In an era marked by continuous disruptions, leaders are increasingly called to guide their teams through challenging and unpredictable times.

Crises stemming from political, economic, and geopolitical events prompt leaders to rethink how they maintain productivity, engagement, and cohesion. However, while current crises undoubtedly impact team morale, they may not be the sole factor. Pressures such as a results-driven culture and shifts in management practices also shape the employee experience. Senior managers need to develop critical competencies, both to navigate the immediate effects of uncertainty and to prepare for long-term resilience.

The Potential Impact of Crises on Team Morale

Crises can create stress within teams, affecting engagement and cohesion. Issues like rising fuel costs, resource shortages, and heightened geopolitical tensions may play a significant role in reducing morale, yet they are part of a broader array of challenges employees face today. A study by Gallup suggests that nearly half of employees feel disconnected from their organisation’s objectives in times of uncertainty. But are crises really the primary cause? Leaders are encouraged to look holistically at factors influencing engagement, responding proactively to strengthen alignment with organisational values and maintain team motivation.

Redefining the Role of Leadership in Times of Crisis

During a crisis, the leadership role extends from traditional oversight to embodying stability and clarity. Leaders are not only responsible for decisive actions but also for addressing underlying anxieties within their teams. A Deloitte report shows that consistent and transparent communication from senior leaders can foster trust and engagement, which are critical during uncertain times. Leaders are thus called to remain adaptable and empathetic, addressing both the operational and emotional needs of their workforce.

Strategic Actions to Adapt Leadership Practices

Adapting to crises requires a dynamic approach to leadership that balances immediate operational resilience with a forward-looking mindset. Key actions include:

• Strengthening Internal Communication: A transparent communication strategy helps leaders mitigate uncertainty and keep teams aligned with evolving goals.
• Implementing Flexible Working Models: Evidence suggests that flexible arrangements, such as remote or hybrid work, have become essential for talent retention, especially in challenging periods.
• Promoting Resilience at the Individual Level: Supporting stress management and well-being initiatives allows teams to perform more effectively, even when facing external pressures.

Viewing Crises as Catalysts for Transformation

While crises reveal organisational vulnerabilities, they may also uncover opportunities for growth and adaptation. The World Economic Forum reports that organisations accelerating digital transformation efforts during the COVID-19 pandemic often achieved substantial revenue growth post-crisis. This highlights how a proactive, future-focused approach can enable organisations to adapt and even capitalise on changes in the environment, transforming adversity into competitive advantages.

Building a Future-Ready Organisation: Anticipating and Mitigating Risks

Effective crisis management involves looking beyond immediate issues to anticipate future challenges. Deloitte's research highlights that organisations with robust continuity plans are better equipped to handle subsequent crises. Leaders should prioritise risk anticipation, foster a culture of continuous learning, and reinforce organisational agility to create a workforce capable of thriving amidst ongoing uncertainties.

Conclusion

Leadership during crises requires a blend of strategic insight, adaptability, and empathy. For executives and senior managers, leading teams through uncertainty is as much about resilience as it is about building a foundation for long-term success.

Rather than solely responding to crises, leaders should cultivate an organisational culture ready to confront future challenges and to transform adversity into progress.

When engaging in Executive Search, the main goal for most is to find the right employee for your team. However, throughout the Executive Search process many advantages evolve as a result of the thorough market survey / market analysis that takes place.

Insights are obtained through a deep dive into the market's talent pool as well as interviewing and engaging with key executives and leaders within the industries. This provides the client and the firm with extensive information about salary levels, employment conditions, company reputation, DEI, competitor analysis, and much more. The knowledge, information and insights that are discovered during the process prove to be highly valuable.

Five advantages of Market Analysis in Executive Search

• Updated Salary Levels and Employment Conditions

One of the primary benefits of conducting a market analysis is obtaining up-to-date information on salary levels and employment conditions within the industry for specific profiles. This data ensures that your compensation packages are competitive, which is crucial for attracting and retaining top talent.

• Understanding Company Reputation

By engaging with market opinion leaders and senior management, we can gauge the reputation of the client company. This feedback is invaluable for assessing the company’s attractiveness as an employer and informs the employer branding strategy. For instance, if a company is perceived negatively, strategic measures can be taken to improve its image.

