Restless executives ready to jump ship

By Clare Costigan

As the dust from the GFC settles, its effects on workers are coming to light. First came results from rogenSi's 2010 Global Mindset Index revealing 22.5 % of Gen Y candidates were losing passion for their jobs and were questioning their self belief; now the shock waves are traveling further up the line with new research results released by Hattonneale pin pointing another phenomenon - the "restless executive".

The report found that two years of cut-backs, reduced remuneration, slashed bonuses and neglect of retention initiatives have left senior executives not only restless and cynical but also vigilant about their needs when looking for new opportunities.

In addition, the employer brand - many of which were damaged by the GFC - has become a pivotal tipping point for senior executives when choosing where they want to work. As a result, rebuilding employer brands will become a priority for companies seeking senior executive talent.

Results highlighted that the GFC has brought with it a substantial shift in the attitudes of organisations and the senior executives who run them.

It also unearthed that Australian organisations are finding it challenging to source senior executive talent in the post-GFC marketplace. 

Hattonneale managing director Jane Neale said: "Businesses face a shallow talent pool - some would suggest a drought - even though the GFC was widely believed to be filling up the talent pool as companies cut deeply, the percentage of quality candidates remains low.

"Therefore, Australian businesses need to restock their senior executive ranks in the post-GFC environment at a time when many lack the resources to fully 'staff up'."

Hattonneale managing director Anne Hatton added: "Not only is there a distinct lack of senior talent but companies will need to bring new senior executive skills and experience into their businesses as market conditions change."

The current skills shortages, coupled with increasing demand, will likely force remuneration up.

"Organisations must be flexible and prepared to embrace change if they are to meet the challenges of a talent-poor market. They need to tap into the substantial network of senior executives operating outside the conventional talent pool," Hatton said.

Key findings from the research included:

• More than a third of those surveyed (35%)  see a lack of appropriate talent as a barrier to business growth over the next 12 months.
• Well over half (57%) believe Australia will face talent shortages within the next 12 months.
• More than half (53%) say bringing new skills and experience into the business is a priority.
• The majority (63%) believe it will be either 'not easy' or 'extremely difficult' to find executives with appropriate levels of skill and experience.

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