Want to Become an Exec? Check out These Post-COVID Recruiting Trends

Today’s Wall Street Journal reported key changes in executive recruiting due to COVID. During COVID, executives stayed put, and companies wanted to maintain stability during uncertainty, which resulted in a 61% drop in CEO turnover. Now, however, experts expect CEO turnover to rise by up to 30%.

Some trends in executive hiring due to COVID:

• Virtual interviewing speeds up hiring. Multiple rounds of interviews are now conducted by video conferencing; only the final one is possibly expected to be in-person. Because execs are not required to travel and can make themselves available for shorter periods more easily, the entire interview process is much faster.
• Companies are considering more candidates. The WSJ reports: “Some companies are taking more chances by meeting people earlier in their careers whom they might not have considered beforehand, since initial virtual interviews may last 45 or 60 minutes—and require no commitment of travel time,” compared to in-person meetings, which would take a day or more of meetings/travel. Given the lower stakes, companies might look at other types of candidates.
• Companies are looking harder for diversity on the exec team.
• Candidates are asked questions beyond profitability. Employers are evaluating candidates’ empathy, ability to communicate with different audiences, thoughts on workforce well-being, generational differences, and diversity and inclusion. New questions include: “Will your employees come back to the office?”, “How do you bring a divergent group of people together?”, and “What do they think of leading a different organization where the priorities have changed from baby boomers?”

I’m happy to see more candidates from a diversity of backgrounds being considered for senior positions. Take advantage of the moment and get ready!