• Diversity, Equity, and Inclusion (DEI) Insights

A thorough market analysis provides insights into the diversity of profiles in the market. This helps in understanding the current state of diversity within the industry and aids in formulating effective DEI strategies. Companies can then position themselves as inclusive and equitable workplaces, enhancing their appeal to a broader range of candidates.

• Internal Recruitment Intelligence

The information gathered during a market analysis can be leveraged for future internal recruitment. Understanding the talent landscape helps in anticipating recruitment needs and hereby understanding how to increase retention rate, improve and promote career development etc.

• Competitor Analysis

By analyzing competitors, you can understand what they are doing to retain their best employees. This includes their retention strategies, career development opportunities, and overall job satisfaction levels. Armed with this information, your company can develop superior strategies to attract and retain top talent. This also includes identifying what motivates or dissatisfies employees in similar roles elsewhere can help in crafting more appealing job roles and work environments.

In 2024, organizations are increasingly recognizing that attracting and retaining top-tier talent is crucial for sustaining competitive advantage and driving innovation.

As the market for senior executives becomes more dynamic, we advise companies must adopt smart hiring strategies to ensure they secure the best leaders who can navigate the complexities of today’s business environment.

Understanding the New Senior-Level Talent Market

The senior-level talent market in 2024 is characterized by a blend of traditional leadership qualities and modern competencies. The rapid pace of technological advancement, the increasing importance of sustainability, and the need for diversity and inclusion have reshaped the expectations from senior executives. Today’s leaders must be agile, forward-thinking, and adept at managing cross-functional teams in a hybrid work environment.

Key Strategies for Hiring Smart at the Senior Level

Redefine Leadership Competencies: Modern senior leaders must possess a unique blend of skills. Beyond traditional competencies like strategic vision and financial acumen, they need to excel in areas such as digital literacy, change management, and emotional intelligence. Organizations should redefine their leadership competencies to align with the current and future needs of their business.

Leverage Advanced Analytics: Data-driven decision-making is revolutionizing the hiring process. Utilizing advanced analytics can help identify the characteristics and experiences that correlate with successful leadership within a specific organization. Predictive analytics can also forecast a candidate’s potential for growth and adaptability, ensuring a better cultural fit.

Enhance Employer Branding: In a competitive talent market, a strong employer brand is essential. Companies need to communicate their values, culture, and vision effectively to attract high-caliber candidates. Highlighting commitment to innovation, diversity, and employee well-being can make an organization more attractive to senior executives who are seeking purposeful and impactful roles.

Expand Search Horizons: The talent pool for senior-level positions is global. Organizations should look beyond local markets and consider candidates from diverse geographical and industry backgrounds. This approach not only widens the talent pool but also brings in varied perspectives that can drive innovation and growth.

Emphasize Cultural Fit: Cultural alignment is critical at the senior level, where leadership decisions significantly impact organizational culture. During the hiring process, it’s important to assess whether candidates’ values and management styles align with the company’s culture. This can be achieved through comprehensive behavioral interviews and cultural fit assessments.

Prioritize Diversity and Inclusion: Diverse leadership teams are proven to enhance decision-making and drive better business outcomes. Organizations must prioritize diversity and inclusion by actively seeking candidates from underrepresented groups. Implementing unbiased recruitment practices and ensuring diverse interview panels can help mitigate unconscious biases.

Utilize Executive Search Firms: Executive search firms can be valuable partners in the hiring process. These firms have extensive networks and expertise in identifying and attracting top talent. Collaborating with a reputable search firm can streamline the process and provide access to candidates who might not be actively seeking new opportunities.

Offer Competitive Compensation Packages: Attracting top senior talent requires competitive and comprehensive compensation packages. Beyond salary, candidates are looking for benefits that support work-life balance, such as flexible working arrangements, opportunities for continuous learning, and long-term incentives like equity options.

Conclusion

As the market evolves, staying ahead with these smart hiring strategies will be key to organizational success.

Are you ready to capitalize on it?

The workforce now consists of three generations of employees which is something previously unseen in the corporate world.

