2024 Strategic HR priorities

In a recent survey, chief executives cited financial growth as the second highest priority for HR in 2024 after talent management.  HR leaders rated this tenth, revealing a disconnect which could be limiting potential for growth. CEOs also placed “efficiency and productivity” and “technology review and investment” much higher than HR Leaders.

Here are three key areas where HR Leaders and the C-suite should be working together to strengthen the contribution and impact of HR and add greater value to their organisation.

1: Leadership effectiveness  

HR need to constantly evaluate the evolving challenges and expanding responsibilities that functional business leaders are now expected to take on. A substantial three quarters of HR professionals acknowledge that leaders in their organisation feel overwhelmed by the growing scope of their responsibilities with more than half stating that their leaders bear more responsibility than they can effectively manage.

Regardless of sector or discipline, these are just a few of the day to daily challenges leaders may face on top of their specific positional duties: balancing short-term responses to crisis vs longer term visioning, cultivating fit-for-purpose behaviours, understanding and integrating fast-developing technologies, leading hybrid teams, managing multiple, sometimes competing stakeholders. On top of all that, they must oversee healthy cultures with clear EDI policies and execution and motivate workforces who may feel burned out and be seeking better work/lifestyle balances.

In order to thrive and drive productivity and efficiency, organisations require HR to step up and proactively support the path to navigate multiple priorities.  This means listening and being responsive. Among the strategies HR can employ to assist are: resetting expectations; enabling effective delegation and communication training through access to coaching and training for staff; simplification of structures and tasks; identification and help integrating new technologies to improve efficiency; and ensuring directives around business culture and expectations are clear and visible.

Leaders should be made to feel confident in asking for help without being judged and have built-in time for reflection and mentoring.

2: Talent Management and upskilling  

In the domain of talent management and upskilling, HR has an opportunity to take centre stage in its strategic input to the rapid evolution of workplaces and business models.  The integration of AI into HR functions will support the evolution of job specifications, with HR leveraging AI audits to assess skills, experience, and talent. AI applications will further empower HR to identify and cultivate individualised training programmes, aligning upskilling initiatives with the dynamic and agility needs of an organisation.

As the landscape of talent acquisition continues to transform, acquiring, retaining and optimising talent extends beyond traditional measures.  In a survey conducted by Gartner, only one in four employees surveyed said they felt confident about their careers. Scope for promotion, progression and personal enrichment can be as important as income when valued employees consider factors influencing their career decisions.

This shift requires a focus on creating a holistic approach encompassing employee wellbeing, coaching, transparent career progression and more flexible work arrangements as well as a commitment to continuous learning and upskilling.

Career progression is moving further away from being a vertical ladder with clear scripts and gateways, unfolding instead as a matrix with interconnected paths.  HR leaders should be ready to tailor talent strategies to these new business models which will open wider career possibilities, more diverse employee expectations and opportunities that represent finite cycles of work with dynamic possibilities for personal growth.

3: Embracing AI  

Surveys show C-suite buy-in to AI advantages is not being matched by enthusiasm from HR leaders. More than two thirds of executive leaders agree benefits of AI outweigh risks yet only a fifth of HR leaders are actively engaged in AI discussions across their organisations.

Most describe the application of AI as being something that will become increasingly important in the future. However, the most advanced organisations and their HR leaders are using it now to streamline processes, improve efficiency and enhance employee experiences, lifting HR’s role in the organisation.

First steps for HR are creating a framework to assess and identify appropriate AI applications and support departments to adapt existing organisational working models to assimilate and fully exploit their potential to drive progress and efficiency.  Importantly, they must also be aware of the risks and create a framework to ensure their ethical, transparent and responsible use.

There are known issues around generative AI, such as bias and a built-in tendency to “hallucinate” – literally to make things up. Whether you have AI tools built for your organisational needs or integrate existing applications, ensure there are humans testing, overseeing and constantly assessing output before it reaches any audience.

While younger generations may be unphased and embrace the fast pace of technology-driven change, adoption of frontier technologies may alienate some older workers who are already feeling bewildered by the pace of change, post-Covid, and worried about being displaced by automation.

Manage their concerns with genuine, effective two-way communication. Explain any changes, why they are necessary and how they will benefit them, ensure they get proper training to co-pilot the technology effectively, open channels for feedback, listen and respond.

If you want to learn how Rialto can help your HR teams to explore and prepare for the future of work and emerging business models, contact us on +44 (0) 20 3746 2960.

