changing at a dizzying pace, led by the accelerated evolution and expanding application of disruptive technologies, post-pandemic cultural shifts and continuing globalisation.

In response, boards need to continue to develop strategies that embrace strength and foresight but also dynamism, agility and resilience. Business models must be built like Tokyo skyscrapers – reaching to the future yet flexible enough to be able to withstand powerful earthquakes.

Senior leadership must therefore embrace transformational leadership and ensure a depth and breadth of relevant technical and soft skills to ride the crest of the wave instead of being washed aside.

With ongoing pressure continuing, following the trauma and turbulence of the pandemic, it is perhaps little surprise that 2023 became the year of the Great Resignation. The number of CEOs stepping down doubled on the previous year and was higher than in any year since consultancy firm Challenger, Gray and Christmas Inc. started keeping records in 2002.

Now is the time for senior executives and leadership with ambitions to reach the highest echelons of management to take stock and reposition themselves in a state of readiness for whatever the near future brings.  And if the last four years have taught us anything, it’s that we must prepare for everything and anything.

Here we share the five executive skills and areas of expertise that are most valued in 2024 and which feed into the Rialto Accelerated Leadership Index (RALI) research.  Through our surveys and day-to-day work with executives from a range of functions and sectors, these are the capabilities that are most commonly felt to be the most essential to optimise organisational stability, change management, growth and transformational leadership in the current environment.

Strategic Thinking: 

Why? Senior leaders need to be equipped to make informed decisions in moments of extreme pressure or crisis as well as to forward-plan strategies like a master chess player, taking every foreseeable eventuality into account and revising the game plan move by move if necessary.

They will need to see the big picture, anticipate changing conditions, customer requirements, workforce needs including post-pandemic mental health and hybrid or home-working, compliance and technological evolution.

How? Stay ahead of current and coming trends; look into the future, where will the new markets emerge? How will your client or customer base change? What technologies will augment your current operations and how can you best integrate and harness them? What are your competitors doing here and overseas? Choose a trusted team of colleagues and advisors who, between them, possess the skills and expertise to help you design and constantly adjust an agile business model that will enable sound, knowledge-based decisions; keep asking questions; exercise your own mind to keep it agile, read or listen to the latest management books and theories; play chess or squash – or anything that requires speed, decisiveness and strategy.

Leadership and Social Influence: 

Why? In an increasingly complex and interrelated world, senior executives may need to connect with, direct, foster collaboration with and/or inspire confidence in a much more complex network of stakeholders than ever before. These will include close colleagues, the wider workforce, clients and customers, partners, funders, shareholders and influencers.  Leadership needs to take centre stage, to embody organisational ethos and essentially sell themself to sell their product or service. People are no longer content to be sold an abstract or an idea – they want to see the wizard behind the curtain before they decide where to put their money or resources or with whom to entrust their own careers. Leaders need to be as confident holding an audience on Zoom as they are in a room.

How? Leaders often need to exert influence without formal authority. In-person networking and inter-personal communications still remain essential to gain trust of other stakeholders; however social influence is increasingly a core requirement of senior leadership, essential for driving collaboration, building team cohesion and achieving goals.  Leaders must be storytellers, articulating visions and strategies with clarity and authenticity to capture, celebrate and promote the work, progress and unique identity of their organisation.

In a world where Insta, Facebook and others open direct lines of communication between CEOs and any connected individual in the world, visibility, presence and image need to be flawless and carefully choreographed. Think of Amazon founder Jeff Bezos insensitively tweeting about his dog-sledding holiday in Norway when his customers were queueing at food banks. The backlash was quelled with a costly minimum wage rise at his warehouses.  His momentary error of judgment demonstrated the need for qualities that have emerged as newly essential in the wake of Covid: compassion and empathy. Steely aloofness, ostentatious success and imperious superiority are no longer valued qualities as hierarchical structures are swept away. It is not enough simply to do the right thing. Leaders must be seen to be doing the right thing.   They should be confident in sharing honest and difficult news, encouraging and raising people up, demonstrating an authentic commitment to a vision, influencing through actions as well as words.  Stakeholders should be made to feel that the communications goes both ways; transformational leadership must efficiently disseminate appropriate and targeted messaging, but equally, listen and respond. Successful executives know how to use teams and technology to filter the noise and extract the invaluable gems of sentiment and satisfaction from customers and employees – and to respond and adapt appropriately.  Playing team games such as cricket or football or volunteering can help keep executives grounded and connected with people beyond their professional networks.