Older generations are impacted by increasing pension age, oftentimes delaying retirement, meanwhile the millennials continue to enter the workforce; in fact, they already make up a significant chunk of it. To make things more complex, COVID made its mark on values and expectations of different generations - not to mention the technology-centric environment that is here to stay.

This 'new normal' affects recruitment options and opens new opportunities to capitalize on age diversity.

Various studies have noted that leaders of different ages bring different skill sets and know-how to the table. Diversity helps to improve discussions, foster innovation and facilitate creative problem solving. And it's not just skills but also networks and viewpoints that are complementary. As a result, age diverse teams can better reflect the needs of larger consumer segments.   

The strengths and weaknesses of different generations clearly offset each other.  

Perceived receptiveness towards innovation, high energy and eagerness to learn mean younger leaders often prevail over the perceived lower energy, often fixed attitudes and questionable technological literacy of their older counterparts.  

It seems obvious that knowledge of experienced generations combined with a fresh take of younger ones produces better results. But how to get the mix right?

Different attitudes towards remote work, preferred styles of communication, respect of hierarchy (or absence of it) are the key pitfalls faced by the age diverse teams.  It can lead to serious trust, collaboration and miscommunication issues which then result in lower productivity.

Inclusive leadership is the future.

Every organization is unique, so are the markets in which the organizations operate. For example, Central and Eastern European companies usually have rather young management boards and need to attract older talent from the West.

The way forward may lie in embracing the culture which celebrates the strengths of different generations. The challenge is to find a formula that employs generational differences for the benefit of the organization. For example, adopting a decision making approach where the preference for very fast and reactive decisions is combined with well thought, double checked, experience based attitude.  Also, embedding training and mentorship programs to ensure the knowledge transfer becomes a necessity.  

Friisberg & Partners can help your company by encouraging age diversity through implementing inclusive hiring practices.

We work with you to create an environment where individuals of all ages feel valued, respected, and empowered to contribute their unique perspectives and experiences.

When we inspire others to understand and value women's inclusion, we forge a better world.

In the ongoing pursuit of gender equality, inclusion stands as a cornerstone principle, essential for breaking down barriers, challenging stereotypes, and creating environments where all women are valued and respected.

World-renowned feminist, journalist and activist, Gloria Steinem, reportedly once explained:

"The story of women's struggle for equality belongs to no single feminist nor to any one organization but to the collective efforts of all who care about human rights."

While progress has been made in advancing women's rights and opportunities, true gender equality remains elusive in many parts of the world. Inclusion is vital to drive meaningful change to a more equitable future.

Inclusion is not merely about representation; it's about creating spaces and systems where all women, regardless of their background, identity, or circumstances, feel valued, heard, and empowered. This means recognizing and addressing the intersecting forms of discrimination and marginalization that women from diverse backgrounds face, whether based on race, ethnicity, socioeconomic status, disability, sexual orientation, or gender identity.

Breaking down barriers is a central tenet of inclusive gender equality:

Women encounter various obstacles on their path to equality, including structural barriers such as discriminatory laws and policies, limited access to education and healthcare, and unequal opportunities in the workforce. Inclusive action involves identifying and dismantling these barriers to ensure that all women have equal access to resources, opportunities, and decision-making processes.

Challenging stereotypes is another vital aspect in the quest for gender equality:

Stereotypes based on gender, race, ethnicity, or other factors often limit women's potential and perpetuate harmful biases and discrimination. By challenging these stereotypes and promoting diverse representations of women in media, education, and leadership, we can create a more inclusive narrative that celebrates the richness and complexity of women's experiences and identities.

Creating environments where all women are valued and respected requires a cultural shift that prioritizes empathy, respect, and solidarity:

This entails fostering inclusive attitudes and behaviors at all levels of society, from families and communities to workplaces and policy-making institutions. It involves promoting ally ship among individuals and organizations, amplifying marginalized voices, and actively challenging discrimination and exclusion wherever it occurs.