As organisations grapple with the complexities of talent management, employee engagement, and the ever-changing dynamics of the workplace, the adoption of AI emerges not just as an option but as a strategic imperative for HR.  Far from being a threat to traditional HR practices, AI serves as a powerful ally, with opportunities to revolutionise recruitment processes, enhance employee experiences, and provide data-driven insights to inform strategic decision-making HR. 

In the near term the potential to improve productivity through a more streamlined, focused, strategic HR function is around 30%, yet 56% of HR professionals believe it will be at least three years before they will be prioritising AI.    

To hold back in adopting AI now is to hold back on elevating the role of HR to new heights.  Here are five practical uses in which AI comes into play in HR functions: 

1: Recruitment and onboarding 

AI should be embraced in recruitment and onboarding processes for its ability to streamline and enhance the hiring experience. By leveraging AI algorithms to analyse applications, identify top talent, and automate routine tasks, organisations can significantly reduce time-to-hire, improve candidate matching, and ensure a smoother onboarding process, ultimately creating a more personalised experience for candidates and leading to a more efficient and effective workforce. Consider the following:

• Predictive analytics can help identify trends and patterns both outside and within an organisation and identify skills needed now and in the future by an organisation, department or team.
• AI can then find potential candidates with those skill sets, even if passive, and tailor individual job offerings based on market and internal data and the individual’s experience and requirements.
• Generative AI can produce marketing and recruitment materials.
• “Chatbots” can respond to job advert questions.
• AI-enabled software can sift through unlimited numbers of applications and produce shortlists based on organisational need, matching behavioural attitudes to company culture as well as qualifications and experience.
• Digital platforms can create and deliver automated onboarding and training programmes.

2: Talent management 

AI can act as a game-changer in talent management, offering insights into employee performance, career development, and succession planning. By harnessing AI algorithms, organisations can optimise talent acquisition, identify skills gaps, and foster a proactive approach to employee development, ensuring a strategic and future-ready workforce.  Consider:

• Tracking employee sentiment, predict exit risk and inform and advise managers to respond appropriately.
• Enabling and managing self-service portals allowing access to services, training and information and reducing the workload of HR professionals.
• Identifying and preparing potential successors for outgoing leaders to ensure a seamless transition.
• Automating repetitive tasks allowing employees more time for creative and collaborative work, boosting productivity and job satisfaction

3: Learning and development 

AI integration in learning and development is essential for personalised, data-driven insights that cater to individual employee needs. By leveraging AI-powered platforms, organisations can deliver targeted training, recommend tailored learning paths and continuously adapt content to keep pace with evolving skills requirements. It can be used to:

• Audit skills within an organisation and market trends to prepare for future needs.
• Identify which employees should be upskilled in which sectors and specialities to ensure a smooth, dynamic, responsive workforce.
• Create personalised training modules which adapt content to the individual and promote a culture of continuous learning.
• Design training to nurture soft skills such as resilience, leadership and adaptability to prepare for shocks, crises and disruptions.

4:. Compliance 

Navigating the intricate landscape of HR compliance has never been more dynamic and AI can streamline these processes, ensuring that nothing falls through the cracks. It can track and manage workflows related to compliance tasks, such as background checks or policy acknowledgments.    Create compliant documents and update them with legal and internal policy changes. Applications can:

• Detect any real or potential legal or regulation violations and alert appropriate departments in real time.
• Analyse pay equality and Diversity, Equity, and Inclusion (DEI) issues.
• Use algorithms to detect current and future risks by recognising anomalies such as insider trading or money laundering, freeing employees from the intensive, time-consuming analysis of vast amounts of data.

5: Administration:  

Overall, AI has a huge role to play in reducing administrative tasks by automating scheduling, carrying out data analysis, and report generation, allowing HR teams to optimise time management, make more data-driven decisions, and streamline communication to support change management and leadership initiatives. This can include:

• Providing automated HR support to staff.
• Writing and disseminating company announcements.
• Monitoring sentiment towards proposed and actual changes and creating communications to reflect and assuage concerns and build positivity.
• Tracking and recording content from meetings and highlighting action points.
• Generating and disseminating reports.
• Creating content for employee surveys, distributing, analysing responses and producing insights and action plans.

We encourage all HR teams to embrace the transformative potential of AI, moving it from being seen as a buzzword to a powerful workforce ally.