The 3 As: Agility, Adaptability, Acumen. 

Why? These 3 trusted A’s continue to figure highly as three central pillars of effective leadership. They are vital to change management and shaping competitive advantage to deliver operational excellence in a world which we have established is forever changed and changing, quickly and constantly.

How? Business acumen has been a constant requirement; understanding the questions that need to be asked, the conventional pathways to success, possession of organisational skills and confident decision-making capacity. Acumen is an integral foundation of good leadership. These skills can be picked up in business school and on the job and be refined and kept relevant by excellent mentoring and continuous learning, though elements of innate common sense, humility and perceptiveness will also go a long way.

Agility and adaptability have become increasingly important in recent years for reasons we have stated above. Executives and senior leadership need to stay alert, fit, fully informed and at the top of their game, ready to swing into action and change tack with the wind when necessary. That means staying physically fit, mentally well and self aware.  An open mindset, willingness to let go of the familiar and embrace the new and presently unknown is also essential. We encourage individuals to push themselves outside of their comfort zones, in their private lives, taking up a new hobby, embracing new cultural genres, as well as opening their minds to new technologies or business practices.

Global mindset and cultural sensitivity: 

Why? Globalisation has dissolved economic borders. Post-pandemic, the mass adoption of hybrid and home working has further opened up international workforces, while the permanent switch to online buying has extended marketplaces to corners of the earth that were previously beyond the wildest dreams of marketers and sellers. Leaders who represent their brands and organisations must be seen to be looking beyond their regional borders and to show a deep and genuine understanding of the complexities of different markets and the diverse peoples within them.

How? As their organisations increasingly look further afield for the skills in short supply at home, leaders need to show that they are educated around different cultures. Executives responsible for strategic development and sales need to be evaluating new and emerging markets and looking at unfamiliar business processes, customs and requirements to tap into and exploit globalisation. What sells here may sell there but it may need a completely different approach and delivery. In executive meetings and communications, this means being fully briefed about customs and appropriate use of language.

Cultural insensitivity combined with the risk of instant public exposure via social media can inflict fatal reputational damage on any brand. Marketing executives need to reflect the diversity of the global marketplace and of its targeted regions and honour local customs. Consult people on the ground and listen to feedback. Boards of international companies need to ensure diverse representation at the top and ask for reassurances and visible evidence on organisational literature and branding which demonstrate a global mindset.

Pepsi Cola made what seemed like an innocuous branding tweak when it changed  the colour of its vending machines in South East Asia from deep to light blue. Local knowledge would have warned them the paler colour is associated with death in the highly superstitious region. The company lost its marketplace dominance to its great rival. This revealed the need for executives to ensure globalisation and cultural sensitivity are embedded into the company DNA.

Resilience, stress tolerance and flexibility:

Why? No matter how many times epidemiologists warned that a pandemic was probably imminent, no country, economy or organisation in the world was prepared for the seismic shock when Covid-19 first hit. UK business insolvencies rose by more than 50% from 2021- 2023, with commentators blaming the aftermath of the pandemic exacerbated by Brexit. Those that survived – and some that thrived – showed resilience, stress tolerance and flexibility.

How? Like a suspension bridge, secure businesses also need stress tolerance built into their models and it is up to leadership to regularly interrogate their own organisations for structural weaknesses. Leadership should be constantly checking any stress points and ensuring counterpoints are built in. They should be asking, what if? What next?

On a more personal level, executives and senior leaders need to be able to absorb and deflect economic and organisational shocks and be seen to embody strength, stability and resilience, ready to withstand even the most devastating and unpredictable events, whether generated internally or environmentally, and make sound, knowledge-based decisions which ensure the best outcomes.

This is how they will lead their organisations through the challenges and opportunities presented by the dynamic business landscape of 2024.  As we continue to witness unprecedented levels of disruption, the ability of leaders to demonstrate these skills and ensure they run through the veins of the company will determine the success of their organisations and shape the future workplace.

