Macroeconomic Challenges Force Companies to Rethink Hiring Practices

A global economy that is showing signs of slowing, rapidly changing consumer preferences and further tightening of the labor market is having a negative impact on staffing and executive recruitment — which is forcing companies to take a more proactive approach to filling the c-suite as well as rank and file positions. But it is not easy. Industry staffing and executive recruitment experts say the demand for “ideal candidates” is higher than what’s available. Moreover, recruiting executives and managers who can meet the current leadership demands is akin to finding a unicorn. Brent Magnuson, partner at Egon Zehnder, said the talent market “is very competitive right now and the requirements are more challenging. Everyone is looking for great general management or functional leaders and they need to be digitally savvy and ideally diverse.” In response, Magnuson said companies are working hard to be more proactive “and developing talent pipelines to identify talent in advance of needs. In addition, companies are investing more in developing internal talent and taking calculated bets on people with potential. Fueling these challenges is a macroeconomic environment that is shifting and entering a new cycle. Sue Lamoreaux, managing director in the fashion and beauty practice at Solomon Page, said the economy “has obviously been

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