If you are a HR leader and would like to explore how to be part of the AI lead within your organisation or you are a senior executive and want to know more about how to AI can be used to transform HR into a more strategic, valuable, insight-driven asset, contact Rialto on +44 (0) 20 3746 2960.

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

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

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

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

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

Look into the future and understand market demand

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

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

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

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

Take advantage of Executive Outplacement and Retraining opportunities

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

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

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

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

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

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

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

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

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

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

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

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

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

Never stop learning

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Power of the Hidden Market

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

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

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

The value of searching for a senior-level role through the hidden job market could not possibly be overstated, but how do you get started?  Many senior executives will have built up their network through the years but may not be sure how to utilise their connections for this purpose. Others may not know how to structure their approach.

Having the right strategy can make or break a career transition aimed at securing a new, more enriching role. We’ve put together five practical tips to increase your chances of success in the hidden market:

1. Build a strong digital personal brand: With so much of modern networking and today’s job search taking place through virtual touchpoints, you will want to ensure your social media profile stands out. Your contacts will reference your LinkedIn to get a clearer grasp on what it is that you do and have to offer, and this will likely be the first place they refer potential employers to visit to learn more about you. Ensure the information presented adequately represents how you want to be perceived and communicates what you can bring to the table. Anyone visiting your profile should be able to draw a conclusion about your ability to navigate potential market challenges and add value to an organisation. If you are trying to draw in opportunities from beyond your immediate network, you will need to ensure your profile contains appropriate keywords for your career transition objectives. Take the time to craft a strong headline, write a compelling About section, and update your experience section. For the latter, beyond just ensuring all your work experience is up to date, highlight your accomplishments and measurable impact and align these items to the opportunities you are seeking. Understand that in today’s market, your profile is often seen before your CV and it is therefore important you are making the strongest possible impression.
2. Get others to be advocates for you: Of course, one of the key advantages of tapping into your network for support with your career transition is having designated advocates vouching for you in the marketplace. Be selective about who you turn to for this, and what the narrative they present on your behalf will be. Make sure the contacts you’re tapping for this understand what you can bring to others so they can accurately tell your story. By enlisting the support of trusted peers, you can reap the benefits of opportunities being created for you while you progress your other networking activities or continue to juggle ongoing work-related commitments. Your trustworthiness can also be further enhanced as recommendations from others can be better received than self-promotion. Your reputation is one of the most valuable assets you have and can bring stability during turbulent times. Nurture it with care.
3. Build a strong and diverse network before you need to use it: Just like building friendships, establishing a strong network doesn’t happen overnight. Dedicate time to growing your network before you need it, as your network is an investment that pays compound interest over time. The longer people have a chance to know you, learn what you are about, and see what you are capable of, the more credible you become. Become an active presence in your industry. Keep up to date with industry trends and news through the national press, professional journals, and professional/trade association websites. Make time to attend relevant events, conferences, and seminars to establish meaningful connections. Engage with professionals and leaders from other industries and build relationships that can later yield valuable prospects beyond your immediate scope. We naturally gravitate toward people who are like us, yet this tendency can create tunnel vision and undermine the value of our network. Top-performing executives have diverse but very select networks of relationships from different spheres and across the corporate hierarchy. Having diversity in your network helps keep both your mind and your options open.
4. Master the art of effective communication: Networking is not a transactional activity, nor should it be treated as such. If you want to gain from your network, you should be giving as well. You are looking for your network to provide valuable insights and referrals, but you should be willing to do the same. If you are treating your network as just a numbers game, expect your efforts not to be as fruitful. When it comes to building an effective and valuable network, it’s key to enjoy interacting with people and to have fun along the way. Offer help before you ask for it. Engage in meaningful conversations, share knowledge, and help others where possible. That way, you are forging more authentic connections. Personal recommendations and referrals from valued contacts can open doors to those hidden opportunities you are after.
5. Target your outreach: This process is much more strategic than simply casting a net and hoping your contacts can help you reel in the right role. The key to succeeding in the hidden market is to have a compelling value proposition aimed at a clear set of targets and objectives that you are looking to meet. Identify a few organisations you know you can add value to and take a proactive approach to connect with key decision-makers within those companies. Research the company’s strategic goals, challenges, and leadership team. Reach out to senior executives directly through personalised messages, LinkedIn Groups, or at networking events. Demonstrating a genuine interest in their organisation and highlighting your unique value proposition can lead to discussions about unadvertised executive roles or opportunities that don’t yet exist. It’s a win for both parties, as you can secure the exact type of opportunity you desire while your potential employer may have just found the right talent without having to go through a long search campaign.