To achieve inclusive gender equality, action is needed on multiple fronts:

• Governments must enact and enforce laws that protect women's rights and promote gender equality, while also investing in social services and programs that address the root causes of inequality.
• Businesses and organizations must adopt inclusive policies and practices that promote diversity, equity, and inclusion in the workplace.
• Civil society plays a crucial role in advocating for gender equality and holding institutions accountable for their commitments to inclusion.

Inclusion is not just a buzzword; it's a fundamental principle that underpins the pursuit of gender equality. By breaking down barriers, challenging stereotypes, and creating inclusive environments where all women are valued and respected, we can build a more just and equitable society for everyone.

It's time to take action and make inclusion a reality in our quest for gender equality:

• When women aren't present, we must ask: "If not, why not?"
• When women are discriminated against, we must call out poor practice.
• When the treatment of women is not equitable, we must take action.
• And we must do this each time, every time.

Key Intangible Factors Considered by Executives in Career Decision-Making.

After years of interviewing executives, we have identified a series of intangible benefits that they value when considering a career change and a new project, which they believe will determine their success.

Apart from the specific challenges of the company, the role, and the executive's experience and skills, the following are some of the key elements they consider when making a decision:

• Brand reputation
• Positive organizational culture
• Effective leadership
• Level of employee engagement
• Existence of innovation and creativity
• Ethics and corporate social responsibility
• Relationships with stakeholders
• Business adaptability and resilience

These elements vary when it comes to a listed company, versus an unlisted company. In the case of a listed company, they also consider the following:

• Shareholder pressure versus. freedom of decision-making: whether there is a prioritization of short-term financial results over long-term intangible benefits.
• Transparency in the information of listed companies, which can influence how executives value brand reputation and public image management.
• Access to capital of listed companies, which influences how executives value investor confidence and market perception. Unlisted companies may rely more on private sources of funding, which can affect their reputation and relationships with stakeholders.
• Focus on growth and profitability: listed companies tend to have a greater focus on growth and profitability to meet shareholder expectations. This can influence how executives value aspects such as innovation and creativity compared to unlisted companies, which may prioritize long-term financial stability over short-term growth.

These are basically differences in terms of shareholder pressure, financial regulations, access to capital, and strategic focus, which influence their decision-making.

In addition, whether a business is mature or not also introduces new elements into the mix before making a decision, depending on the stage of business development and the specific needs associated with each.   For example:

• Focus on growth vs. stability: in an immature business, executives focus on rapid growth and market share capture, where innovation, creativity, and adaptability to explore new opportunities are vital. In a mature business, the priority may be to maintain market position and improve profitability, where stability, operational efficiency, and risk management are important.
• Flexibility vs. structure: immature businesses require flexibility and rapid responsiveness, in this case, they value organizational agility and adaptability.
• Risk-taking: in immature businesses, executives are more willing to take risks in pursuit of growth opportunities and competitive advantages.
• Corporate culture vs. established processes: in a mature business, processes and structures are more established, and executives may value consistency in delivery, product/service quality, and alignment with core company values vs. in an immature business where they are more focused on building a solid corporate culture that fosters innovation, collaboration, and entrepreneurial spirit.

All of these are key elements to consider when defining an ideal executive profile for a position in a company and should be considered.

Why Humans Trump AI in Executive Search

In today's digital age, artificial intelligence (AI) has undeniably revolutionized various industries. With advanced algorithms, machine learning, and natural language processing capabilities, AI-powered recruitment tools promise efficiency, speed, and accuracy in talent acquisition.

Despite the technological advancements, we know that the human element remains indispensable in the Executive Search process - here's why:

• Emotional Intelligence: Humans possess emotional intelligence, which allows them to understand, empathize, and connect with candidates on a deeper level. While AI can analyze data and patterns, it lacks the ability to comprehend nuances in human behavior, emotions, and cultural contexts. We can gauge a candidate's personality, motivation, and cultural fit through face-to-face interactions, something AI cannot replicate.

• Complex Decision Making: Search often involves complex decision-making processes influenced by various factors such as intuition, gut feeling, and subjective judgments. While AI excels in processing large volumes of data to identify potential candidates, it struggles with subjective assessments and qualitative aspects of hiring. We can weigh intangible qualities like passion, creativity, and adaptability, which are crucial for organizational success but challenging to quantify.

