As the world emerges from the global pandemic, many are forecasting a “Great Resignation.” This clever phrase serves as a label for the massive shifts expected to occur in the labor economy in the near term, shifts that could easily impact the market just as much as the Great Recession once did. In healthcare, the Great Resignation will be especially onerous, hobbling an industry already short on talent.
In what-seems-like-forever-ago 2019, the U.S. unemployment rate hovered around an unprecedented 3.5 percent. In this tight market, supply was low and demand high for premium talent. Elite, experienced executives were in the driver’s seat of their career vehicles, and the vast majority of execs could have their pick of choice opportunities, making it relatively easy to navigate to higher earnings and more challenging organizational roles.
Then the world changed. As the realities of the pandemic became part of our lives, ambiguity and uncertainty applied to all things, but they were especially prevalent in the talent space. For both experienced and emerging leaders, it can be a daunting task to know when and how to make their next career move.
Organizations, faced with enormous losses, had to make critical, high-stakes decisions quickly. Suddenly, the sense of security in the C-suite faded. Many executives dug in to weather the storm, and some found themselves unemployed. However, as the economy begins to show signs of resuscitation — displayed by renewed consumer confidence and decreasing COVID-19 positivity rates — demand for premium executive talent will burgeon again. Leaders whose career aspirations were placed on hold due to the pandemic are now contemplating a brighter future.
Shaping the future of work
The world of work is changing…fast. The work we do, the way we do it, and where that work is performed is in a state of metamorphosis. While many experts do not necessarily agree on what the future of work will look like, nearly all agree that it will forever be changed.
Healthcare organizations are looking for executive leadership skill and experience in business transformation, the digital space, diversity, and other disciplines that weren’t necessarily on the radar in the past. Competency in leading remote, geographically and culturally distributed teams will be at a premium. Leaders must demonstrate the sensitivity and dedication to building cultures that prioritize diversity, equity, and inclusion as well as the bottom line.
That’s why an executive search professional can be especially helpful for organizations and experienced leaders who have a new vision of talent. An industry-focused executive search professional is much more than just a recruiter. In its purest form, executive-level strategic sourcing is a deep engagement involving leadership and management consulting not just in today’s talent landscape but thinking ahead to tomorrow as well.
Executive search professionals concentrate on finding very specific talent for specific business needs at pivotal moments in an organization’s lifecycle. They partner with client organizations to design key placements that will have high-stakes impact on both strategic and tactical initiatives within the dynamic market.
For a leader with executive-level skill and experience, connecting with an executive search professional can be the ideal action for moving into a new senior leadership role in the emerging healthcare economy. Executive search professionals are always on the lookout for premium talent — proven and high potential talent — to fill out their bench strength.
4 ways executive search pros find you
It’s interesting to note that even the most experienced, high-performing health industry leaders need professional resources sometimes. Whether it’s a new challenge, a new perspective, or a different stakeholder channel, the career needs of leaders can change as the industry changes.
Here are a few recommended steps you can take to become visible with executive search professionals:
It goes without saying, but recruiting is a business built on relationships and networks, none more so than at the executive level. It can be difficult to build relationship and trust with business colleagues if there is an absence of networking. Many executive search professionals are quite open to networking and opening dialogues with professionals who are interested in making a connection. With all the social media platforms available today, it is as easy as simply reaching out with a direct message to an executive search professional.
2. Leverage a Referral
If you know of anyone who was placed in a leadership role by an executive search consultant or are connected with an organization that leverages those type of resources, ask about their experiences. Of course, you’ll want to be careful about who you reach out to! Your plans to make a move might be shared with boards of directors or managers — to your detriment — if someone you speak to in confidence is not discreet or does not have your best interests in mind. However, a referral by way of an email or direct message introduction is one of the fastest ways into an executive recruiter’s database.
3. Join a Talent Community
Many firms that specialize in executive search and placement offer talent communities where interested individuals may submit their information to a private database. Very often it is as simple as providing some high-level demographic information and uploading a digital copy of a curriculum vitae or resume. Sometimes there are perks to joining these talent pools, such as monthly industry newsletters, or email notifications showcasing hiring organizations or new leadership openings. As these talent communities grow, the executive search professional consults this pool first prior to engaging in a full market search for candidates.
4. Search and Choose
Be sure to seek out reputable executive search professionals. Ask about how your information will be shared and with whom. Successful executive search professionals work with a high ethical standard of practice, and would never share your information with a new prospect without first socializing the opportunity with you for fit and interest.
As the healthcare ecosystem changes, so too does the list of skills and abilities required for leadership positions. The ripple effects of the Great Resignation will certainly churn up new roles for experienced professionals who are open to making a move. An executive search consultant is the ideal resource to connect people and businesses in a win-win relationship.
If you’re seeking new opportunities in the C-suite, reach out to Canton & Company to be part of our network of experienced professionals. Start a conversation today.