The Rialto Accelerated Leadership Index (RALI) research underscores the importance of these competencies.  It is imperative for current and aspiring leaders to cultivate them through continuous learning, self-reflection and proactive engagement with the challenges of our times. Only by doing so can leaders ensure they are not only prepared for the future but are also actively carving out a strategic vision it in a way that is resilient, inclusive, and forward-thinking.

We will share further insights and trends from our research with you. If you are interested in taking part in events such as our leadership dialogues and surveys, please contact us on +44 (0) 20 3746 2960 or email info@rialtoconsultancy.com

Last year, the global economy defied expectations in potentially history-making ways. Despite challenging conditions – wars, escalating inflation, and the most significant interest-rate surge in four decades the global economy managed to avoid a major downturn, instead experiencing a steady slowdown. This was an unfamiliar plotline: It implies the world economy held some resilience in ways we might not yet fully understand. Looking ahead to 2024, the World Bank’s latest “Global Economic Prospects” report predicts that global growth will slow to 2.4% before edging up to 2.7% in 2025.  This forecast provides optimism for avoiding a global recession. However, certain factors, including a notably weak UK market, heightened uncertainties regarding conflict escalation, and fluctuating energy prices, will continue to introduce unpredictable elements into the economic landscape  whilst interest rates are likely to remain elevated for the foreseeable future.

Worryingly for the executive outplacement market, corporate restructuring specialists Begbies Taylor warned that the number of companies in critical financial distress in the final quarter of 2023 had risen by 25.9 per cent on the previous three months. Meanwhile a hiring pause has led to demand for workers falling to its lowest level in a decade, according to business advisory firm BDO’s employment index.

For in-post senior leadership, head down and business as usual is not an option. They need to meet the current climate with a dynamic plan of action; to actively prepare for each predictable challenge while optimising every opportunity for growth and improved performance by incorporating disruptive technologies into forward planning strategies that fully involve every department and every function.

And for those seeking a new opportunity or facing executive outplacement, challenging times mean doubling down on efforts to identify and seize the openings that are still most definitely out there.

Here, we offer our review of the market, look ahead to the coming months, seek out any bright spots and advise on how best to take the driving seat on what looks like being another bumpy ride.

Job Market snapshot

Latest ONS labour market overview estimated that vacancies in the UK fell in the final quarter of 2023, down by 49,000 to 934,000. It was the 18th consecutive fall, the longest continuous downturn on record. Wholesale and retail was affected most of the 17 out of 18 sectors that experienced a drop, down 13,000.

However, openings do remain above pre-Covid levels, up 133,00 since January-March 2020. Similarly, payrolled employees were down 24,000 on the month but up a percentage point on the previous year and 1,195,000 since February 2020 to 30.2 million. Unemployment was unchanged on the quarter and up by a fraction over four years.

The total number of online job adverts on January 12, 2024, was down 16% on the previous year – but it had risen 3% in a week. Vacancies fell furthest in small companies employing 0-9 employees followed by the largest, with workforces over 2,500.

The International Labour Organisation (ILO) redundancy rate for the UK in May-July, the most recent figure available, was 3.6 per 1,000, higher than any time since July 2021 but comparable to pre-pandemic levels.

Earnings increased across the board, up by an average 6.5% including bonuses in September to November 2023 to £666 per week, a little higher in finance and business, up 7%.  Accounting for inflation, total real pay rose by 1.3%, the same as the previous three-month period.

Predictions for Q1 2024

The world economy:  

The global economy defied World Bank predictions and multiple pressure points last year to deliver 2.6% growth, largely down to the US economy and strength in some of the emerging markets including Brazil and India.

Another year of raised interest rates, increasing geopolitical tensions and inflated energy and consumer prices after the system shocks of the pandemic and Ukraine War will really test its resilience. The World Bank is talking about further slowdown to 2.4%.

