Now that we are halfway through the 2nd quarter, we thought it would be interesting to compare data collected from our Q1 searches against our Annual Talent Trends Study published in February 2016. We’ve been anticipating that most executives would stay put based on this study’s data from the past two years. While that has been true in 2016, a number of executives are considering a move and our analysis of Q1 searches identified three catalysts that motivated satisfied, highly successful executives in the investment industry’s market for talent.
1) A Terrific Cultural Fit
Approximately 30% of the candidates we presented to our clients were motivated because the position was the right cultural match. Not surprisingly, culture means different things to different candidates and varies from firm to firm in the investment industry. Some thought that culture was a fast-paced, high-growth environment. For others, it meant working in a more established firm with stability and placed a premium on collaboration and mutual respect. Regardless of the definition, it’s critical to articulate what differentiates your firm’s culture from your competitor’s.
2) Opportunity to Have a Big Impact
Approximately 30% of finalist candidates in Q1 searches told us they wanted to have an opportunity to make a bigger impact at their firm. These candidates all expressed a desire to be a critical contributor in driving more revenue, helping a firm enter new markets, or redefining positioning and messaging. The key takeaway for firms seeking to attract talent: How do we make a compelling case that a candidate can have maximum impact at their new firm?
3) Desire For a New Career Challenge
About 40% of our candidates pursued an opportunity because they wanted to enhance their personal brand, move up the career ladder and take on new challenges. Executives defined career challenge as the ability to stretch into new responsibilities, strategically define the direction of the business or a line of business, lead a larger team, or have a seat at table where key decisions are made. How will your firm demonstrate that you can offer them a truly new career challenge?
The Bottom Line
Our 2016 Talent Trends Study emphasized the disconnect between intent and execution as a result of the passivity in the investment industry’s market for talent. Based on our sample pool of candidates presented in Q1 searches, the good news is that highly tenured executives are now considering a move when the opportunity intersects their personal motivation. Nonetheless, they still need a push to get past their complacency. In our view, thinking through these key drivers of culture, impact & career challenge – while sharpening your message and offer – are critical to success in this market.