Shifts and emerging trends in the industry

07 June 2015

In the past few months, I have been making my way around the market talking to some of New Zealand's leading companies introducing Luminary Search which is our new brand focussed primarily on Chief Executive, general management and Executive suite roles across private and public companies. The feedback has been very positive and there appears to be an appetite for some change in this sector.

There have been some shifts and emerging trends in the industry, particularly over the last few years and I thought you may be interested in some of my observations. If you wish to discuss any of these or some of your current challenges feel free to give me a call.

What's new?

  • Technology has enabled some senior individuals to continue their international roles based in New Zealand, potentially a growing trend for top talent?
  • The drive for a corporate career appears less prevalent ( a subjective view ) and work life balance appears to be important to a growing group of senior executives who would prefer to stay in New Zealand, than travel off shore where there are larger roles.
  • With globalisation and the decrease of senior roles in New Zealand, the growth of a portfolio of roles similar to a portfolio of Board positions has arisen.
  • Executive Search seems to have become often 'the default' for not using the internal recruitment team and as a result many roles 'go to search' which probably don't need to.
  • The challenge of digital disruption and channel convergence in many sectors is challenging many CEOs and Boards and new skill areas are causing real headaches, as there is a global competition for talent.
  • Multinational companies are driving better pipelines of talent across their own networks meaning less roles come to market in a country the size of New Zealand.
  • Most corporates have internal recruitment teams who are gaining in maturity and expertise but they are stretched with heavy work loads.
  • Corporate recruitment teams are stretched and still struggle to source the right talent for many key senior roles. This means time is wasted going through an internal process first. This often means productivity is challenged as roles can remain vacant for a long time.
  • With the aging work force some industries are 'challenged' by the need to attract young talent and the need to retain institutional knowledge.

And what hasn't changed

  • CEO's and Board members are still feeling that there is an element of recycling of the same talent.
  • Many international 'search' placements have not worked in New Zealand
  • Diversity in leadership teams and on Boards still seems to be an issue.
  • Good talent has options in NZ and globally.
  • We do not have enough senior corporate positions whilst we have a market strongly driven by SME owners, who are not focussing on succession planning.
  • It can take 6 - 12 months to secure a senior role and many Executives feel unsupported in their search process.
  • There are many high calibre New Zealand Executives who would come home for the right role.
  • Tight cost control is still a key focus in all sectors meaning investment in people is 'cautious'.

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