This time last year we were focusing on conflict in Ukraine and its impact on oil and gas prices. This year, there is also a very real chance of Israel’s war on Hamas in Palestine spilling over into the region. The UK and US are already bombing Houthi targets in Yemen in a bid to halt their pirate attacks on commercial shipping routes which are severely disrupting movement of goods and tensions are building with some of the oil-controlling Arab nations.

Further expansion of hostilities to Iran and beyond could destabilise global economies further. Though a glimmer of hope comes with tentative talk of a possible two-month ceasefire. That might be enough to allow imminently-anticipated interest rate falls in the US and government fiscal stimulation in China to brighten the immediate outlook.

The UK economy;

Russell Investments’ 2024 Global Market Outlook suggests that the UK faces the greatest risk of recession of the major economies as it struggles to bring inflation down, delaying any release of the fiscal brakes. Inflation is remaining stubbornly at 4%, down from its 2022 high of 11.1% but still double the Bank of England’s target to start cutting interest rates.

Meanwhile thousands of companies servicing debts built up during years of record low interest rates are reaching the limits of their financial subsistence. Almost 50,0000 are in critical distress.

A sixth of companies say they are planning to reduce staffing levels, led by a downturn in tech and construction, while many more are stalling recruitment until they see real signs of recovery.

Consumers, who had been propped up through the lean times by government support and savings accrued through Covid, are running out of funds and now spending less and borrowing more.

So, the word of the first quarter of 2024 is just as it was this time last year: caution.

Fittingly, we may start to see some green shoots in spring, when the government is expected to introduce tax cut sweeteners worth £20 billion ahead of a General Election, mooted for autumn. Along with anticipated interest cuts, they could help push the engines of the economy out of neutral and into first gear.

How to thrive in a contracted executive job market.

No matter how much uncertainty may lay ahead, dynamic leadership will not be assuming a watch and wait attitude. Just as market investors can profit by buying the dips, periods of stagnation present the chance to audit and strengthen assets, streamline processes and work towards readiness to leap into action and take full advantage of opportunities when the economy starts to turn.

It will undoubtedly be a more challenging market to enter and find success in. In December 2023, there were 863 publicly-advertised chief executive vacancies, down from 1,131 in January 2023, and 348 chief finance officer roles, down from 539 a year ago, according to Adzuna research.

Still, those vacancies are there and need filling and the drop in quantity does not equate to a fall in the quality of positions available.

So what can candidates seeking a new role or facing executive outplacement do to boost their chances of landing a prime position, suited to their skill sets and experience, in such a bleak job market?

• Mindset is perhaps the most crucial attribute and keeping it match-fit can be an exhausting exercise. It is always good to have a trusted sounding board to keep your spirits raised through any disappointments or lapses in energy and motivation, and reflect on opportunities for learning and personal growth, whether family, friend, mentor or career coach.
• Reset if you feel you have lost your focus. Perhaps you have been applying for the wrong jobs in desperation after too long out of the market. You know you are wasting your time. Go back to basics: what is it you do best? What do you have to offer? Who needs your skill set? Where are you looking for work? Why isn’t it happening for you?
• Analyse the market. Where is the demand and what are the new jobs? Why did your last position not work out? Has the market changed and do you need to find a new fit? What about the hidden market? Do you know how to access it? Do you need help? Do you need to catch up on changes in recruitment methods?
• Sharpen your image. You know you have the credentials, but are you transmitting that information to the right people in the right places? Is your LinkedIn profile up to date? Does it reflect what employers want? Does it reflect what you want and can do? Does your CV stand up to scrutiny in 2024? When did you last look into preferred formats and required information?
• Research the meeting zones for people in your field. On what digital platforms is the networking and hiring happening? Are you missing out on a whole world of online business and opportunities?
• Audit your own skill set. Are the advertised vacancies using technical terms you don’t understand or asking for experience with frontier technologies that sound like a foreign language to you?  Do you need to retrain and repivot away from a dying sector or market into a dynamic emerging one?

To summarise, then, we would issue an amber warning for the first quarter of 2024: more storms ahead but a chance of brighter skies for those who can weather them.

Rialto can help you refine and target your search when going through executive outplacement or executive transition with one-to-one personalised support. We have helped many thousands of c-suite clients win prime roles in competitive markets in almost every country around the world. Contact us for a free initial consultation.