Accessing the hidden job market at the executive level requires a combination of strategic networking, professional branding, and targeted campaigning. Building and nurturing a strong network, utilising social media, seeking referrals, and engaging with relevant associations and companies are key actions that can help you uncover exclusive executive-level opportunities that you would have never known about otherwise. Embrace a proactive approach, stay persistent, and demonstrate your value as an executive leader.

People who know and trust you are vital to building your career, and power plays are a corporate reality, so take steps to actively build your network. Ensure the door swings both ways though, and that you are not taking advantage. Remember that people will remember how you made them feel, and how you showed up for them when they needed your support. Leave people with the right impression of you to ensure that when the time comes, they tell the right story on your behalf.

No matter how ready you think you are for a leadership role, reality does not always match expectations. This is true across the senior level, including for the role of CEO and the rest of the C-suite. Nearly every new Executive who participated in McKinsey’s latest Rising CEO Forum reported feeling well-equipped for the job at first given their experience, but later realised that the job required skills and expertise they had never developed or their existing skills and expertise were not as strong as they initially thought. This may naturally lead to feelings of imposter syndrome, which is not uncommon at the senior level but can also hinder your new leader assimilation efforts. Nothing stalls progress, good leadership, strong decision making, and business growth like fear and doubt. No leader is immune to these emotions, but what you choose to do when these feelings arise is what separates strong leaders from the rest of the pack.

Read on for our experts’ advice on overcoming the challenges you will inevitably face when assimilating to a new senior-level position.

• Build Trust and Resilience: There can be no trust without honesty, and new leaders need to be upfront and forthcoming from the start. In an era where trust is paramount, leaders must be authentic and transparent in a constructive manner. They should communicate openly, even when sharing difficult messages or requiring support. It is important to remember that you are just one person, you do not have all the answers, and you won’t always know exactly what to do in every situation.  By involving employees in problem-solving and providing clear information about required skills and changes, leaders can inspire trust and create a culture of shared accountability. Effective communication at every level and juncture helps to co-create expectations, celebrate successes, and learn from failures, fostering a forward-facing and positive environment.
• Delegate Authority: New leaders may feel pressure to be seen to be making decision or taking actions immediately to prove themselves in their new role. Spreading yourself thin or taking everything on yourself benefits no one, least of all you. Referring to the McKinsey statistic mentioned earlier, nearly half of the executives who fail within 18 months of taking on a role “quietly struggle” in those positions. Suffering in silence is not the way forward. If you do not know something, do not claim to. Ask questions, learn all you can, and do not be afraid to lean on others. Assign clear priorities and responsibilities and empower your team early on to ensure goals are met and promises are kept. Instead of attempting to take on everything yourself to prove your capabilities, understand that the most effective leaders are those who delegate. That said, there is a difference between simply delegating tasks and delegating authority. Delegating tasks to team members will get you by in the short term, but it is much better to delegate the authority, building capability, autonomy and empowering greater team collaboration. Prioritise the activities that are going to drive the most impact for the business, whether that requires earning some quick wins or taking major strides along a long-term growth path and focus your attention on those, trusting team members to handle the rest. Focus on fostering a culture of accountability, autonomy, and ownership. Recognise the potential in others and nurture it.
• Strengthen Your Personal Effectiveness: At the same time, ensure you are nurturing and strengthening your own personal effectiveness to navigate the challenges of a new role successfully. Building an effective influence base helps leaders get their voices heard and establish trust with stakeholders. Defining personal success and priorities through clear goal setting aligns personal contributions with business objectives. Additionally, managing personal effectiveness involves developing greater soft skills like emotional intelligence, agility, empathy and adaptability. Leaders should also be aware of imposter syndrome, seeking support and cultivating resilience in the face of self-doubt.

Every leader will have a different approach and style, with success in a new role looking different for everyone. But at the end of the day, people are more likely to follow leaders who feel human, recognise their strengths and limits, empower others to be their best, and truly walk the talk. Beyond delivering on the business objectives you set, who you are as a leader and as a person can be more important for impacting your success in the role and your perceived assimilation as a valued member of the leadership team.

If you would value new key insights into developing your capabilities as a leader and maximising your effectiveness in a new senior-level role, get in touch with our team to discuss our Leadership Development services.