Although the current global business climate is showing signs of volatility, with various geopolitical circumstances such as a potential no-deal Brexit, the trade war between the US and China and a potential economic slowdown in Germany all affecting business confidence, the Irish economy continues to succeed.
A recent Ibec report is forecasting Irish growth to hit 4% this year and the forecast for 2020 also stands at 2.7% (assuming common sense prevails and a Brexit deal is reached). There also continues to be positive news about job creation, with new organisations continuing to enter the Irish market and with Ireland currently enjoying record levels of employment, 2.3m people according to a recent report by the CSO, the economy seems to be in great shape to weather some turbulence and continue its phenomenal growth story.
Due to these factors, attracting the right leadership talent to help organisations realise growth opportunities and manage any potential business disruption, has never been more challenging. Due to the high levels of employment currently in Ireland, the highest quality individuals are almost certainly employed and are extremely discerning when it comes to considering a career move. These potential candidates are often not actively applying for positions and it can require a deeper level of searching to discover potential options and, once identified, a significant level of engagement and courtship to inspire them to move companies.
To be able to attract and retain these high-performing leaders, it is critical to ensure your business has the right external message backed up with a strong internal and progressive business culture. The most talented individuals take numerous factors into account when assessing potential opportunities. It is crucial to be able to articulate and position your company strategy, approach to talent development, how the business is funded and also be prepared to discuss any potential risks that could affect future success. Obvious factors such as a competitive salary, bonus, annual leave entitlement and benefits like healthcare and pension are highly important. Furthermore less tangible elements such as flexible working hours and the ability to work remotely are continually being considered throughout a candidates decision-making process (as highlighted in the recent working hours report from Morgan McKinley Group).
Other elements to ensure success when looking to attract leadership talent is ensuring that your hiring process is fit for purpose and communicated effectively. Candidates for Senior Leadership positions understand and expect that a process should be robust, challenging and often with a number of potential steps. The key to ensuring engagement throughout the process is communicating what is involved, providing feedback after every step and maintaining momentum. It sounds simple but many organisations often fall down here and end up disappointed when they miss out on their first choice for an opportunity.
Although there is significant competition for talent currently the positive news is, for companies that are able to get their process and market message right, many individuals are open to engaging and considering a career move.
Practice Leader - MMK Executive
MMK Executive has been designed to provide a commercially competitive solution to finding the best senior talent for your business. In addition to being cost-effective, we guarantee a transparent and efficient recruitment process always focused on successful delivery.