• Building Relationships: Executive Search extends beyond merely matching skills to job requirements; it's about fostering relationships between candidates and employers. We excel in building rapport, trust, and rapport through personalized interactions, whereas AI interactions can feel impersonal and transactional. A positive candidate experience is crucial for employer branding and attracting top talent, an aspect where we shine.

• Adaptability and Creativity: We possess adaptability and creativity, essential traits for navigating complex and evolving recruitment landscapes. They can pivot strategies, tailor approaches, and think outside the box to overcome challenges and find innovative solutions. AI, on the other hand, operates within predefined parameters and algorithms, limiting its ability to adapt to unforeseen circumstances or unique candidate profiles.

• Ethical and Bias-Free Decision Making: Bias in recruitment processes remains a significant concern, with AI systems susceptible to inheriting biases present in historical data. While not immune to biases, we can undergo training to recognize and mitigate unconscious biases, ensuring fair and equitable hiring practices. Additionally, we can exercise ethical judgment in sensitive situations, considering factors beyond data-driven metrics.

• Personalized Candidate Experience: Each candidate is unique, with distinct career aspirations, preferences, and motivations. We can provide personalized guidance, support, and feedback throughout the recruitment journey, fostering a positive candidate experience. While AI can automate certain aspects of the process, it often lacks the personal touch and empathy needed to address individual concerns effectively.

• Judgment and Intuition: Human judgment and intuition play a crucial role in Search, especially when evaluating soft skills, cultural fit, and future potential. We draw on our expertise, experience, and instincts to make informed hiring decisions, considering factors beyond what can be quantified or measured by AI algorithms. This human element adds depth and insight to the selection process.

We know that the human touch remains irreplaceable to attracting and retaining top talent.

A new challenge for Executive Search

It is normal to quantify the right salary for a position, of any level, and especially for those that are classified as C-Level. Equally daily, during interviews with candidates, we recognise those soft skills that increasingly make the difference between one profile and another.

But have we ever considered what values can be of value to a candidate? Have we ever wondered what remuneration a candidate would be willing to revise for the right job?

In light of the ‘Conscious Quitting' phenomenon that characterised 2023, the HR world will have to reflect on this question and start taking into account the importance that a personal set of values can have for a candidate.  In fact, some studies brought to the fore by major national and international media, show that with reference to ‘Conscious Quitting', the choice, the decision to leave or change jobs due to ethical conflicts, is growing significantly.

The analysis of the problem conducted by Paul Polman, former CEO of Unilever, and by the EIB - European Investment Bank - highlights that in an historical moment characterised by wars and massive natural disasters that threaten our stability and our future, the Z Generation are very concerned about the world they will inherit and are willing to devote their time and talent to companies that are committed to providing them with a better future. Consequently, they are willing to quit when their companies let them down'. And it is not only young people who are fuelling this trend, but also Millennials and a minority of Enlightened Boomers.

The ideal candidate, in a future that is already here, will not only be the one who demonstrates that he or she has the expertise and soft-skills needed to fill a certain role or do a certain type of work, but it will become increasingly important to understand whether their values are shared by the ethos of the firm in which they will work and vice versa.

In the fast-paced and ever-evolving world leadership has taken on a new dimension. The challenges and opportunities facing organisations today require leaders to be adaptable, forward-thinking, and empathetic. As we delved into the dynamics of leadership in 2024, it became apparent that successful leaders are those who can navigate complexity, foster innovation, and build resilient and empowered teams.

Adaptability and Agility:

One of the defining features of leadership in 2024 is the need for adaptability and agility. The business landscape is constantly changing, driven by technological advancements, geopolitical shifts, and societal transformations. Leaders must be adept at sensing and responding to these changes quickly. The ability to pivot strategies, embrace new technologies, and stay ahead of the curve is crucial for organisational success.

Technology Integration:

In 2024, technology plays an even more central role in business operations. Leaders need to not only understand emerging technologies but also integrate them seamlessly into their organisations. Artificial intelligence, automation, and data analytics are no longer optional; they are essential tools for optimising processes, improving decision-making, and gaining a competitive edge. Successful leaders are those who can harness the power of technology while ensuring ethical considerations and human-centric approaches are prioritised.

