Studies show that 60% of organizations are facing leadership shortage while 76% are less than confident that they will be able to fill up the top management and C-suite positions left vacant due to the retirement of baby boomers. These findings are further compounded by insights showing that 80% of senior executives believe it will take a year for successors to fully close the gap left by their predecessors.
During the global financial crisis of 2007/08, research shows that the turnover rate for top management remained low due to an increased need for job security and organizations preferring to retain their existing CEOs to help navigate through the crisis. However, post-crisis painted a different picture with more senior management and leaders opting to move and more companies seeking new leaders, ideas and strategies to drive growth in a post-crisis economy.
C-level talent acquisition has always been a sensitive, challenging and time-consuming affair. The modern day economy, market place and shifting customer expectations also require a forward thinking leader who is in-tuned with such demands. In addition, workforce demographics has also shifted to include less baby boomers and more Gen-Y and Millennials. All these factors combine to make the job of the CEO ever more challenging.
The Artemis Difference
Recognizing the Modern Day C-Suite Executive
The first condition we know when searching for a C-suite executive is that there no perfect C-suite executive. Our experience hiring C-suite executives for global and fortune 500 MNCs reveal that the 3 key most important elements include credibility, competence and concern.
Effectively, we found that that a great CEO (or equivalent C-level executive) must be credible through his actions and words, be competent both from a strategic and tactical perspective and is concerned for his customers, employees and other key stakeholders. We also realized that a great CEO does not sit on fences. He is willing to take calculated risks, often action focused and has an innate ability to read people.
At Artemis, we combine our in-depth knowledge of our focus industries, the various business challenges faced by our clients and our understanding of the elements that make a great C-suite executive to help our clients secure the best leaders for their organizations. That’s The Artemis Difference.