Empathy and Inclusivity:

The emerging new leadership style places a significant emphasis on empathy and inclusivity. As organizations become more diverse, leaders must be more attuned to the needs and perspectives of a wide range of individuals. Cultivating a culture of inclusivity fosters creativity and innovation, as diverse teams bring varied insights to problem-solving. Additionally, empathetic leaders build strong, cohesive teams, nurturing an environment where individuals feel valued and motivated.

Remote and Hybrid Working:

The global shift towards remote and hybrid work models has reshaped the traditional understanding of workplace dynamics. Leaders in 2024 must excel in managing remote teams, ensuring effective communication, collaboration, and employee well-being. The ability to foster a sense of connection and purpose among dispersed teams is paramount for sustaining productivity and organisational cohesion.

Environment, Social and Governance:

Leadership in 2024 goes beyond profit margins and market share. Organizations are increasingly expected to operate with a commitment to sustainability and responsibility. Leaders need to champion corporate social responsibility initiatives, aligning their organizations with values that resonate with both employees and consumers. A commitment to sustainability not only enhances the organization's reputation but also contributes to long-term success in an increasingly ESG conscious marketplace.

Learning and Development:

Leaders must prioritise continuous learning and development for themselves and their teams. Staying abreast of industry trends, acquiring new skills, and fostering a culture of lifelong learning contribute to organisational agility and resilience. Leaders who encourage and invest in the growth of their teams create a dynamic environment that adapts to change and thrives on innovation.

Leadership in 2024 is a multifaceted challenge that demands a holistic approach. Successful leaders will be those who can navigate complexity, leverage technology, foster empathy and inclusivity, adapt to remote work environments, champion environmental and social responsibility, and prioritise continuous learning.

By embracing these aspects, leaders can steer their organisations through the dynamic landscape of 2024 and beyond, ensuring sustained success in an ever-evolving world.

As we bid farewell to the challenges and triumphs of 2023, it's time to set our sights on the horizon of possibilities that the new business year holds. The ever-evolving landscape of commerce promises innovation, growth, and resilience.

The rapid pace of technological advancement continues to redefine how businesses operate and in 2024 companies are expected to accelerate their digital transformation initiatives. From adopting artificial intelligence and machine learning to leveraging the power of data analytics, organizations will strive to enhance efficiency, improve customer experiences, and stay competitive in the digital age.

We know that sustainability is no longer just a buzzword; it's a business imperative. As the world grapples with environmental challenges, businesses are increasingly recognizing the importance of sustainable practices. In 2024, we can expect a surge in eco-friendly initiatives, responsible sourcing, and a commitment to reducing carbon footprints. Companies that align themselves with sustainable practices will not only contribute to a better world but also resonate with environmentally conscious consumers.

The pandemic has reshaped the way we work, and remote work is here to stay. 2024 will witness a continued evolution of remote work practices and companies will invest in technology to facilitate seamless collaboration, prioritize employee well-being, and redefine workplace culture to accommodate a hybrid model that combines remote and in-office work.

The shift towards online shopping has been accelerated by the pandemic, and the trend is expected to continue in the new year. Businesses will invest in enhancing their online presence, optimizing e-commerce platforms, and improving the overall digital customer experience. Adapting to the changing consumer behaviour will be crucial for retailers to thrive in the evolving business landscape.

Uncertainty has become a constant in the business world. Companies that exhibit resilience and adaptability are better positioned to navigate challenges and capitalize on opportunities. The new business year will demand agility, strategic foresight, and the ability to pivot when necessary. Embracing change as a constant will be a key factor in ensuring long-term success.

As we step into 2024, the road ahead is paved with exciting opportunities and challenges. Embracing digital transformation, prioritizing sustainability, adapting to the evolving work landscape, capitalizing on the e-commerce boom, and cultivating resilience will be essential for businesses aiming not just to survive but to thrive in the dynamic and competitive environment of the coming year. We know that by staying innovative, forward-thinking, and customer-centric, we can look forward to another year of growth, success, and positive impact.